Payday Loans in Texas-Need Help
Date: Wed, 08/20/2008 - 14:10
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 som
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
Since they are storefront, the above laws wouldn't apply to them
Since they are storefront, the above laws wouldn't apply to them.
Almost all storefronts in Texas are CSO's, not pdl's. CSO's cal legally charge much more then pdl's, and are hardly regualted at all.
I have 4 payday loans which I have paid the fee to renew ontime
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?
so in response to the person's question earlier there is no way
so in response to the person's question earlier there is no way to considalte cso storefront payday loans in Texas.