Pay Day Loan Hell
Date: Thu, 01/29/2009 - 13:02
I currently have 4 Pay day loans. I have worked myself into an impossible situation financially. Are the following pdl places legal?
500 Fast Cash borrowed $300.00 - paid $300.00
balance $480.00
Loan Point USA borrowed $500.00 - paid $1250.00
balance $850.00
AeroAdvance borrowed $300.00 - paid $937.00
balance $190.00
PDL Loan Center borrowed $300.00 - paid $370.00
balance $390.00 (or more, I don't know)
I live in Mississippi.
I am closing my bank account. What will these places do to me. What should I do? Thanks for your help. I looking forward to hearing from you.
500 Fast Cash borrowed $300.00 - paid $300.00
balance $480.00
Loan Point USA borrowed $500.00 - paid $1250.00
balance $850.00
AeroAdvance borrowed $300.00 - paid $937.00
balance $190.00
PDL Loan Center borrowed $300.00 - paid $370.00
balance $390.00 (or more, I don't know)
I live in Mississippi.
I am closing my bank account. What will these places do to me. What should I do? Thanks for your help. I looking forward to hearing from you.
First off here are the rules of your state. Quote:Mississippi
First off here are the rules of your state.
Quote:
Mississippi State Information Legal Status: Legal (Applies to check cashers only) Citation: Miss. Code Ann. ?? 75-67-501 et seq. Loan Terms: Maximum Loan Amount: $400 Loan Term: Max: 30 days Maximum Finance Rate and Fees: 18% of check Finance Charge for 14-day $100 loan: $22 apr for 14-day $100 loan: 572% Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified Rollovers Permitted: None (cannot renew or otherwise extend) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: NSF fee; Court-awarded fees (if disclosed) Criminal Action: Prohibited (When check returned due to NSF) Where to Complain, Get Information: Regulator: Mississippi Department of Banking and Consumer Finance Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201 Phone: (601) 359-1031 Fax: (601) 359-3557 Regulatory Contact: Ronny Harrison,, Chief Examiner, Consumer Finance Division |
500 FastCash is illegal. You have paid the principle. You are done owing them.
Loan Point is illegal. You have paid way over the principle and are done with them.
I will have to do more research on the other two. Hopefully someone comes along in the meantime they they may know more.
Mississippi requires Internet based pdl's to be licensed by you
Mississippi requires Internet based pdl's to be licensed by your state. Off the top of my hear 500Cash and LoanPoint are not licensed to lend in the state of MS. Call the Mississippi Department of Banking and Consumer Finance at (601) 359-1031 and ask them about the other two lenders, I am sure they would be willing to help you with this information if you explain your dilemma. :)
