I accepted a payday loan on 1/27/11 for $200 all d
Date: Thu, 04/21/2011 - 18:33
I accepted a payday loan on 1/27/11 for $200 all done over the phone from Brighton FNL direct pay. I am now up to $534 in repayment. I have never recieved the contract or the info they were suppose to send me thru the mail. I am unable to locate them on the internet. I want to stop paying because I feel this is never going to end. What can I do?
Also are these the actual FL payday loan laws?
lorida 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
Also are these the actual FL payday loan laws?
lorida 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
In Florida, payday lending is considered as legal. But I don't t
In Florida, payday lending is considered as legal. But I don't think Brighton FNL Direct Pay is licensed to operate in your state. In such a situation, as you've paid off the principal amount, you won't be liable for paying anything else. You can close your account so that they can't debit any money from your account. You can check out your state laws regarding payday loan from the given page:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
