Payday Loans
Date: Thu, 04/25/2013 - 05:55
Golden Valley
Castle Payday Direct
US Fast Cash
Silver Cloud Financial
Ameriloan
Are any of these online payday loan places licenced for the state of Indiana?
Here is Indiana Laws on PDL's
Here is Indiana Laws on PDL's -
Indiana Payday Loan Laws
State Legal Status - Lending of payday loan is considered legal in the State of Indiana. However Online Lenders must be licensed to lend in Indiana.
Loan Specifications
Maximun Amount of Loan - $550 (should not exceed 20% gross monthly income of the borrower)
Term of Loan - 14 days
Maximum Rate of Finance and Fees- a) 15% for a loan of $0-$250; b) 13% for a loan of $251-$400; b) 10% for a loan of $401-$500
Finance Charge on $100 loan for a 14 day period - $15
APR for $100 loan for a 14 day period - 390%
Debt Limits
Maximum Number of outstanding loans permitted at a time - 2 in total (1 per payday lender)
Permissible number of Rollovers - None (cannot refinance, consolidate, repay or renew)
Cooling-off Period - 7 days after a period of 6 consecutive loan days
Repayment Plan - After giving three consecutive loans to a borrower, a payday lender must offer an EPP (Extended Payment Plan) to the borrower of atleast 4 equal installments without charging any additional cost.
Limits of Collection
Collection Fees Amount - a) One NSF fee of $20; b) If authorization to debit or check was used to defraud another then additional charges may be applied.
Criminal Action - Prohibited
File your Complaint and get Information
Regulator - Indiana Department of Financial Institutions - You can check here to see if they are licensed to lend in Indiana Here is the website. http://www.in.gov/dfi/
Address - 30 South Meridian Street, Suite 300 Indianapolis IN 46204
Phone - (800) 382-4880
Golden Valley - Tribal - more than likely not licensed to lend!
Castle Payday Direct - Tribal - more than likely not licensed to lend!
US Fast Cash - Tribal - more than likely not licensed to lend!
Silver Cloud Financial - Tribal - more than likely not licensed to lend!
Ameriloan - Tribal - more than likely not licensed to lend!
None of your lenders are
None of your lenders are licensed with the Indiana DoC. Please follow the instructions here and get rid of these parasites:
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
Yeah….all of your lenders are
Yeah….all of your lenders are illegal in your state. You owe nothing more than the principal. No interest, no fees. Close down your old bank account and open a new one to stop debiting money from your account. Don’t worry, they can’t do anything.
