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Payday Loans in Texas-Need Help

Date: Wed, 08/20/2008 - 14:10

Submitted by tennis_shoe
on Wed, 08/20/2008 - 14:10

Posts: Credits: [Donate]

Total Replies: 5


I am in serious need of some help here. I feel like a complete idiot for letting this get so out of hand. I live in the Houston area and have 5 payday loans, all store front no on-line loans.

I haven't defaulted on any of them yet but my rent is coming due and there is no way I can make rent and keep paying on all these loans. Who do I contact to make some kind of payment plan and will they offer something lower than the normal finance charge already being asked for?


just hang in there, i am sure someone will come and give you some help shortly, here are your state laws while you wait.....

Texas State Information

Legal Status: Legal

Citation:
7 Tex. Admin. Code ???? 1.605; Tex. Fin. Code Ann. ???????? 342.251 et seq. and 342.601 et seq.

Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
apr for 14-day $100 loan: 309%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Texas Office of Consumer Credit Commissioner
Address: 2601 N. Lamar Blvd. Austin TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610


lrhall41

Submitted by danilewis82 on Wed, 08/20/2008 - 14:39

( Posts: 296 | Credits: )


I have 4 payday loans which I have paid the fee to renew ontime on all of them. Just based on my budgeting, I may have to get another one to just make rent and car note. I spoke with a company that can consolidate my paydays loans. It actually sounds good but they told me to close my bank account. On the loan that I took out from VIP it says not to close the account in which the payday fees are taken from. I want to do the consolidation of the loans but I don't know if I should close my bank accout since VIP Loan states that I shouldn't. Would it be illegal if I did and tried to make arrangements with them?


lrhall41

Submitted by on Mon, 11/09/2009 - 07:02

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