too many payday loans
Please give more information on the payday loans. eg. Name of
Please give more information on the payday loans.
eg. Name of the pdl
Amount taken and repaid.
In Michigan PDLs are legal. But you should not pay anything above the permissible limit.
Please go through the following for details: -
Quote:
Loan Terms: Maximum Loan Amount: $600 Loan Term: Max: 31 days Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee 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 with licensee or more than one with any other licensee Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee) Cooling-off Period: Repayment Plan: Yes Collection Limits: Collection Fees: One $25 returned check charge Criminal Action: Prohibited |
Hi lilangel and welcome to the community! I'm sorry to tell you
Hi lilangel and welcome to the community! I'm sorry to tell you this but stopping payment on these loans will not stop them from debiting your account. If these are Internet loans, these lenders will change their names repeatedly and the amounts they debit to get at your money. I would advise that you close out that account and open a new one at a different bank. If you are dead set on not closing your account then you will need to go into the bank and speak with the Branch Manager, tell them you need a hard debit block placed on your account. :)
hard debit block
what is a hard debit block. I don't want to close my account as my husband don't know about these. I know it is didhonest but i am afraid to tell him.