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AALM Consulting Services/multiloansource.com

Date: Sat, 04/21/2012 - 20:23

Submitted by susie_q
on Sat, 04/21/2012 - 20:23

Posts: 34 Credits: [Donate]

Total Replies: 10


Is online lending illegal in Kentucky? I took out a loan from this company, then heard that online lending was illegal in Ky, and I dont know if it is or not!


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:


lrhall41

Submitted by susie_q on Sun, 04/22/2012 - 13:42

( Posts: 34 | Credits: )


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.


lrhall41

Submitted by jonheller83 on Sun, 04/22/2012 - 22:28

( Posts: 65 | Credits: )


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%


Debt Limits

  • 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.


lrhall41

Submitted by SOAPLADY on Wed, 05/09/2012 - 14:33

( Posts: 17315 | Credits: )


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!!!!!!!!


lrhall41

Submitted by on Mon, 12/24/2012 - 07:46

( Posts: | Credits: )