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Payday loans

Date: Sun, 10/26/2008 - 00:51

Submitted by anonymous
on Sun, 10/26/2008 - 00:51

Posts: 202330 Credits: [Donate]

Total Replies: 5


I have 10 pdls 3 are store front and rest are internet, I live in Orgeon. I'm closing my checking account, stopped dirtect depoist, and will set up repayment, I affraid that something bad is going to happen to me, am I doing the right thing because I don't what eles to do. I Cant afford legel help.


First find out which of your internet pdls are legal in your state. The storefronts are probably legal and will usually set up a payment plan. If the internet pdls aren't legal in your state you are only obligated to pay back the principle amount. Someone else will be along to post your state laws. Hang in there, this forum will help. It has help me tremendously. I have already settled one account that was an illegal pdl.


lrhall41

Submitted by tamarang40 on Sun, 10/26/2008 - 05:11

( Posts: 23 | Credits: )


Oregon requires Internet based pdl's to be licensed by your state, if the Internet lenders you have, do not have a license to lend in the state of Oregon they are illegal. You can search the Oregon licensee data base by CLICKING HERE. In the case of an illegal lender you are only required to pay back the principal amount. If you would list the names of the lenders we can advise you whether they're legal or not.

Quote:

Oregon State Information

Legal Status: Legal

Citation:
54 Or. Rev. Stat. Ann. ???? 725.600 et seq.

Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: Min. 31 days
Maximum Finance Rate and Fees: 36% apr interest, $10/$100 fee up to $30
Finance Charge for 14-day $100 loan: $13 for 31 day loan
APR for 14-day $100 loan: 156% APR for 31 day loan

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: Two (renewals)
Cooling-off Period: 7 days after prior loan expires
Repayment Plan:

Collection Limits:
Collection Fees: One $20 NSF fee + additional bank charges
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Oregon Department of Consumer & Business Services
Address: Division of Finance & Corporate Securities, 350 Winter St. NE, Rm. 410 Salem OR 97301
Phone: (503) 378-4140
Fax: (503) 947-7862
Regulatory Contact: Charles Donald,, Supervising Examiner, Non-depository Programs


lrhall41

Submitted by Shazzers on Sun, 10/26/2008 - 05:26

( Posts: 17344 | Credits: )


If you haven't defaulted on your store front loans yet, ask them if they are members of the CFSA (Community Financial Services Association), CLICK HERE for information about the CFSA. If any of your store fronts ARE members of the CFSA you are eligible for the EPP (Extended Payment Plan). This will allow you to pay of your loans in four equal payments on each pay day and the interest and fees will stop as soon as you sign up for it. You must however ask for the EPP at least one day before your next payment is due. If you have any further questions please feel free to ask. :)


lrhall41

Submitted by Shazzers on Sun, 10/26/2008 - 05:33

( Posts: 17344 | Credits: )


Also when I use orgeon licensse data base, I type in the of the company and thing comes up does that mean they are iilegal? it there are iilegal what is the nest step. thank you


lrhall41

Submitted by on Wed, 10/29/2008 - 02:22

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