Share post
Share
Debt Consolidation Forums Payday Loan help forums

help calculating PDL refund

Date: Tue, 08/05/2008 07:01
member profile picture
Posts: 17
Credits: 0
[Donate]

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




I'm bumping this for you in the hopes that someone will assist you. I never learned how to add or subtract. :lol:

Sub: #1 posted on Tue, 08/05/2008 - 08:44

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

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).

Sub: #2 posted on Tue, 08/05/2008 - 09:31

goudah2424 goudah2424

(Posts: 7936 | Credits: )

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.


DebtConsolidationCare (IAPDA member)
Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV
Connect With Us
About Us | Contact Us | Privacy Policy
Copyright © 2018 DebtConsolidationCare | 301 W. 11th Street Unit E, Reno, NV, 89503, United States
* Disclosures:
  1. By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.787 seconds.