Pay day in Ohio

Date: Sat, 06/01/2013 - 08:44

Submitted by anonymous
on Sat, 06/01/2013 - 08:44

Posts: 202330 Credits: [Donate]

Total Replies: 1

Hello all. I currently have 6 pay day loans out at the following companies: Ace Cash Express, Lending Booth, Advance America, Check N Go, Cashland, and Checksmart. Could someone let me know if these are all licensed in my state? I initially took a couple loans to pay for Christmas gifts for my kids. It has turned into a nightmare for me now. Im on Social Security and disability. My husband has left me and am down to one income now. The companies have over charged my bank account into the amount of -$2100. After finding this site I have closed my bank account. But I feel like I may not recover from this. Please help me find out what I should do.

Ohio Payday Loan Laws - State

Ohio Payday Loan Laws - State Legal Status
Lending of payday loan is considered legal (-Low Cost) in the State of Ohio. Online lenders must be licensed in Ohio.

Loan Specifications
Maximun Amount of Loan - $500
Term of Loan - 31 days
Maximum Rate of Finance and Fees- 28% per annum
Finance Charge on $100 loan for a 14 day period - $1.08
APR for $100 loan for a 14 day period - 28%

Debt Limits
Maximum Number of outstanding loans permitted at a time - 1, 4 per year
Permissible number of Rollovers - None
Cooling-off Period - Limit of 2 loans in 90 days
Repayment Plan - Yes, available. 60 days time period. No fees.

Limits of Collection
Collection Fees - a) Bank charges (if disclosed); b) Collection aharge of $20; c) Court costs arising after default; Damages
Criminal Action - Prohibited

File your Complaint and get Information
Regulator - Ohio Division of Financial Institutions - website for checking for licensing: http://www.com.ohio.gov/fiin/elicense.aspx
Address - 77 South High Street, 21st Floor Columbus OH 43215

I can tell you that Ace, Advance America, Check N Go and Check Smart and possibly Cash Land are all more than likely licensed to do business in the state of Ohio.. You will want to contact their corp offices right away and see if you can work out payment arrangements.. they will sue...

Lending booth is an online tribal lender more than likely not licensed to do business in Ohio - so you will want to follow the steps in this link on how to deal with - http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html

lrhall41

Submitted by HelpinAZ on Sat, 06/01/2013 - 14:51

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