Debt Limits - Texas
Date: Tue, 04/06/2010 - 22:12
After reading the payday loans in Texas, I find they say the following:
Debt Limits: Maximum Number of outstanding loans permitted at a time - Not Specified (Aggregate outstanding loans of $500 to all licensees)
Permissible number of Rollovers - None (if charge of renewal is less than the permissible rate of interest; otherwise can be converted to declining balance installment note)
If my loans were all for over $500, can I actually be charged for the overage when the debt limits is set at $500 to all licensees? Maybe I am misreading this but it looks to me that if a lender (licensed or not) lends you over $500, they can only expect to get the $500 back.
I have 3 payday loans. 2 are with licensed lenders (1 storefront that is operating as as CSO and the other internet based). The last one is with mycashnow, which I have read is definitely not legit.
I look forward to any response.
Thank you.
Debt Limits: Maximum Number of outstanding loans permitted at a time - Not Specified (Aggregate outstanding loans of $500 to all licensees)
Permissible number of Rollovers - None (if charge of renewal is less than the permissible rate of interest; otherwise can be converted to declining balance installment note)
If my loans were all for over $500, can I actually be charged for the overage when the debt limits is set at $500 to all licensees? Maybe I am misreading this but it looks to me that if a lender (licensed or not) lends you over $500, they can only expect to get the $500 back.
I have 3 payday loans. 2 are with licensed lenders (1 storefront that is operating as as CSO and the other internet based). The last one is with mycashnow, which I have read is definitely not legit.
I look forward to any response.
Thank you.
CSO's wouldn't follow the payday loan laws, all they are require
CSO's wouldn't follow the payday loan laws, all they are required to do is register with the secretary of state, they are not regulated. As far as your other legal lender, you'll need to pay them back by the terms of their contract. They go by the honor system based on what their customers tell them. Mycashnow isn't licensed to lend so all you would owe them is the principal amount, CLICK HERE to find out how to deal with illegal lenders.
