logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

I need help with Payday Loans!!!

Date: Sat, 09/04/2010 - 16:11

Submitted by Bobbiejo
on Sat, 09/04/2010 - 16:11

Posts: 13 Credits: [Donate]

Total Replies: 9


I live in FL and I have 1 pay day loan I am unable to pay back, right now it is current but I am not sure what to do. It is with and internet based company called Magnum Cash Advance. I have spoken to them and they will allow me to make 4 payments (2 a month of $330) on a $650 loan but I can even afford to do that. I have borrowed from them multiple times and alway paid back on time. As of right now I haven't paid anything on this current loan. I also have an old loan that I defaulted on in Ohio (when I live there). This loan is for about $300 plus fees, and is from late 2004 or early 2005 (not sure). This was a store front loan from Advance America. I just received a call from a collection agency on this with in the last month but I can't make the payments they are looking for. Please help, my credit is already bad (single mom with 3 kids, and no child support coming in). Should I try credit counseling or bankruptcy?


DO YOU NEED A LOAN IF YES EMAIL US AT:mrsritacainloanhome3@gmail.com


lrhall41

Submitted by on Wed, 01/09/2013 - 07:18

( Posts: | Credits: )


The old loan is out of SOL for florida so you can send the the CA a letter telling them to bug off.

Ok...on your current loan. I do not believe Magnum is licensed in florida so the loan may be illegal. The max loan allowable in FL I believe is $500. Wait a bit and somebody else should chime in.


lrhall41

Submitted by SOAPLADY on Mon, 09/06/2010 - 02:16

( Posts: 17315 | Credits: )


Quote:

Originally Posted by Shazzers
Soaplady is correct, Magnum is not legal in the state of FL. CLICK HERE to find out how to deal with illegal lenders.


That is the best news I have heard. I spoke to my bank and closed down my account and opened a new one with the same bank. I have one more loan that is current that I am paying off but wanted to check if it was legal. Agian I live in Florida it's a $300 Internet based loan from LLS (Little Loan Shop). They are charging me $105 in fees on a $300 loan. I was looking at fl laws and it states a company can only charge $10 per $100 borrowed. Please advise thanks for the help!


lrhall41

Submitted by Bobbiejo on Tue, 09/07/2010 - 20:50

( Posts: 13 | Credits: )


I have a couple more questions about my loan with magnum. First off I have paid them several hundred dollars in fees the last few months, can I do anything about that? Second does it matter that when I had my first loan with them I lived in mi? I didn't have any outstanding loans with them when I moved to fl. I notified them of the move and update all of my info when I applied for my next loan, you actually have to verify your address with each new loan.


lrhall41

Submitted by Bobbiejo on Tue, 09/07/2010 - 21:06

( Posts: 13 | Credits: )


Quote:

Originally Posted by Bobbiejo
I have a couple more questions about my loan with magnum. First off I have paid them several hundred dollars in fees the last few months, can I do anything about that? Second does it matter that when I had my first loan with them I lived in mi? I didn't have any outstanding loans with them when I moved to fl. I notified them of the move and update all of my info when I applied for my next loan, you actually have to verify your address with each new loan.

They aren't licensed in MI either, so that wouldn't matter. As far as a refund, if it were me, I would push them for sure. It never hurts to try.


lrhall41

Submitted by Shazzers on Tue, 09/07/2010 - 21:08

( Posts: 17344 | Credits: )


Do you know how I can find the payday loan laws for fl? Also here is what I found out about my loans. With LLS I borrowed 2 loans totaling $600 and I have paid them $570, so I should only owe them $30. With Magnum I borrowed 6 loans totaling $3370 and I have paid them $3939.96 so I shouldn't owe them anything. I am going to try to get a refund on the fees I have already paid them of $569.96. Thanks for the help.


lrhall41

Submitted by Bobbiejo on Sat, 09/11/2010 - 20:10

( Posts: 13 | Credits: )