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Date: Fri, 06/24/2011 - 10:20

Submitted by lcsamano
on Fri, 06/24/2011 - 10:20

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Total Replies: 3


Hello, I am need of some advice. I live in California and I am up to my eyeballs in internet payday loans. I have read that some internet payday loans are not legal. Is there a list of them somewhere I didn't see. Also I saw where there is a letter that can be sent out to the companies. Does this really work for them to stop ACHing. I have closed my account but Chase has indicated that if an ACH goes through it will reopen my account. Any help would be appreciated.


HI,

Welcome to the Forums???!!

Yes payday loans are legal in California and if it is so, then you can go in for two options, either a payday loan consolidation or a payday loan settlement. Determine your net worth and check whether or not you can repay the entire amount through low monthly payments or you want to lower the principal balance and pay off an amount much less than what you actually owed.

For the first instance, you can go in for a payday loan consolidation and bundle your multiple payday loan payments into a single unsecured loan. You can easily repay the loan in easy and affordable single monthly payments. For the second instance, you may go in for a payday loan settlement where you end up paying an amount that is much less than what you actually owed. You can contact a professional settlement company or you can even settle your payday loans with your lenders on your own.

Hope this helps..!!


lrhall41

Submitted by on Fri, 06/24/2011 - 21:27

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The question asked by the poster was on ACH's...you need to talk to a branch manager and make sure a hard ACH block is put on your account so none coming thru with reopen it.

As for the legalities of your loans, you are only permitted to have one at a time and no rollovers per California law. Any loans after the first would be illegal as would any loans rolled over and the fees associated with it .

California Payday Loan Laws

State Legal Status
Payday loan lending is considered legal in the State of California. A payday loan company is guided by the payday loan lending laws applicable in California.

Loan Specifications


  • Maximun Amount of Loan - $300
  • Term of Loan - Maximum 31 days
  • Maximum Rate of Finance and Fees- 15% of the check
  • Finance Charge for $100 loan for a 14 day period - $17.65
  • APR for $100loan for a 14 day period - 459%


Debt Limits

  • Maximum Number of outstanding loans permitted at a time - 1
  • Permissible number of Rollovers - None (fees cannot be charged for extension)
  • Cooling-off Period - None
  • Repayment Plan - Voluntary (fees may not be charged in relation to payment plan)


Limits of Collection

  • Collection Fees Amount - NSF fee of $15
  • Criminal Action - Prohibited


lrhall41

Submitted by SOAPLADY on Sat, 06/25/2011 - 05:16

( Posts: 17315 | Credits: )