Understanding Laws
Date: Fri, 06/03/2011 - 08:08
Maybe Im a little slow today, but... Im not understanding the Laws in my state.
Michigan 15% 1st $100 14% $101-$200, 13% $201-$300, 12% $301-$400, 11% $400-$600 + fee 375%
according to these, the "illegal" PDLs I have involvements with are following the law...
Except, they are charging a fortune...
Im under the wing of Ameriloan (internet) for $400... havent paid anything yet
Integrity advance (internet) $500 - Paid 150x3 ($450 total) but they say I still owe $650
I guess, even reading alot of posts, Im still lost on this...
for integrity advance...
I tried the stopping ach debits with my bank, and sending ach revocation letters, one copy to the pdl, one copy to my bank... but yet, today they still took out the money. I did this last week...more then 3 days notice....
So one thing I dont understand is... a $500 loan x 375% = $1875
If I keep allowing integrity advance to deduct my account every two weeks.. (with fees and priciple payment of $50) it will be 500/50 = 10x150 = $1500 - thats what I would still be paying.. on top of the $450 I already paid... so... $1950.. which is roughly the percentage of the contract. and/or MI law APR
But... MI law states that a company cannot extend a loan if they charge a fee. would charging a finance charge of 150 every two weeks, be extending it...? - -
I hope this makes sense, Im at work, and its friday....
Thanks,
Vinal:rolleyes:
Michigan 15% 1st $100 14% $101-$200, 13% $201-$300, 12% $301-$400, 11% $400-$600 + fee 375%
according to these, the "illegal" PDLs I have involvements with are following the law...
Except, they are charging a fortune...
Im under the wing of Ameriloan (internet) for $400... havent paid anything yet
Integrity advance (internet) $500 - Paid 150x3 ($450 total) but they say I still owe $650
I guess, even reading alot of posts, Im still lost on this...
for integrity advance...
I tried the stopping ach debits with my bank, and sending ach revocation letters, one copy to the pdl, one copy to my bank... but yet, today they still took out the money. I did this last week...more then 3 days notice....
So one thing I dont understand is... a $500 loan x 375% = $1875
If I keep allowing integrity advance to deduct my account every two weeks.. (with fees and priciple payment of $50) it will be 500/50 = 10x150 = $1500 - thats what I would still be paying.. on top of the $450 I already paid... so... $1950.. which is roughly the percentage of the contract. and/or MI law APR
But... MI law states that a company cannot extend a loan if they charge a fee. would charging a finance charge of 150 every two weeks, be extending it...? - -
I hope this makes sense, Im at work, and its friday....
Thanks,
Vinal:rolleyes:
Ameriloan and Integrity are not legal in Michigan. So, you'll on
Ameriloan and Integrity are not legal in Michigan. So, you'll only be required to pay the principal amount. You don't need to pay the interest rates or other fees.
