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PDL repayment plan in Ohio ?

Date: Sat, 03/14/2009 - 17:40

Submitted by cheek.la
on Sat, 03/14/2009 - 17:40

Posts: 86 Credits: [Donate]

Total Replies: 4


I live in Ohio and have several PDLs (all storefront). I have been paying and reborrowing for several months now --I just want to get out of this cycle. BEfore the new law took effect many of the storefronts were members of CFSA and allowed EPP payment plans. Does anyone know if the new small loans that Ohio storefronts offer now have any type of repayment plan? I asked and they said I couldn't set up payment plan if I default. I would like to set up an EPP if they still exist but I don't think they do now.

thanks for any help ...I'm drowning in PDLs


Is this what they're calling the pdl loans now, small loans, or what? Of course you realize they're doing it this way because of the new pdl laws. What type of interest rate are they charging you? I honestly have no clue who is regulating the new lenders (old lenders calling the same loans a different name I would imagine).


lrhall41

Submitted by Shazzers on Sat, 03/14/2009 - 18:29

( Posts: 17344 | Credits: )


the fee is lower than before the new law passed . for example, $500 loan used to be $75 fee but now is less than $40. However, it is not clear to me if CFSA still exists or EPP repayment plan. I am assuming these are not options now that the new law passed. I was hoping someone on this forum may have some experience with this since the new law took effect.

thanks!


lrhall41

Submitted by cheek.la on Sat, 03/14/2009 - 18:44

( Posts: 86 | Credits: )


The companies are now lending to customers under the small loan act.

The CFSA still exists but the EPP is for payday loans and not these types of loans. As far as I know none of the companies that previously offered payday loans do so anymore because of the lowered interest rates.

The big guys have all moved to the small loan act to offer loans.

Here is the document on the small loans. Search for "default" and there is some information that talks about the fees and interest they can charge on a defaulted loan.

I hope that helps. I am in Ohio too but got out of the cycle right before the law changed so I don't know that much about the new loans.


lrhall41

Submitted by nohiogal on Sun, 03/15/2009 - 03:49

( Posts: 2582 | Credits: )