Paying off payday loans.

Date: Wed, 04/03/2013 - 10:14

Submitted by anonymous
on Wed, 04/03/2013 - 10:14

Posts: 202330 Credits: [Donate]

Total Replies: 2

I currently have 4 different payday loans out and I need help on how to pay them off. After reading a few of the posts on here I noticed it is best to get familiar with payday loan laws in the state you are living in. I live in Texas and would like to get a better understanding of these laws. Where can I find this information?

Who are your loans with? How

Who are your loans with? How Much Borrowed? How much already repaid?

Here is the link: You pick your state:
But remember -
Licensing Requirements: Online lenders must be licensed in TX
.
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Texas Payday Loan Laws
State Legal Status
Lending of payday loan is legal in the State of Texas.

Loan Specifications
Term of Loan - 7 to 31 days
Maximum Rate of Finance and Fees- $10 per loan plus 48% rate of interest (annually)
Finance Charge on $100 loan for a 14 day period - $12
APR for $100 loan for a 14 day period - 309%

Debt Limits
Maximum Number of outstanding loans permitted at a time - Not Specified (Aggregate outstanding loans of $500 to all licensees)
Permissible number of Rollovers - None (if charge of renewal is less than the permissible rate of interest; otherwise can be converted to declining balance installment note)

Limits of Collection
Collection Fees - Not Specified
Criminal Action - Not Specified

File your Complaint and get Information
Regulator - Texas Office of Consumer Credit Commissioner
Address - 2601 N. Lamar Blvd. Austin TX 78705
Phone - (512) 936-7600
Fax - (512) 936-7610

lrhall41

Submitted by HelpinAZ on Wed, 04/03/2013 - 15:26

( Posts: 1870 | Credits: )

Were the loans online or

Were the loans online or storefront?

lrhall41

Submitted by Steve Barris on Wed, 04/03/2013 - 20:22

( Posts: 1043 | Credits: )