Payday Loans illegal in MD??
Date: Sat, 06/25/2011 - 16:24
I have found out by reading these forums that payday loans are illegal in Maryland and that they are NOT allowed to collect any interest from the loan... meaning we are only liable to pay back the amount that was loaned to us.... i searched our statements and between all the loans we have paid the principle PLUS $3000!!! I know we probably won't get that back...
I need help in figuring out what to do next... they are taking money out every other week and the next one is on 7/1...
PLEASE HELP!!! THANKS in advance!!!
Jenny
It is true that payday lending is prohibited in the State of Mar
It is true that payday lending is prohibited in the State of Maryland. Thus, you're liable for paying only the principal balance to them. You should immediately send refund letters to your payday lenders to whom you've paid more than the principal balance and ask for a refund. If they are not ready to give you a refund, then you should contact the Maryland Commissioner of Financial Regulation and he/she might help you in this matter.
Please give us the following information: Name of each lender?
Please give us the following information:
Name of each lender?
How the loans was obtained (internet or storefront)?
How much was borrowed from each lender?
How much have you been debited by each lender?
Your first step is to close your account and regain control of your paycheck.
I just want to ensure that what you have are actually "payday" loans and not short-term or small loans.