Which Loans are illegal in MO (need help)

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Actually, this is what I interpet the laws to state:

The maximum amount of a loan is $500. This is not the total dollar amount of all of your loans but the max for a single loan. It's even scarier when you you consider the following:

The term of a loan is 14 - 31 days.

The finance charge on a $100 loan for a 14-day period is $75. So a $500 loan then would have $375 in finance charges, making your total due back $875 to the lender - and this is all legal. However, if any lender goes beyond the $75 per $100 finance charge then that is considered illegal.

The maximum number of loans allowed to be out at one time is unspecificed, meaning you could have many loans out at once. (There is seemingly no oversight on this) I would hate to see this scenario ever played out, but it seems you could have your entire paycheck (and then some) held captive by these companies.

Lenders are also allowed to give you 6 rollovers, but with each passing rollover you have to pay down the loan principal balance by 5% or more.

As always, debt is a civil matter - you cannot be procecuted for owing money to a creditor. You can be taken to court, sued and have your wages garnished by court order though.

I have closed my account and my account is restricted from ACH's and etc... What about about my question regarding illegal PayDay loans..that exceeded the maximum of 500 in MO... Are these payday loans illegal?

Look like you may only have two legal lenders, I wouldn't advise you to consolidate, especially when most of these lenders are illegal.
Legal lenders:
Cashnetusa - they offer an extended payment plan, but you have to request it because they won't volunteer the information.

Check City - I need to know if this was a store front loan?

The rest of your lenders are NOT legal. CLICK HERE to find out how to deal with illegal lenders.

Shaz is right, don't consolidate.

Cashnet will offer a payment plan upon request but be prepared for it to be four consecutive pay periods with no rest in between. It's better than nothing, but they won't stretch this out unless you put up a fight.

I did all of my PDL's online including Check City. So all the others I don't have to pay them a dime? I will follow the link.... Thanks so much!!

Also how do you know all of the lenders are illegal? How do you know exactly, Shazzers?

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Thanks Shazzers...

What about Check City, is it valid? I did it online...

Just because the lender is "illegal" doesn't mean you don't pay them back. You are technically only liable for the principal balance.

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