Help! Payday loans OHIO

I meant to add that I signed a wage garnishment agreement for Zip19.com (Northway Financial). I'm terrified they will call my employer. Can they garnish my wages or contact my employer?

Maura


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Zip19.com (aka Northway Financial), Stretch Loan, is NOT a legal lender in the state of Ohio, in fact, NO internet payday loans are legal in Ohio. Installment lenders do not need to follow the payday loan laws, so according to what you are saying; the installment loans are excluded.

I am going to do some research on some of these lenders, so I will try to reply with the information some time this weekend, or Monday.

By the way, you have "Credit Union" listed as a lender?

Also, is that Cashnet or Cashnetusa?

As far as garnishment, I think what you mean is "wage assignment", a garnishment can only be obtained in a court of law, but a wage assignment can be revoked at any time. CLICK HERE to find out how to deal with illegal lenders.

It's CashNetUSA.

I have a payment plan with CashNetUSA (original loan $1800) for $378 (4x total,twice per month on payday) I've paid twice. I can't afford this. They told me it was the only option.

The one marked "credit union" is a stretch loan that my credit union offers. Sigh.
Thanks.

Maura

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Re: Extended payment plan. I did not specifically ask for this, but for an arrangement and this is what they offered. I honestly can't afford $378 x2 per month plus all the other PDL's x2 month. I can't pay my rent or bills and I'm $500 in the hole in my checking account. I have borrowed and borrowed and there is no one left to borrow from :-(

I just don't know what to do. I'm looking around the house to see if there is anything I can sell.

Maura

I sent an email to the DFI of Ohio, I am not finding Elastic or FBDLoans listed as licensed lenders or registered CSO's.

I also live in ohio and when I inquired about the EPP payment plan with Check n go and many other storefronts in ohio I was told that EPP is no longer available due to the new "mortgage Loan act" loans in Ohio. When the laws changed back in 2008 the EPP option went away.

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They are not considered "payday loans" in ohio. that's how many of the storefronts are getting around the 28% interest rate cap. they are making the loans part of the "mortgage loan act" and they can charge fees, etc to make the APR much more than 28%. I specifically asked for the EPP and was told by more than one storefront that they no longer offer those because of the new laws that passed in Ohio.

I also know about the Stretch pay loans offered by Credit unions. basically they are payday loans which are repaid after 30 days and you can reborrow over and over. the rate is much lower than a traditional payday loan but the amount you can borrow is only $250 at first ($500 after one year). you also must have an account at the credit union for more than 6 months in order to apply. only certain credit unions offer them.

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They're full of crap. If they're advertising as a payday loan, which they do, then they are required to abide by those laws. You need to call their corporate offices.

Also, FBD is first bank of DE. They are a legal lender.

Your best bet is to call all of the legal lenders and set up some payment arrangements. CashNetUSA WILL give you an EPP. They will also stretch those payments beyond 2 months if you ask them to. My advice is to try to stagger your first payments on the EPP so the payments won't hit you all at once and you'll have a little breathing room.

I would email Zip so they get their letter faster. They will stop collection efforts and offer you a settlement. If you've already paid, or overpaid them, tell them so. If you've overpaid, ask for a refund. They will eventually back down but, I would still get my account closed, just in case :) Until then, you might want to go ahead and open an account elsewhere and change your direct deposit to the new account. Whatever you do, do NOT give your new account info to ANYONE!

The problem I have is that my employer says it's too late to change bank accounts for this coming payday even though it is still 9 days away. Means I need to borrow money from all of my relatives to try to pay rent and utilities. No money to eat or buy gas. Sucks. I make a good living too.

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Your bank should also allow you to block those transactions. Go back to your bank and talk to the branch manager. Explain your situation. S/he will help you fix this! It's your right to stop those transactions; they are voluntary and can be revoked at any time.

Okay, next problem. I called Check Smart store front to make arrangements on a $1000 dollar loan. They said I can pay in two installments on my next two paydays. They are not even "supposed" to do that. I can't afford that. They refused other offers. Now what?

Now the "legal" storefronts are helping themselves to my already overdrawn checking accounts. Check N Go made up their own amount of $178 and hit me with that, plus over draft fees. Now over drawn $750 and the bank won't help.

You're going to have to close your account. You need to talk to your bank and tell them that you did not authorize those payments and you expect them to be reversed and credited for fees. You HAVE to talk to the branch manager. Once they can't access your account, they WILL call you and they WILL make payment arrangements with you. They want their money and if you set up a plan and honor it, they will get it and be happy.

Maura,

Call the Corp Office for your store fronts, they will work with you.

I'm still not sure how to handle the installment loans. I have an $600 loan from FBD, paid $496 (payments, interests, fees) and still owe $600! With installment loans the amount you pay back is turns about to be about double the original amount of the loan. I have a few of these installment loans.

Tomorrow is payday and I am going to the back to put a deposit only on my account, then will close tomorrow.

Help.

Well, unfortunately installment lenders do not have to follow the payday loan laws. My suggestion to you would be to contact them and let them know you are blocking your account because of fraudulent (or whatever you wish to tell them) activity and will need to make arrangements to pay them via the mail with money orders. Or you can purchase prepaid visa cards and make payment over the phone. They should work with you.

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How about paying your bills.

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