Understanding TX PDL laws...I don't get it
Date: Mon, 05/11/2009 - 12:40
Also, I know I'm paying more that 48% interest .... also over 309 % apr. VCF says right on loan documents 800% APR annually? Is this why they are illegal (VCF, Ameriloan, GFS, Eastside, etc???)
Loan Specifications as per the link
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Yes, the Texas payday law does not permit a lender to lend more
Yes, the Texas payday law does not permit a lender to lend more than $500. Moreover, if a PDL is illegal, you need to pay only the principle amount and not the interest and finance charges.
Weird Cashnet I thought was Legal and they lended me 1500.....?
Weird Cashnet I thought was Legal and they lended me 1500.....? ANy ideas how that worked? I'm also trying to interpret the max rate per 100 they could have charged me....but I guess it is moot pt as it appears none of them _ GFS (gfsil) Ameriloan, Eastside, VCF, or PDL Loan Cneter are licensed in texas so illegal
Ok I'm confused...then waht does this mean? Aggregate outstandi
Ok I'm confused...then waht does this mean?
Aggregate outstanding loans of $500 to all licensees
If you don't mind Nohiogal, the article you have pointed out is
If you don't mind Nohiogal, the article you have pointed out is not from an official source. There are numerous articles out there in the web which you may come through while making Google searches, but all does not provide the correct information. You may check the state information link by visiting "http://www.paydayloaninfo.org/".
The link you posted is not an official source either. Remember
The link you posted is not an official source either. Remember that it is the responsibility of an individual to do there own research. I see a lot of bad info posted here and on other forums but the only way to be sure is research, research, research.
