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Stuck in payday loan trap

Date: Fri, 10/17/2008 - 13:12

Submitted by anonymous
on Fri, 10/17/2008 - 13:12

Posts: 202330 Credits: [Donate]

Total Replies: 2


I got stuck in the payday loan cycle i live in cicinnati ohio, due to mechanical problems with my vehicle i am now in default on 1 loan and going into default on another today. what options do i have to pay these off and what can they do to me?

ace borrowed 500 owe 567.50 ---- in default
americas cash advance 800.00 owe 908.00- default today
check express 435.00 owe 500
check smart borrowed 600.00 owe 687.50
check n go borrowed 550.00 owe 631.00

I am really worried about this i am a single parent and am afraid i will be arrested for bad checks, what can i do to make good on my debts?


I haven't heard anyone getting arrested due to payday loans.

Legal status of payday loans in Ohio is: -
Quote:

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???????? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance


lrhall41

Submitted by phoenix on Sun, 10/19/2008 - 21:55

( Posts: 1445 | Credits: )