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Advise on Payday Loans

Date: Wed, 08/13/2008 - 09:57
Submitted by kdouglas on Wed, 08/13/2008 - 09:57
Posts: 10
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Good afternoon:

I so need some advise!! I am ashamed but have 13 payday loans out there and not sure where to turn. I happen to see your website and thought I would through it out there about the payday loans that I owe. I really am so ashamed and not sure where to turn. I live in Ohio. I am so scared that I will not be able to meet the obligations for these next week when I get paid. Any advise?


What are the names of the companies? How much did you borrow and how much have you paid?

The first thing is to not be scared. You're not going to lose anything or be arrested or anything like that. They can be tough to deal with and I know first hand how frustrating it is and how much stress it causes. But the first thing you need to do is calm down and know your rights. This site will be able to help you.


Submitted by mppsu2003 on Wed, 08/13/2008 - 10:05

mppsu2003

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don't be scared, just stay strong and don't back down. make sure you know your state laws and just be prepared for a fight. some companies are not bad at all to work with (and some are horrible). Once you provide us with the companies, how much was borrowed and how much was paid, it will be easier for us to help you. :)


Submitted by bea2ls on Wed, 08/13/2008 - 10:21

bea2ls

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Thank you so much for your quick response!! The following is the payday loans that I have:

Paydayone $1150 (2 loans) total amt will come due 8/21/08
Thinkcash $1000 (2 loans)
National Money Store $250 only paid the finance chg $58
Dr. Cash $300 paid $150
Magnum Cash Advance $864 $374 due on 8/21/08
Paychecktoday $400 $195 still owed
Global Financial Services $200 only have paid finance chg $68
Impact Cash $200 have paid $50 towards principle
Avantis Financial $300 have paid $125
NH Cash $300 have paid $150
ameriloan $200 have not paid yet
Cash Call $1000 $310 paid

I appreciate your help. Thank you so much.


Submitted by kdouglas on Wed, 08/13/2008 - 10:26

kdouglas

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K, Here are the laws for Ohio for you to look at..

Quote:

Ohio State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???????? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance





Basically the pdl must be licensed in OH to lend in OH.

I can tell you that Think Cash and Cash Call are not pdls, rather they are installment loans and you will need to either continue to pay them or you will need to work out payment arrangements with them.

The first step would be to close or block you bank account so the pdls can not get any more of your money. Please read this thread about closing your account...

http://www.debtconsolidationcare.com/paydayloan/close-account.html


Submitted by RoxyNY on Wed, 08/13/2008 - 10:35

RoxyNY

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