PayDayOne in Ohio
Date: Fri, 10/05/2012 - 20:06
Hello--I have been in a vicious cycle with these people and am ready to end it. I found the following on the internet: Ohio State Information
Legal Status: Legal (Low Cost)
Citation:
Ohio Rev. Code Ann. 1321.35 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Minimum: 31 days
Maximum Finance Rate and Fees: 28% annual interest
Finance Charge for 14-day $100 loan: $1.08
APR for 14-day $100 loan: 28%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One, four per year
Rollovers Permitted: None
Cooling-off Period: 2 loan limit in 90 days
Repayment Plan: Yes, 60 days, no fees
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages
Criminal Action: Prohibited
I am not sure what it means. Is my loan not valid since they went over the maximum loan amount and allowed rollovers? I do want to pay them, but I do not want to keep paying those high fees. What can I do? I already revoked ACH authorization and they labeled my account past due. I haven't received any emails/calls from them and am nervous that they will start calling my place of employment. Basically, I just want to know what my rights are. Any other Ohioans who have had dealt with PayDayOne out there?
Legal Status: Legal (Low Cost)
Citation:
Ohio Rev. Code Ann. 1321.35 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Minimum: 31 days
Maximum Finance Rate and Fees: 28% annual interest
Finance Charge for 14-day $100 loan: $1.08
APR for 14-day $100 loan: 28%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One, four per year
Rollovers Permitted: None
Cooling-off Period: 2 loan limit in 90 days
Repayment Plan: Yes, 60 days, no fees
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs after default; damages
Criminal Action: Prohibited
I am not sure what it means. Is my loan not valid since they went over the maximum loan amount and allowed rollovers? I do want to pay them, but I do not want to keep paying those high fees. What can I do? I already revoked ACH authorization and they labeled my account past due. I haven't received any emails/calls from them and am nervous that they will start calling my place of employment. Basically, I just want to know what my rights are. Any other Ohioans who have had dealt with PayDayOne out there?
There is more than one PayDayOne out there and only one out of t
There is more than one PayDayOne out there and only one out of the lot operates legally. If the one you borrowed from broke state laws pertaining to the maximum loan limit/rollover, they must be illegal. Call your state DOF and ask if the lender is licensed in your state. If not, they are totally illegal and you pay them nothing more than the principal.
