i can't make my payday loan payment
Date: Mon, 09/24/2012 - 19:01
the name of the company is cash store
and the agreament was on 10 payments of 320 every 2 weeks
what happens if i stop paying them ,i ve already made 3 payments and i m about to miss my next one
will i get in trouble?
is this going to affect my carrer i n the army
The Cash Store looks like it is a legal lender....did you get it
The Cash Store looks like it is a legal lender....did you get it at a store front? You might want to read the UCMJ Article 134.
Payday loans issued to members of the armed forces are illegal p
Payday loans issued to members of the armed forces are illegal per the 2007 NDA... i suggest you call 1.800.342.9647 for armed services financial support. They will guide you.
This looks like an installment loan, not a payday loan.
This looks like an installment loan, not a payday loan.
But it is for under 2,000 and over a 36 percent interest rate so
But it is for under 2,000 and over a 36 percent interest rate so i believe the dod regulation applies. Here is the specific law
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Regulations generally effective October 1, 2007[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Applies to all creditors making consumer loans to ???covered borrowers???. [/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Intended to regulate the terms of consumer credit extended by creditors to active duty service members and their dependents. [/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Requires oral and written disclosures[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Requires a 36% rate cap called a MAPR[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Prohibitions and/or restrictions on refinances and renewals by the same creditor[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Prohibits mandatory arbitration[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Prohibits creditor demands for certain notices from borrowers[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Prohibits creditor use of vehicle titles as security[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Prohibits prepayment penalties or fees [/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Violators would be subject to criminal prosecution[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Contracts in violation of the proposed regulation would be void.[/COLOR][/SIZE]
Be Aware that the Department of Defense Defines Payday Loan as:
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]Closed-end credit with a term of 91 days or less, and[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]The amount financed does not exceed $2,000, and[/COLOR][/SIZE]
[SIZE=2][COLOR=#000080][FONT=Wingdings]??? [/FONT]The covered borrower provides the lender with a person check (payment instrument) to hold for more than one day or authorizes an electronic fund transfer after one or more days.[/COLOR][/SIZE]
i asked them if it is an instalment loan and they told me that i
i asked them if it is an instalment loan and they told me that is a payday loan ,and that they are the only one in el paso that deal with military
You need to call the phone number i gave you and speak to a DoD
You need to call the phone number i gave you and speak to a DoD financial counselor. The only problem with this loan is that it is over 91 days, but it is in violation of every single other part. Please I implore you to call that number, they are available 24/7 and can advise you!!
1.800.342.9647