Tennessee PDL Laws-Please Help!
Date: Wed, 08/27/2008 - 18:39
I have a PDL loan with Astro Lending. It was for $300 and I have paid almost $1000 in fees to them and they're still debiting it from my account every payday. I don't know what the laws are in TN but it seems like this is a little out of control. Can someone tell me if there is any law that would prevent them from being able to do this. I would like to take care of this without having to close my checking account. Thanks!
I'll post your laws for you but I am afraid you are either going
I'll post your laws for you but I am afraid you are either going to need to close out that account or place a hard block on it, if they've taken that much already just for a $300.00 loan then that makes a bold statement about their illegal practices, unless you have re-loaned on this several times?
Quote:
Tennessee State Information Legal Status: Legal Citation: Tenn. Code Ann. ????45-17-101 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Max: 31 days Maximum Finance Rate and Fees: the lesser of 15% of the check or $30 Finance Charge for 14-day $100 loan: $17.65 apr for 14-day $100 loan: 459% Debt Limits: Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee) Rollovers Permitted: None (cannot renew or otherwise consolidate) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: One $30 NSF Fee; Court Costs Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Tennessee Department of Financial Institutions Address: 511 Union Street, Suite 400 Nashville TN 37219 Phone: (615) 741-2236 Fax: (615) 532-1018 Regulatory Contact: Bart Daughdrill, |
