Hello! I desparately need some advice dealing with pdls in TN
Date: Thu, 10/16/2008 - 12:10
Hi! I live in the knoxville area of Tennessee and got caught up in the payday loans quite some time ago! And the way they work here is i pay them back every month but have to rewrite because i cannot live without that money! So i basically give them each $30 a month! I have more of them than i am supposed to have! Does any1 have any advice to me on this? We are desparate! Going next week to consult with a bankruptcy lawyer and need to know whether to bring these into the matter!
Hi there and welcome! Give us a little more info and we will do
Hi there and welcome! Give us a little more info and we will do what we can to help you. :) I will post your laws shortly.
Names of pdl's
Store front or Internet
Amount borrowed
Amount paid back.
Tennessee allows an Internet based payday loan company to lend l
Tennessee allows an Internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in.
Quote:
Tennessee State Information Legal Status: Legal Citation: Tenn. Code Ann. ????45-17-101 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Max: 31 days Maximum Finance Rate and Fees: the lesser of 15% of the check or $30 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: 3 (2 per licensee) Rollovers Permitted: None (cannot renew or otherwise consolidate) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: One $30 NSF Fee; Court Costs Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Tennessee Department of Financial Institutions Address: 511 Union Street, Suite 400 Nashville TN 37219 Phone: (615) 741-2236 Fax: (615) 532-1018 Regulatory Contact: Bart Daughdrill, |