Online pdl help in kansas
Date: Mon, 10/15/2012 - 08:25
Hi
I've been stuck in payday loans for the past year, and now I have 2 online pdl's in kansas. I found the state laws, which limit the loan amount to $500, but both of my loans were for more than that($1000 & $600) It sounds like that alone makes the loans invalid.
And Unless they are listed under another name i didn't not see either listed as being liscenced in kansas( Plaingreenloans,& cashnetusa).
I also see where it says criminal action prohibited.
So would your advice be to email them stating that "These are illegal loans", and close my bank account? Is there anything else I should know about kansas laws, or these 2 lenders.
I'm so desperate to be out of this situation, and never make this mistake again. any help would be apreciated?
Thanks for all you do on this great site
Is there
Kansas Payday Loans
Legal Status: Legal (must be licensed in KS)
Laws: [URL="http://www.osbckansas.org/DOCML/DOCMLLaws&Regs/cmlksa2-12.pdf"]Kan. Stat. Ann. 16a-2-404 [/URL]
Maximum Loan Amount: $500
Loan Term: 7-30 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: Not Specified
Collection Fees: One NSF fee
Criminal Action: Prohibited
Still have questions or need more information? Contact:
[URL="http://www.osbckansas.org/"]Office of the State Bank Commissioner [/URL]
700 SW Jackson, Suite 300
Topeka, KS 66603
Phone: 785-296-2266
I've been stuck in payday loans for the past year, and now I have 2 online pdl's in kansas. I found the state laws, which limit the loan amount to $500, but both of my loans were for more than that($1000 & $600) It sounds like that alone makes the loans invalid.
And Unless they are listed under another name i didn't not see either listed as being liscenced in kansas( Plaingreenloans,& cashnetusa).
I also see where it says criminal action prohibited.
So would your advice be to email them stating that "These are illegal loans", and close my bank account? Is there anything else I should know about kansas laws, or these 2 lenders.
I'm so desperate to be out of this situation, and never make this mistake again. any help would be apreciated?
Thanks for all you do on this great site
Is there
Kansas Payday Loans
Legal Status: Legal (must be licensed in KS)
Laws: [URL="http://www.osbckansas.org/DOCML/DOCMLLaws&Regs/cmlksa2-12.pdf"]Kan. Stat. Ann. 16a-2-404 [/URL]
Maximum Loan Amount: $500
Loan Term: 7-30 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: Not Specified
Collection Fees: One NSF fee
Criminal Action: Prohibited
Still have questions or need more information? Contact:
[URL="http://www.osbckansas.org/"]Office of the State Bank Commissioner [/URL]
700 SW Jackson, Suite 300
Topeka, KS 66603
Phone: 785-296-2266
Cashnetusa is a legal lender and is actually a somewhat reputabl
Cashnetusa is a legal lender and is actually a somewhat reputable PDL company.
http://www.cashnetusa.com/fee-schedule-kansas.html
As you can see they have a Kansas license. They skirt your state PDL laws by offering lines of credit.
Plain green, however, is illegal and you only owe principal.
