Interest Rate for PDL's in Ohio
Date: Sun, 06/15/2008 - 08:29
Anyway, she has a loan with a store front pdl, she's defaulted already. I was looking at her loan papers and noticed they have the percentage rate as 497.73% which also states, this is the cost of your credit as a yearly rate. I was looking over the Ohio pdl laws and this is what I found:

The amount she owes seems legit but that 497.73% caught my eye. Is this legit or is this misleading in some way. I'm not quite sure.
Also, I've learned from this forum that a cease and desist letter only applies to 3rd party collectors, based on the fdcpa, therefore, what purpose would it serve for her to send them a C & D letter, and what (if any) laws would enforce it? Thanks in advance.
Shazzers, I'm so glad you asked this question cause this has hap
Shazzers, I'm so glad you asked this question cause this has happened to me to and I don't understand it, hopefully someone will let us know:) Rreny
Shazzers, What store front is your friend dealing with?
Shazzers,
What store front is your friend dealing with?
Ah boy, can't think can't think, and she isn't available to ask!
Ah boy, can't think can't think, and she isn't available to ask! :?
One thing I can think of is some payday places require you come
One thing I can think of is some payday places require you come in on your payday or the day after. So if your friend took one out on Monday and the payday is that next Friday, you are not getting a full two weeks. That could maybe change the apr% then. I had a few stores when I had pdl's out made me come in the day of my payday or next day. They didn't give me a full two weeks to repay.
Ryan is right - It depends on the time length of the loan. The
Ryan is right - It depends on the time length of the loan. The example in the summary of law posted above assumes a 14 day loan term.
Notice also, it doesn't say Max apr = 390%
It is just calculating out the APR for the example. It's not saying that the max APR is 390%.
Thanks for replying Goudah, just checking to make sure ! And wha
Thanks for replying Goudah, just checking to make sure ! And what about the C&D Letter?
C&D's only apply to 3rd party creditors . . . . Legally speaking
C&D's only apply to 3rd party creditors . . . . Legally speaking the original creditor has every right to contact you by phone, they just can't call you at work if you request that they don't.
So basically there is no legal ground to stand on when sending a
So basically there is no legal ground to stand on when sending a C&D letter, it would be a matter of courtesy on the creditors part? I kind of knew that, but was just checking. :?
When it's the original creditor, state collection laws would app
When it's the original creditor, state collection laws would apply.
I spent hours yesterday looking through my state collection laws
I spent hours yesterday looking through my state collection laws, I may just give it another go. Thanks Goudah. :)