Payday Loan In Florida?

You have come to the right palce for help. I will post the laws for your state.In the mean time please post the following
Who you have borrowed from
The amounts of your loans
How much you have paid back to each lender. Add fees and principle to get one total for each lender.
Are your loans internet or store front

Many of us have taken care of the pay day loans on our own. Here are the laws for your state. when you post the ifo we need , we can begin to help you.

Florida State Information

Legal Status: Legal

Citation:
Fl. Stat. Ann. ???? 560.401 et seq.; Rule 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + 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
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Thank you. I will put that information together soon...it might take me a while. Two of them I can think of right now, because they're coming due this week, are Cash Transfer Centers and Check N Go. They make you pay off the balance in full and you can reloan in like 3 days. I hate to have to do it, but I keep having to reloan every 2 weeks now just to somehow have some money to provide for my family. It's a catch 22. The others are all internet loans though.

dwntwn- It is a very vicious and frustrating cycle!!

Kash has posted your state laws for you and looks like you are in the process of gathering info.

Do you plan on doing a reloan with CTC and Check n Go?

They make you pay it off because that is Florida's requirements. I live in Florida also. The only legal ones I had were Advance America and Cashnet usa. I am working with payments to Cashnet and What I did with Advance was I took out $50 less every 2 weeks until I had it paid off. Talk to these 2 companies and see about maybe making payment arrangements with them. Per Florida law they are required to allow payments.

CTC also makes you pay off in California....and then you can turn around and reloan. ughh...the vicious cycle!

I know we're waiting for dwn to post the loans, amount borrowed, and amount paid. However, should we address the issue regarding Cash Transfer Center and wage assignment? I understand that dwn knows they are going to debit the full amount and apparently is okay with that. Maybe I'm getting ahead of myself, but when it comes to an illegal company, I'm trying to cover people's butts.

address away!

So Is CTC Illegal In FL? I have a messy run in with them a month ago...they can be vicious...can't wait to deal with that again.

Yes it is a vicious cycle. It's almost impossible to pay all of the money back and then not reloan. Pyb, that was a great thing to do with Advance America. It didn't tax you as badly as paying off the whole amount, but did allow you to break free from them. Did cashnetusa give you a hard time about making payment arrangements? I've been seeing more people with storefronts on the board lately (still the majority are internet) and am just wondering how hard it was to work with them. From what I understand, it really depends on the manager of the store. I'm just trying to become a little more educated on the process. I had a storefront, too, but managed to pay them off. It was tough, but I had to do it. They were not willing at all for arrangements, and I was very uneducation about the process at that time.

I asked if he was going to reloan with CTC or just pay it off this week.

If so, then the wage assignment is an issue, if he isnt going to reloan, then no issue.

dwn, Cash Transfer Centers is illegal EVERYWHERE. Not just in your state. They are an illegal overseas pdl. What they like to do is send a "wage assignment" to your employer to get "thier" money taken out of your paycheck. Nice, aren't they? They will do this without even blinking an eye. Now, wage assignments are totally voluntary by your employer. However, some employers are clueless and go ahead an honor them. They then pay Cash Transfer Centers (an illegal company) the money the claim you owe and then they take it out of your paycheck. Nice, huh? You need to type up a quick short & sweet letter addressed to Cash Transfer Centers. All you have to do is state "I (state your name), hereby revoke any and all wage assignment I may have signed with your company, your partners, or any affiliates". Then type your name. Email it, fax it, and mail it certified. Keep copies of everything. Keep a copy of the letter, give a copy to your payroll department (might not be a bad idea to educate them that this is an illegal company and wage assignments are voluntary and do not have to be honored), but send the original certified to Cash Transfer Centers. Believe me, I know first hand, as many others do, that Cash Transfer Centers will send that to your employer without batting an eyelash.

I think I may just have to do that. Thanks for the info. I have a feeling this is going to be a long process and I'm kicking myself for not coming to this forum sooner for help. I don't feel so alone and stupid. I guess we're all in, or have been in, our own Hells.

dwn, my gosh! Stop kicking yourself! This is why we are ALL here! And that's what we're here for. To help others in the same boat! We've been through it, so we can tell you what to expect. You're not alone and you're not stupid. Lord, that would mean we all are! Just for your own "safety", I would do the letter revoking any wage assignment. They tried to slap one on me. They've done it to others. The hardest part is convincing your employer that this is an illegal company and that wage assignments are voluntary. They do not have to honor it. Actually, if you read the wage assignment VERY closely and VERY carefully (as they make it look so very legal), you would see that it even states that it's voluntary (without using those exact words). It basically says that "you" agree to let your employer pay them and "you" will pay the employer back and they state the amount your employer should send them. Oh, I don't think so! So, all they're saying (and you would have to read it carefully) is that "you" agree for your employer to pay them and you will pay them back. Again, Oh, I don't think so!

OMG! I think I need to find an example of that letter to copy tonight.

If you've already answered this, my aplogy but do you plan on reloaning with Cash Transfer Center??

dwn, you mean an example of what the Cash Transfer Centers wage assignment looks like? And, as volley asked, are you planning on re-loaning with them again? I understand if you say yes, as they take all your money, so you're broke, so you need money. But volley is asking if you plan on re-loaning.

I looked at my finances today, I think I am going to have to re-loan. It's so damn frustrating.

dwn, it's understandable. Lord, by the time they take all the money out, you're left with none. Just, please keep in mind that these guys are illegal. Don't trust them. I know you've been using them. I know you know the "routine". However, just use caution. Soon you'll be able to have them paid and not have to re-loan. Just remember the wage assignment, okay? They will send one to your employer if they don't get payment from you.

Its okay..we've all reloaned here before and its a vicious cycle!

I was asking because if there is thought that you are closing your account and CTC wont be able to debt their next loan payment (after you reloan), then that letter is extra important!

Dont send it though until after you reloan and close the account.

I have like 6 payday loans for me and my husband. my father inlaw got really sick and we did everything we could just to save him.Now our problem became a nightmare. We started borrowing from these paydayloan. Theyre debiting money directly from our account. All of them are online except for Advance America which we always in good standing, they actually extended our lona for another 2 weeks without any charges when they found out our situation. I live here in FL..I have a 2 yr old son and now its becoming hard for me to put him in daycare because of the fees everyweek and hard for us to move on, I called my bank and they said I can put a stop payment for those payday loan so they wont be able to withdraw money from our account. With these, I told my husband I can just stop whats under my name and I dont care if they call me at work, I'll just infrom my employer plus my phone is drect to my desk. I just ran out of solution and I dont wanna borrow anymore. Whats gonna happen if i do this?

shelly, hang on. I understand you are in Florida. I also understand you have one storefront; however, it sounds as though you have that under control. Can you please list out for us who you have internet pdls with? The name, the amount borrowed (principle amount only), and how much you have paid them total so far? Please list this out for us & we can help more. I will tell you this - putting a "stop payment" on the internet pdls will not work. They will debit under a different name, a different amount, a different date, they will put through an electronic check rather than an ACH debit, etc. They are horrible. Please list who you have internet pdls with and we can help you. You are most likely going to have to either close your account or put a hard debit block on it so that nothing goes through.

my bank account is under me and my husband..I have paydayloan-yes.com which originaly 300 but now its down to 200 since I paid 100 plus finance charge, OSL for 200.00, AIP for 200 which I paid 3 times the finance charge for 89. that means they already got finance charge more than the principal. I got cash spot for my husband in the amount of 300, instant cash 911 for me for 400.00,ex pay for 300 for my husband...I paid fiance chagres already like 2 to 3 times with such little amount...I talked to my husband and I said I'll sacrifice. I will put a stop payment under my name so they dont get anything from our bank anymore and we can buy all our basic needs. I cant afford them to call my husband at work since hes a supervisor but me, they will call directly my desk plus they cant harm on on the phone...I just ran out of options

I changed my user id to bclaymore it was shelly72

b, okay. Got your message. Yes, these pdls will debit under different names. For example, MTE Financial alone has right around 20 d/b/a's. They'll just use a different name. Many many other pdls have d/b/a's. They'll use a different name. They'll try to debit via ACH. Once that doesn't work, they will put through an electronic check to try to get money out. And they will hit CONSTANTLY. Some members have had pdls hit up to 6 times a day/week causing hundreds of dollars in NSF fees. They will use different amounts. For example, put through 4 debits at one time for all different amounts on the same day. They will do ANYTHING. It's really kind of frightening! Now, I can't follow very well what you posted regarding your internet pdls above.

PayDayLoanYes - borrowed 300/ how much EXACTLY have they debited?
OSL (who is this?) borrowed 200/ paid nothing yet?
AIP borrowed 200/ paid 267 / correct?
Cash Spot borrowed 300 / paid nothing yet?
InstantCash911 borrowed 400/paid nothing yet?
Ex Pay (who is this?) borrowed 300/ exactly what have you paid so far?

I just need it a little bit clearer. :wink:

paydayloanyes:
borrowed 300/finance charge is 90...paid 190.00
remainnig balance is 200 plus 60.00 finance charge

OSL:internet loan
broowed 200/fiance charge is 75...paid 75

AIP: internet loan
borrowed 200/ fiance charge is 89..paid 3 times for finance charge amounting 267.00

cash spot:internet loan
borrowed 300/ fiance charge of 75..paid 75

instant cash 911:
borrowed 400.00 not due until the 16th

ez pay: internet loan
borrowed 300/finance charge 90.00..paid 3 times the finance charge

ok so i borrowed 1 thousand dollars from my father inlaw ..I know we have other bills like car payment, etc..but I told my husband to use the thousand dollars just to specifically pay some of these payday loan and slow pay the others..dont know whats gonna happen...hes a manager so I may have to pay all thats under his so he wont get embarrassed..dont know

B, hold on here! Wait before you spend that $1000 on pdls! Just one second! I've figured your amounts. Now an important piece of information I need is what state do you live in????

I live in florida

OMG! I am soooo sorry! You already stated that! Please forgive me! FLORIDA! Got it now! :oops: In order for an internet loan to be considered legal, they must be licensed in the state of Florida. I know for a fact AIP is not licensed anywhere. Dealt with them. I haven't personally dealt with the others; however, it is highly possible none of them will be licensed to do business in Florida. Hang on to your $1000. Do something with your bank account. You need to close it/block it/ whatever so that these pdls can no longer hit it. Please read the "sticky" at the top of this site page regarding "Closing your bank account". Read it carefully and post questions. Your best bet right now it to close that account to prevent the pdls from hitting again. You're dealing with most likely unlicensed/illegal lenders. There is no reason to take that $1000 and do this. Please read the sticky about closing your bank account. Then post any questions that you may have. You having money to pay your bills and buy food and get gas for work is WAY more important than paying illegal companies.

Im planning to close my account and open the one credit union my company offers..my problem is that if I dont pay whatever is in my husbands name, they'll be calling him up at work and thats gonna feel very awkward snice hes a manager..help me

I just spoke to my bank and they told me that payday loans is really a horrible thing. The problem is since we have an agreement, even if we close the account, they'll be able to re-open it because of the agreement. If you open a new bank account, it will take a little time but if they found out, they can start debiting money too...I have so sit down with my husband..check everything we can sell that we dont need...pay off one at a time..3 of them will have to go next week since my father inlaw will give us money just to pay off some of them...then 3 more to go..ranging from 200 to 300...They just have to go..my bank told me that if we paid off each loan, give them a call so they can totally block them..any other account who try debitting from our account, they have to speak with us first....its tough but our bank was good since we have our account with them for 4 years now..no problem,,,I dont know..Im still confused..

Okay. I'm answering b's post on the other thread. Just a heads up for everyone. B is "bclaymore" or "shelly". Just to let everyone know! :wink:

Are these internet companies legal in the state of florida? Can they garnish my wages. Does any one have the addres, phone numbers, and fax # for these companies. (bmg, big-int, and tgf corporation)

[font=Times New Roman][/font][color=Black][/color][size=3][/size]
Thank you guys. You don't know how much you have helped me with the all of the great information you have posted here. My employer just received a wage assignment letter from CTC on this week and thankfully contacted me and gave me some good information regarding the state laws in florida and also notified me that they would not honor ctc's request.

My question to you guys is, after I send the certified letter to ctc and asked them to discontinue my wage assignment letter, where do i go from there. they have stated to me that they will not set up a payment plan with me and wants to debit the entire $800 from my checking account. they have already tried to debit on 3 occassions and cause me major bouncing problems.

Oh, by the way, I live in Florida.

Help!!!

Is your account closed. If so , they debits should have just been returned "account closed" . There should be no fees involved. If your account is not closed and you contacted these people, they will go in endlessly and try to take everything. You need that account to be closed.

I took out several payday loans when moving into a new house and have not been able to pay them back - they constantly call me at work, they even call my supervisor and leave detailed messages threatening to garnish my wages and discussing details of the transaction with my boss.

What can I do?

If you tell us what state you are on, who your lenders are, how much borrowed and how much paid back andif they are store front or internet, we can help you.