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Payday Loans Oklahoma

Date: Thu, 03/22/2012 - 12:09

Submitted by mskitty
on Thu, 03/22/2012 - 12:09

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Total Replies: 5


Hello All you wise debt folks. I need some assistance.

First, I live in the beautiful state of Oklahoma. I've gone to my governmental website to collect advice on payday loans, but I'm flopping miserably. From what I understand, and I could be terribly wrong, lenders must be licensed in the state of Oklahoma. I've checked the registers on the state website, and I've only found one of my 5 lenders on the list.

We all know how the payday loan nightmare begins, so I'll spare you the terrible details of how I got myself into this mess of not being able to pay my own bills. I'll simply jump to who I owe and ask what I should do.

Firstly, I owe Magnum Cash Advance. I borred $850, and they've collected that already in refinance and payments, but I still owe them 2 more payments of $365. I took this out in January 2012.

Secondly, I owe Money 2 Advance.com. I've had to payoff and refinance many, many times. I recently had to re-borrow from them to the tune of $1000, just so I could keep myself in my house.

Thirdly, I owe Multiloansource.com. They work as AALM Consulting Services. I borrowed $550. They've hit me for $165.00 in refinance charges once a month since December 2011. My payoff is still $715.00.

I owe one legit lender. Their rates are low. They're called Check-n-Go. I borrowed $500, and I pay $565 for a payoff. I keep having to refinance this to pay bills.

I had another loan, but paid that off....thank goodness!

Please help me figure out what to do. DO I have options?:confused: I am paying out a fortune each month in automatic refinance charges, and my principal never goes down on some of these. I pay off one, and have to open it up again to even pay my bills. Some days I feel like I shouldn't even bother.


By the look of it, you are very correct. Your only Legal Loan is With Check n Go.

I am on this journey myself. The experts will be on shortly to help you deal with illegal lenders and offer advice.

My first advice is to CLOSE your bank account if you can, and re-open a new one. Do not give any of these lenders, even Check N Go, the new account number. If you can't close it due to a negative balance, ask a Bank Manager (not a teller ) if you can put your account on deposit only status until it is positive, then close it. Closing your account is the only way to keep these illegal lenders from constantly hitting your account. I have had an illegal lender try DAILY to take 1000 out of my closed account (for a $350 loan that I overpaid for pete's sake!)

Follow the directions in the Dealing with Illegal Lenders thread:
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html


Figure out how much you have overpaid the illegal lenders, they owe you. You only need to pay the principal. Use the sample letter in the thread above.

Even if you borrowed again, figure out how much you borrowed in total and how much you paid.

For Check n Go, if it is a Payday Loan, they should break it into 4 payments for you (they are CFSA and must do this. Contact them at least one business day before your payment is due). If it is an installment loan, then you need to let it bounce and deal with collections. They won't honor a payment plan on installment loans until you default. Pay them with a prepaid debit card.

For the illegal lenders, send them money orders. Demand a payment address. Pay on your own terms, and only the principal. No address, no payment. Period. If they start to harass you, do not speak to them at all. they will try every nasty tactic in the book, including threatening wage garnishment and taking you to court. They will use illegal collection companies that will call and pretend they are serving you court papers.. don't believe them! And most of all, do not talk to them when they harass you. It just encourages them. they won't do any of these things, it is just scare tactics. Don't let the illegal lenders beat you down. By the sounds of it, they all owe you money.

Make sure you follow the illegal lender directions, and revoke ACH and wage assignments. give a copy of the letter to your bank and employer, too.


lrhall41

Submitted by agath2005 on Thu, 03/22/2012 - 14:17

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In the state of Oklahoma, the maximum number of outstanding Payday loans a person can have is 2. Rollover/refinancing is also illegal. Are there any illegal lenders who you have paid over and above the principal amount? If yes, ask for a refund. Follow whatever instructions the other poster has posted and go through the link to have a better understanding of how to deal with illegal PDLs.


lrhall41

Submitted by StevenDoyle on Fri, 03/23/2012 - 00:16

( Posts: 199 | Credits: )


I went to the state website to figure out who was legit and who wasn't. I went to my bank to try to close my account, and the account counselor told me I could go to jail for closing my account if I knew the loans would be coming out. So, I left the account open, and now I'm still in the same position. So, I'm still stuck in the rut.

UGH!

Can I close the account legally even though I know the loans are coming out?


lrhall41

Submitted by mskitty on Thu, 04/19/2012 - 20:51

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