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should I close my bank account

Date: Mon, 04/28/2008 - 08:25

Submitted by cincavccc
on Mon, 04/28/2008 - 08:25

Posts: 16 Credits: [Donate]

Total Replies: 3


I have 3 payday loans that are 2nd time loans with the first paid off at 250% plus. I am behind on bills and can't afford to pay them. I have only paid the rollover interest this time so far. I live in NJ and heard that they can only charge me 30% interest. If so I have paid both loans with the interest from the other. Also if I close the bank account and they charge me with fraud? please help


Hello cincavccc, you're correct, N J doesn't have payday loan laws, but they do have a cap on interest rate that can be charged (30%), and you were WAY over charged! You need to send a complaint to your Attorney General asap! Here is a link about closing your bank account, that you really should read.
http://www.debtconsolidationcare.com/paydayloan/close-account.html


lrhall41

Submitted by Shazzers on Mon, 04/28/2008 - 08:41

( Posts: 17344 | Credits: )


New Jersey State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17,???? 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann. ???? 2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. ???? 17:15A-47.

Small Loan Rate Cap
30% per year

Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
Regulator????????s Website
Complaint Form
Complaint Instructions
Online Resources:
Personal Finance Information


lrhall41

Submitted by kashzan on Mon, 04/28/2008 - 08:47

( Posts: 5401 | Credits: )