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Date: Wed, 08/06/2008 19:48
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I live in kentucky and like everyone else turned to pdls. Embarrased to say i have six loans. Got behind on bills family and friends are strapped. One loan lead to another and now it seems to be a never ending cycle. oneclickcash 300 paid 90.00 plus fee unitedcash 250 paid 75 no fee yet loanshop 300 paid 75 plus fee of 50.00 loanstore 200.00 pay 60.00 netcashusa 500.00 paid 150.00 ssmgroup200.00 paid 60.00 Please help get me out of this




Hello and welcome. I am moving this topic to the payday loan section, however, would you mind specifying which of these loans are Internet and which are store front? Thank you. Meanwhile, I will be posting your pdl laws shortly. :)

Sub: #1 posted on Wed, 08/06/2008 - 20:43

Shazzers Shazzers
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(Posts: 17341 | Credits: )

Quote:
Kentucky State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Kentucky Rev. Stat. Ann. ???? 286.9.010 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (cannot renew, rollover, or consolidate)
Cooling-off Period: None
Repayment Plan:

Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Regulatory Contact: Gary Davis,, Branch Manager
Regulator Website

Sub: #2 posted on Wed, 08/06/2008 - 20:45

Shazzers Shazzers
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(Posts: 17341 | Credits: )

Here is another thread that talks about Kentucky, it may help you out a bit.

http://www.debtconsolidationcare.com/pdlnews/kentucky-law s.html

Sub: #3 posted on Wed, 08/06/2008 - 20:45

PinkLady PinkLady
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(Posts: 1722 | Credits: )

Also don't be embarrased to say you have six, I myself when I first joined this site was dealing with about 8 or 9. Several people on this site have dealt with many at a time. Glad you found this site, we are hear to help.

Sub: #4 posted on Wed, 08/06/2008 - 20:47

PinkLady PinkLady
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(Posts: 1722 | Credits: )

Kentucky requires Internet based pdl's to be licensed by your state.

Sub: #5 posted on Wed, 08/06/2008 - 20:56

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

They are internet pdls which while reading a previous post are illegal in the state of Kentucky. Do i close my account at the bank what should I do next. Thank you

Sub: #6 posted on Thu, 08/07/2008 - 03:32

Unregistered


That's good news for you, I was mistaken, I got my information on the sticky above, but, apparently it was incorrect. :? Yes, get your account closed asap! Make sure it can NOT be forced back opened. After your account is closed, send letters via email to these companies and inform them you have discovered that ipdl's are illegal in your state, you can click on the link below for a sample of a letter you can send to them.
http://www.debtconsolidationcare.com/paydayloan/astrolend ing-impactcash.html

Sub: #7 posted on Thu, 08/07/2008 - 04:07

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

The info is not incorrect - Internet lenders do have to be licensed. There just are no licensed internet lenders in KY. But there is some strange loophole that i've been trying to figure out, as there are some legally operating companies that lend there without a license. So there is something else going on . . . .

KY does not have any sort of law making internet lending illegal.

Sub: #8 posted on Thu, 08/07/2008 - 06:46

goudah2424 goudah2424

(Posts: 7936 | Credits: )

In the link pl mentioned above it says that there is new legislation that make internet loans illegal, but that is not the case. The new legislation only does the following:

Quote:
The Kentucky House passed HR 500 - a bill to increase restrictions on the state's payday loan industry - by a vote of 56-35.

HR 500 creates new sections of Subtitle 9 of KRS Chapter 286 to require the Executive Director of the Office of Financial Institutions to develop a database of deferred deposit transactions and to promulgate regulations specifying the information required of licensees. The bill also requires the office to file an annual report regarding deferred deposit transaction licensees' activities with the Legislative Research Commission.

The bill also makes the following changes:

- Reduces the service fee for a transaction charged by a licensee from $15 to $12 for a period of 30 days, rather than 14 days.
- Provides that a licensee shall access the database, required by this Act, to ascertain if a customer has outstanding deferred deposit transactions with other licensees that would result in a debt in excess of $500.
- Prohibits refinancing of a deferred deposit transaction and prohibits pay off of a deferred deposit transaction and immediate entry into a new transaction within 72 hours.
- Provides that failure of any deferred deposit transaction to comply with KRS 286.9-100 shall void the transaction from its inception.

Payday lenders would pay $1 per loan to fund creation of the database and would access it through a Web site.

Sub: #9 posted on Thu, 08/07/2008 - 07:07

goudah2424 goudah2424

(Posts: 7936 | Credits: )

Well that makes it crystal clear now doesn't it! NOT! :shock:

Sub: #10 posted on Thu, 08/07/2008 - 08:41

Shazzers Shazzers
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(Posts: 17341 | Credits: )

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