Payday Loans in Louisiana
Date: Thu, 09/20/2012 - 10:07
I have 5 payday loans with Cash Central for $500, PaydayOne for $1000, EastSideLenders for $650, Ameriloan for $500 and American Consumer Credit (The CashSpot.com) for $900. I've been told on another thread that all but PayDayOne and CashCentral are dubious. Cash Central is already working with me on payment plan, will try to do same with PayDayOne. The others I was going to attempt the letter because I have had loans with these lenders for over a year, sad to say, so I know I've paid TRIPLE or more the original loan amount. Once I paid them off I take the loan out again and I have been doing that for over a year. Also, Louisiana law says the max loan can only be $350? Does this make the loan illegal even if they are legal/licensed? Woman at Generals office just said if they loaned it to me then that makes it legal, no matter the amount. Other posters here have said that they (AG office) are not very helpful??? dosen't sound right....any advice/suggestions would be appreciated. Already closed account, bank VERY helpful with that...finally had money this week to do something with. Can't believe what I have cost my family, we could have taken a very expensive vacation for what I was paying in fees alone :(
You're correct about your legal lenders. They may be lending as
You're correct about your legal lenders. They may be lending as CSO's hence the loophole.
For the others, follow the step by step advice in my signature link.
Not dubious, try illegal. That is a more fitting word. Actually,
Not dubious, try illegal. That is a more fitting word. Actually, most lenders do not use the CSO loophole, rather, they label their larger loans as installment loans thereby bypassing the State PDL cap.
