payday loan turmoil
Date: Tue, 01/29/2013 - 18:35
I live in Texas
Hydra Fund III (1888-302-5351) $250+$75=($325)
Cutter Group (855-417-4419) $250+finance charge?
UnitedCashLoans $550+$165=($715)
CheckNGo $500+$127.19=($627.19)
CK Marketing $275+finance charge?
Greenwood (855-871-9317) $250+$75=($325)
Ace $600+$183.92=($783.92)
I had 3 other ones but paid them off on the first due date.
I've read that if they are operating illegally I don't have to pay...is this true?
I also read on a federal website that it is against federal law to have direct debit account withdrawal as a stipulation in a loan...is this true?
How can I go about handling this by myself?
Yes - Ace and Check n Go are
Yes - Ace and Check n Go are Legal..
all must be licensed to lend in the state of Texas including online lenders. So you will need to check to see if they are - below is where you will want to check - I am sure they will have a website. Once you know here is a link to deal with any that are not licensed -http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html -- Legal ones you can possibly work out a Extended Payment Plan with them - you may need to talk to the corporate office to complete.
Here are the Texas Payday Loan Laws
State Legal Status
Lending of payday loan is legal in the State of Texas.
Loan Specifications
Term of Loan - 7 to 31 days
Maximum Rate of Finance and Fees- $10 per loan plus 48% rate of interest (annually)
Finance Charge on $100 loan for a 14 day period - $12
APR for $100 loan for a 14 day period - 309%
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)
Limits of Collection
Collection Fees - Not Specified
Criminal Action - Not Specified
File your Complaint and get Information
Regulator - Texas Office of Consumer Credit Commissioner
Address - 2601 N. Lamar Blvd. Austin TX 78705
Phone - (512) 936-7600
Fax - (512) 936-7610
