PDL State Loan Limits

In my opinion I would say "Yes" it was wrong for IL state PDLs to lend to a consumer outside the PDL limit. However every consumer is not always truthful about their information either. Not that this is your situation, but it happens. This is a tricky question to ask because it can go both ways in fault. I will tell you some states limit the amount of PDLs a consumer can draw within a certain time frame. Each state is different, or some states may not even have a limit. I am not the expert, but I know it is the consumer's responsibility to pay attention to such laws. Some folks have 16 PDLs at one time, so that just shows that the PDL companies do not care if you keep lending as long as they got your money to take. This limit can also depend on the PDL type, for example "store front" or "internet". You can have 10 IPDLs and 6 store fronts. I have seen some store fronts run the consumers SSN through Teletrack to verify recent PDL companies referenced by consumer. Long story short, this can be a dangerous angle to take when trying to resolve your PDL situation. Another may ask why did you continue to loan as a consumer. Then others may say why did the company allow it. So it can be very risky in using the state PDL limit as firepower, because we all know all PDLs do not play by the rules. :?

Hopefully another individual with knowledge of this exact laws within states can offer some beneficial advice.

welcome joy,first i'm guessing these are internet.no storefront in illinois would have lent after the second loan.second i'm also guessing there are rollovers involved,that is a no no in illinois.
if you could provide the following.

name of each pdl
how much borrowed from each
how much paid back total to each include extension and rollovers.

please answer those questions and we can help here.

by the way it is the responsibility of the lender to know your state laws.

If these are storefronts, are they PDL's or installment loans. Many places in IL are now pushing the installment loans over the PDL's, and if this is the case, there is no limit on how many loans a person can have! (Just ANOTHER way of how these PDL places are skirting the PDL laws!)

Yes I agree. Is IL law strict on PDLs?

All of my Loans are storefront, They never asked me if I had
other loans. I was told by the state of IL that since I didnt
pay the loans off on my first payday that they are now all considered installment loans and that changes everything.
I'm really in a bad spot right now.

:(

IL doesn't allow rollovers on PDL's. I am assuming that the IL Department is also assuming that since you didn't pay them off on your payday that the loans were written as installment loans and not PDL's. I find it difficult to believe that if the loans were originally written as PDL's then suddenly they shift to an installment loan. !!!???!!!

Could read your contracts and let me know what they say (are they written - and signed - as PDL's or installment loans)?