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Missouri PDL law ?'s...help!!!!

Date: Fri, 04/28/2006 - 16:26

Submitted by lgall
on Fri, 04/28/2006 - 16:26

Posts: 186 Credits: [Donate]

Total Replies: 3


Hi everyone, I am just trying to understand what I am reading about the MO pdl laws. pollyandsay has helped me & I have done a little research on my own. I just want to know if I am understanding this correctly ok? So here goes...

Missouri loans

* Licenses granted in 2004: 1,198

* Rate: Loan and renewals not allowed to earn more interest than 75 percent of original principal

* Maximum loan: $500

* Rollovers: Limited to six

* Average number of rollovers: 2.2


So, I have a pdl for $500 does that mean i should not be paying more than $375 in fees for that 1 loan?

Thks everyone you all are wonderful.


The pdf file attached below states the permissible amount and interest charges in the different states of US.

http://legis.wisconsin.gov/LRB/pubs/wb/04wb9.pdf

Bookmark this valuable link and know the payday loan regulation in your state.

lgall, you have understood it correctly. Does the PDL company say something different? Send them this link if they contradict.


lrhall41

Submitted by john on Fri, 04/28/2006 - 16:44

( Posts: 1231 | Credits: )