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PDL's - Where to begin?

Date: Sat, 12/29/2012 - 14:54

Submitted by Sally
on Sat, 12/29/2012 - 14:54

Posts: 69 Credits: [Donate]

Total Replies: 2


Help...not sure where to begin but I am drowning. I am going to stop ACH and then close account before my next payday.

National $600
Integrity $620
Nationwide $600
Sure Adv. $ 826
Cash Dir Express $625
MyPayDayLoan $750
VIP $450
Zip It $500
Cash Smart $550

I live in Indiana. Please help me if possible. Thank you.



National $600 - Not enough info to find - Is there more to the name? 
Integrity $620 - Licensed in Delaware - check to see if licensed to lend in Indiana
Nationwide $600 - Offshore - Illegal - Paul’s Avenue, KingstownSt. Vincent & The Grenadines
Sure Adv. $ 826 Licensed in Delaware - check to see if licensed to lend in Indiana
Cash Dir Express $625 - Licensed in Delaware - check to see if licensed to lend in Indiana
MyPayDayLoan $750 - Offshore Illegal -Costa Rico

VIP $450 - Offshore Illegal - Charlestown, Nevis West Indies
Zip It $500 - couldn't find website - is this the full name?
Cash Smart $550 - Offshore - Illegal - Australia

Follow the link in my signature by OhioGal - on how to deal with step by step - how much have you paid on each one, I am assuming these can all be treated as illegal.. you are only morally obligated to repay principal only minus anything you have already paid... It may be easier to move you to the Pay Day Loan Help section of the forum.. but we can get you started here at least.. 


lrhall41

Submitted by HelpinAZ on Sat, 12/29/2012 - 16:35

( Posts: 1870 | Credits: )


Indiana Payday Loan Laws

State Legal Status
Lending of payday loan is considered legal in the State of Indiana.

Loan Specifications
  • Maximun Amount of Loan - $550 (should not exceed 20% gross monthly income of the borrower)
  • Term of Loan - 14 days
  • Maximum Rate of Finance and Fees- a) 15% for a loan of $0-$250; b) 13% for a loan of $251-$400; b) 10% for a loan of $401-$500
  • Finance Charge on $100 loan for a 14 day period - $15
  • APR for $100 loan for a 14 day period - 390%

Debt Limits
  • Maximum Number of outstanding loans permitted at a time - 2 in total (1 per payday lender)
  • Permissible number of Rollovers - None (cannot refinance, consolidate, repay or renew)
  • Cooling-off Period - 7 days after a period of 6 consecutive loan days
  • Repayment Plan - After giving three consecutive loans to a borrower, a payday lender must offer an EPP (Extended Payment Plan) to the borrower of atleast 4 equal installments without charging any additional cost.

Limits of Collection
  • Collection Fees Amount - a) One NSF fee of $20; b) If authorization to debit or check was used to defraud another then additional charges may be applied.
  • Criminal Action - Prohibited

File your Complaint and get Information
  • Regulator - Indiana Department of Financial Institutions
  • Address - 30 South Meridian Street, Suite 300 Indianapolis IN 46204
  • Phone - (800) 382-4880
  • Regulatory Contact - Mark Tarpey, Supervisor, Consumer Credit


lrhall41

Submitted by HelpinAZ on Sat, 12/29/2012 - 16:38

( Posts: 1870 | Credits: )