Payday Loan Crisis

Read the website of Nevada State legislature for the laws relating to payday loans.

http://www.leg.state.nv.us/lcb/research/PandPReports/07-RFLI.pdf

Nevada State allows posting of fees on the principal amount and the contract must be put in writing before the borrower is lent money. Nevada does not allow the loan to extend the payment period beyond 60 days after expiration of the initial loan period. Collection fees and penalty charges are allowed during defaults.

I believe I may have overpaid in interest. What are the chances of me trying to settle the accounts in full with these pdl laws in Nevada.

Anne, if you have paid above the rates fixed by your state, write letters to the loan company and ask for the latest standing of your loan account. Make sure that you get the 'PIF' in writing so that the debt is further not sold to any collection agency in the future.

I had a loan $500 for about 5 months now because I had to keep refinancing due to me not being able to pay it off. The refi was $90 every two weeks. Now I live in NV and I don't think they have any caps on their interest rates. What should I do? Do I have a case to dispute?

Anne, I posted my reply here

http://forums.debtcc.com/getting-loan/cashcentral.html

You are liable to pay the loan since the amount was borrowed in HI. The fees and interests of HI will be added in the principal amount.