Help with Quik Payday and 500fastcash
Date: Tue, 05/02/2006 - 06:12
Both of these lenders have refused the proposal from T & C. After trying to search the data base of licensed pdl in my state of Alabama I can not find that they are licensed. Also, there is a law that states that they are only allowed to renew a loan with a renewal or rollover "1" time. As you all know Quik payday allows this to happen 3 times before you have to payoff the loan. 500fastcash will charge you $90.00 for 3 times on $300.00, then they start to deduct an additonal amount toward principal. According to the FAQ's for Deferred Presentment Providers issued by Alabama it states:
1. Customer may not renew or rollover their deferred presentment transaction more than once when the customer pays on the additional fee to extend the transaction. However, the provider may chose not to accept "fee-only" renewal. If a customer pays off their transaction in full then the provider may enter into another transaction with the same customer provided the customer does not have more than $500.00 elsewhere. I have constantly renewed my loans with both of these lenders, paying thousands of dollars ofver the last year. Also, I had well over $500.00 with various payday lenders.
2. The restrictions on the term of a deferred presentment transaction cannot be made for less than 10 days not more than 31 days after the date of the contract does this start new with each renewal or stay the same date from the original transation?
3. Do these same restrictions apply to Catalog sales, phone card clubs, and Internet lenders? Yes, the law applies to anyone that advances money to customers by holding orcheck or authorization to debit a customer checking account.
I am at such a loss in dealing with and understanding my states usuary laws. I do not know if I am on good legal ground or not. If someone can helop me investigate this I would really appreciate it.
Thanks, Stephanie
1. Customer may not renew or rollover their deferred presentment transaction more than once when the customer pays on the additional fee to extend the transaction. However, the provider may chose not to accept "fee-only" renewal. If a customer pays off their transaction in full then the provider may enter into another transaction with the same customer provided the customer does not have more than $500.00 elsewhere. I have constantly renewed my loans with both of these lenders, paying thousands of dollars ofver the last year. Also, I had well over $500.00 with various payday lenders.
2. The restrictions on the term of a deferred presentment transaction cannot be made for less than 10 days not more than 31 days after the date of the contract does this start new with each renewal or stay the same date from the original transation?
3. Do these same restrictions apply to Catalog sales, phone card clubs, and Internet lenders? Yes, the law applies to anyone that advances money to customers by holding orcheck or authorization to debit a customer checking account.
I am at such a loss in dealing with and understanding my states usuary laws. I do not know if I am on good legal ground or not. If someone can helop me investigate this I would really appreciate it.
Thanks, Stephanie
Hi Stephanie Do you have the loan contract from both these c
Hi Stephanie
Do you have the loan contract from both these companies? You must review the terms and conditions mentioned in the agreement deed and compare it with the usury laws in your state. If they have gone against the laws, you can take legal guidance from your attorney. He will be able to get the clear picture from both the companies.
500fastcash accepted the proposal from T&C for me...even up'd th
500fastcash accepted the proposal from T&C for me...even up'd the amount to $40 instead of $21...hmmm...
