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I m in California, i have 10 internet pdls and need to know what is legal in my state...can thye garnish my wages...please help......

Payday loan legal status in California: -

Legal Status: Legal

Cal. Fin. Code ???????? 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
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: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

If you want to complain then the contact details is as follows: -

Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677

Sub: #1 posted on Mon, 08/25/2008 - 23:46

phoenix phoenix
(Posts: 1445 | Credits: )

Hi there panamamami1969 and welcome to the community. We can assist you further if you will provide us with the following information:
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
It's highly possible when you obtained these loans you signed a wage assignment with them, however, that is revocable at any time because wage assignments are voluntary. What you need to do to prevent that from happening is write them an email and tell them you are revoking any and all wage assignments you may or may not have signed with them, then give a copy to your employer. Keep in mind that wage assignment are different than garnishments, they would need a court order to "garnish" your wages. I am moving this topic to the payday loan section so it will receive more attention. :)

Sub: #2 posted on Tue, 08/26/2008 - 04:30

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

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