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Laws in FL regarding payday loans

Date: Wed, 08/05/2009 - 06:40

Submitted by atruefamilyx6
on Wed, 08/05/2009 - 06:40

Posts: 106 Credits: [Donate]

Total Replies: 17


I am trying to get information on the laws in florida regarding payday loans, can anyone help?


Online lenders are Illegal in the state of FL. The Dept of Financial Institutions for the state of FL requires a Internet PayDay Loan company to hold a valid license to do business to a florida resident.

So with that being said, what is the name of the company you are dealing with? Is it a storefront or an internet lender? You never specified in your original post. Thanks!


lrhall41

Submitted by Cool_Abyss on Wed, 08/05/2009 - 08:46

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okay,let's clarify.

pdl's are legal,but must be licensed.
both internet pdl's in the OP'S post are not licensed therefore they are not legal in FL.

the OP is only obligated to pay the principle borrowed.any fees debited thus far goes toward the loan.hope that cleared things up.


lrhall41

Submitted by paulmergel on Wed, 08/05/2009 - 11:05

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My payday loans were done online. What kind of letter can I send them or email letting them know that I know they are illegal and to stop harrassing? What would you suggest my 1st step being?


lrhall41

Submitted by atruefamilyx6 on Wed, 08/05/2009 - 12:32

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Hello! I have 2 pay day loans, all online and I live in FL. It is all so confusing! I have tried to read up on the law's etc but it really just confuses me more! :-) I dont think I have ever felt quite so dumb!
The 3 we have are with:
JHS marketing, CashToday and Intl Equity. I am not sure where to go from here, I have tried contacting but get a machine or busy signals.

any and all info is GREATLY appreciated!


lrhall41

Submitted by on Thu, 08/06/2009 - 11:01

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I meant to type I have 3..not 2...sorry, not paying attention to the ole fingers!


lrhall41

Submitted by on Thu, 08/06/2009 - 11:02

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The laws referred to at the beginning of this thread DO NOT apply to internet lenders! The laws that apply are section 516 of the Florida Consumer Financial Act, They do say that a lender must be licensed even to collect! There are a few that are licensed here but very few. CashNetUSA is the only one I know. If you contact the Florida CFO Alex Sinks office you will find many people that are ignorant of the law! It is a shame but true! Advice: If you must take a payday loan only take it from Amscot. The laws posted earlier do apply to them and they will always work with you if you require an Extended Payment Plan. They will only do that once a year and you can't be in default,


lrhall41

Submitted by Frogpatch on Tue, 09/08/2009 - 12:14

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