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help calculating PDL refund

Date: Tue, 08/05/2008 - 07:01

Submitted by acoch
on Tue, 08/05/2008 - 07:01

Posts: 17 Credits: [Donate]

Total Replies: 2


Can someone please help me with an example of how much i should be paying (Max) for a PDL in the state of michigan.

Example, $300.

Michigan Law

Citation:
Mich. Comp. Laws 487.2121 et seq.
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database 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 with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited


It would depend on some other factors too. They can charge a database verification fee, so you would need to know what that amount was.

But aside from that charge, a $300 loan would be as follows:

First $100 - $15

Second $100 - $14

Third $100 - $13

So that would be a $42 fee for a $300 loan. Plus the verification fee, and any other charges (bounced check, etc).


lrhall41

Submitted by goudah2424 on Tue, 08/05/2008 - 09:31

( Posts: 7935 | Credits: )