AALM Consulting Services/multiloansource.com

Also...for a $500 loan, they are charging $150 a month JUST in finance charges and other "fees", and NONE of the $150 charge goes toward the principal. I can make arrangements to pay it down, but would still be charged the $150 charge! What kind of robbery is THAT???!!! Can anyone on here give me some insight into this company? I was also under the impression that "roll overs" were also illegal in Kentucky, which, is EXACTLY what this amounts to! Please help!!!:confused:

Payday lending is legal in Kentucky but with certain restrictions. You can read about them here: http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Yes, you are right. Rollovers are not permitted in Kentucky. Its illegal. This raises some doubts about the legality of the PDL itself. Check with the Kentucky Office of Financial Institutions to find out if they are licensed to operate in Kentucky.

If they are not licensed, you only need to pay back the principal amount minus all the interest and fees they have already taken out. If you have overpaid, you can ask for a refund. If AALM doesn't want to co-operate or harasses you, file a complaint with the AG and the FTC.

The loan would be illegal if they are rolling over the loan. Use the link in my signature line for information on how to deal with this type of loan.

This lender is not licensed in KY. Follow the advice in my signature link.

Thank you OhioGal! I will do just that! It's amazing the info and help you can get on this site!!!;)

I am having the same problem with this company for a $450 loan. Is this roll-over rule legal here in Ohio?:confused: HELP!

Ohio laws....

State Legal Status
Lending of payday loan is considered legal (-Low Cost) in the State of Ohio.

Loan Specifications

• Maximun Amount of Loan - $500
  
• Term of Loan - 31 days
  
• Maximum Rate of Finance and Fees- 28% per annum
  
• Finance Charge on $100 loan for a 14 day period - $1.08
  
• APR for $100 loan for a 14 day period - 28%
  

• Maximum Number of outstanding loans permitted at a time - 1, 4 per year
  
• Permissible number of Rollovers - None
  
• Cooling-off Period - Limit of 2 loans in 90 days
  
• Repayment Plan - Yes, available. 60 days time period. No fees.
  

Internet pdl's are illegal in the state of KY. Kentucky does not license ANY online pdl company. I also am having a problem currently with this company.

Thanks for reviving a 5 month old topic to state what was already stated..

please dont be a stupid person. read the rules and regulations listed in the contract. these are awful loans that can be of some use, but the overall outcome is not positive. use it only if you absolutely need to and READ ALL OF THE CONTRACT!!!!!!!!