How many times can a PDL roll over?
Date: Sun, 08/23/2009 - 16:53
I live in Alabama but I just want to know what to specifically to do get this behind me.
I was trying to help my son who is out of work but now I'm only able to roll over the loan every 2 weeks because I don't have any other funds after I pay the $87.50 fee.
I have done this 3 times and am looking at having to do it another time on the 1st of Aug. I'm not going to be able too do this because I only have about $100.00 to live on till the next payday. Please explain the 4 time rollover limit. Is this for all states and or what else can I do to get out from under this? If they would let me pay $200.00 a month flat out, I could be done in 3 months.
Thanks for any help or thoughts you can provide. :?
Request an EPP (extended payment plan), the Money Store is a mem
Request an EPP (extended payment plan), the Money Store is a member of the CFSA (Community Financial Services Association of America), this means they are required to allow you to request an EPP. The interest stops and you would then pay it off in four payments on each payday. Click the link below to read about the EPP, number 11.
http://www.cfsa.net/industry_best_practices.html
As far as rollovers, in Alabama only one rollover is permitted, click the link below to read your payday loan laws. Probably what you are doing each time the loan is due is paying it off then re-loaning, that isn't the same as a rollover. Like I said though, request the EPP then you will be done with it once and for all.
Whoops I forgot to include the link for your payday lender laws,
Whoops I forgot to include the link for your payday lender laws, click below.
http://www.paydayloaninfo.org/state_detail.cfm?id=AL
Just make sure you request that EPP BEFORE your next payment is
Just make sure you request that EPP BEFORE your next payment is due, not the day of the payment but at least a day before. :D
One other question. What exactly is a rollover? I guess I have
One other question. What exactly is a rollover? I guess I have been getting a new loan each time since I've been writing out a new check and getting the old one back. What does a rollover do?
Usually it means you are just paying only the interest when your
Usually it means you are just paying only the interest when your payment comes due and rolling the loan over until your next payday.
Oh, I see. So I really haven't rollover but once then. The oth
Oh, I see. So I really haven't rollover but once then. The other times I guess I re-loaned.
Thanks again.
This is an invaluable service you guys are doing for everyone. Cudos to all of you for making a difference.