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payday loans in Florida

Submitted by sh0762 on Fri, 09/12/2008 - 11:45
Posts: 27
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I currently have 5 payday loans. I would like to know which ones are legal for Florida. They are all from the internet. I have taken the first step and closed my checking account.

They are as follows:

Paycheck Today
Loan Shop
Payday Online (I have already received a threatening letter, which looks like a kid addressed the envelop)
Impact
Big

:(


Hi sh0762,

Can you please tell us how much each loan was and how much you have paid to date. I am posting your law's for FL:

Quote:
Florida State Information

Legal Status: Legal

Citation:
Fl. Stat. Ann. ???? 560.401 et seq.; Rule 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,


Emails to and from the DFI:


Hello,

Do internet based payday loan lenders with no physical location in FL need to be licensed by FL to lend legally to FL consumers? I am trying to help a friend with a huge mess. She has several internet payday loans, and they are saying that they only have to be licensed in their state, and that they can follow the laws of their state, not FL's laws. What is correct? Any information would be very much appreciated!

Thanks!

Reply:

She can file a complaint through our website at flofr.com and under 'helpful information' click on file a complaint. Then click on
finance related and you can download the form. Or click on money transmitters and call the 1-800 number. The Office will review her complaint when received. All lenders must be licensed by Florida, regardless of location, however, the current payday loan laws in place do not address internet businesses. The department is currently looking at other laws to apply to them.

She may also wish to contact Legal Aid in her area, to determine what recourse she may have.

If you have further questions, please contact this Office.

Office of Financial Regulation
Pam Henley
Financial Speci alist
(850) 410-9805

What does this mean?

Internet based companies must be licensed by FL.

No Rollovers are allowed.


Since you have already closed you account, the next step would be to determine if the companies are legal or not, if they are not legal you need to send them a letter revoking your authorization to contact you by phone at home or work, contact your references or any wage assignments that you might have signed. Someone with a little more experience should be along to help.


Submitted by dawnlango7 on Fri, 09/12/2008 - 12:00

dawnlango7

( Posts: 1147 | Credits: )


I can only give you one, will get you the rest later.

Payday Online - Loan amount was $300, have paid to date $630.


Submitted by on Fri, 09/12/2008 - 12:14

( Posts: 202330 | Credits: )


I can only give one at this time, which is Payday Online.

Payday Online
Amount of loan - $300
Amount paid to date - $630


Submitted by on Fri, 09/12/2008 - 12:17

( Posts: 202330 | Credits: )


Well first off, there are no rollovers allowed in your state, did you continue to renew your loan?

Check with your state licensee website each state has one, just google it. And BIG is ILLEGAL EVERYWHERE, they aren't even in this country, just put that name in the search engine up top and see just how nasty they are


Submitted by danilewis82 on Fri, 09/12/2008 - 13:39

danilewis82

( Posts: 296 | Credits: )


I received from PaydayOnline in the mail yesterday stating a repayment plan of ten $42 every 2 weeks starting 9/26. That totals $420 more than I have already paid. Also there address is from Yuma, AZ.

For Loan Shop Online they say I owe them $390. I calculated when I took out the loan and I have paid them $720.00. Does anyone know if they are legal in Florida?


Submitted by sh0762 on Tue, 09/16/2008 - 06:34

sh0762

( Posts: 27 | Credits: )


350.00 loan Paid Well over $400.00 in interest, and now paying $90 interest every 2 weeks, and then $50.00 every 2 weeks to paydown loan. Is this right????

And qloot! Ive been paying since MAY 2008, $100.00/bi-weekly, $400.00 loan, and to date I still owe $400.00 . They just renew my loan every other week, no questions asked.


Submitted by kevang1996 on Tue, 09/16/2008 - 10:13

kevang1996

( Posts: | Credits: )


I wanted to let u know I live in FL, and I called Impactcash today to complain about overcharging interest, and they transferred me to the legal department. I spoke with Emily, and she said since I have been paying my loan on time, never missed a payment, they will close my loan out, IN FULL! $325.00 GONE, LIKE THAT. I logged on to my account to verify, and it said Loan Status: CLOSED! Tell them u live in Florida and 390% annual interest is the max the law allows, and they have gone WAY over.

GOOD LUCK!


Submitted by on Tue, 09/16/2008 - 19:35

( Posts: 202330 | Credits: )


Does anyone know whether Loan Shop Online also known as LTS Management Services is legal in Florida? They do you about like Paydayonline does.


Submitted by on Thu, 09/18/2008 - 04:24

( Posts: 202330 | Credits: )


Has anyone had any dealings with them? I tried looking them up thru the BBB and they show up under a different address than what is on the letter they sent me.


Submitted by sh0762 on Tue, 09/23/2008 - 08:29

sh0762

( Posts: 27 | Credits: )


Just to let everyone know. I just received an email from the BBB of DE, stating the following...

Unfortunately, we aren't able to pursue this complaint because the business is either unreachable or appears to be out of business. Know, though, that the information you provided us has assisted us in the information that we give to the public about this business.

I went through DE because of the telephone number on the letter, although the address shows it in Yuma, AZ. I just got finished filing a complaint with the BBB in AZ. This is crazy!


Submitted by sh0762 on Wed, 09/24/2008 - 05:32

sh0762

( Posts: 27 | Credits: )


Does anyone know the mailing address for Loan Shop Online. I mailed them my notice C&D and it has come back saying they have moved and left no forwarding address. The address I sent it to was listed on a letter I received from them with their mailing address which was listed as:

2207 Concord Pike #653
Wilimington, DE 19803


Submitted by sh0762 on Mon, 09/29/2008 - 12:17

sh0762

( Posts: 27 | Credits: )