Ohio payday loans
Date: Mon, 06/28/2010 - 17:52
I'm in Ohio and dealing with a few of the lenders mentioned in the above, so I figured I'd tag my question onto this discussion (forgive me if I shouldn't!).
I have two outstanding loans, one has been overpaid on principle and interest and the other is just starting per the below;
Paradisecashadvance.com or International Equity Group - Over paid, if illegal can stop the payments from all the advice I've gleaned on this forum. The hilarious part is that at one point I could have paid it off and didn't because their site was down and no one would answer the phone. Okay, maybe that's sad and not funny, but I think this likely happens each week just before Friday right? In my case, I went ahead and paid other bills (rent is serious business).
The second loan is with Elastic.com/Urban Trust Bank. This one doesn't seem to be illegal, but I can't tell. The fees are as described in a post in this thread, though they claim to be licensed so... I need advice. I've yet to pay the principle and the required interest, so this may take some more payments, I'm fine with that.
Essentially I get paid two Friday's from today and have already stopped direct deposit. I am going to open a new checking account, but before doing so I want to be sure that I am not actually going to be legally bound to pay 300%+ interest on both of these loans and end up in more trouble. If legal, I agreed, I'll pay what I must (though I may change the terms on them if I can negotiate that).
Let me add: I've dealt with PayDayOne and they aren't hard to deal with, and seem on the up and up. I've gone to them to borrow money to cover just a few days until payday and the fees are not out of this world ($65 on $500? That's a deal in my book! Though I typically borrow $100 to cover expenses I know that I can afford). The other two loans I just had to take to get the bills paid and now I'm stuck, as is expected. And advice is appreciated.
I have two outstanding loans, one has been overpaid on principle and interest and the other is just starting per the below;
Paradisecashadvance.com or International Equity Group - Over paid, if illegal can stop the payments from all the advice I've gleaned on this forum. The hilarious part is that at one point I could have paid it off and didn't because their site was down and no one would answer the phone. Okay, maybe that's sad and not funny, but I think this likely happens each week just before Friday right? In my case, I went ahead and paid other bills (rent is serious business).
The second loan is with Elastic.com/Urban Trust Bank. This one doesn't seem to be illegal, but I can't tell. The fees are as described in a post in this thread, though they claim to be licensed so... I need advice. I've yet to pay the principle and the required interest, so this may take some more payments, I'm fine with that.
Essentially I get paid two Friday's from today and have already stopped direct deposit. I am going to open a new checking account, but before doing so I want to be sure that I am not actually going to be legally bound to pay 300%+ interest on both of these loans and end up in more trouble. If legal, I agreed, I'll pay what I must (though I may change the terms on them if I can negotiate that).
Let me add: I've dealt with PayDayOne and they aren't hard to deal with, and seem on the up and up. I've gone to them to borrow money to cover just a few days until payday and the fees are not out of this world ($65 on $500? That's a deal in my book! Though I typically borrow $100 to cover expenses I know that I can afford). The other two loans I just had to take to get the bills paid and now I'm stuck, as is expected. And advice is appreciated.
You need to contact the Ohio Division of Financial Institutions
You need to contact the Ohio Division of Financial Institutions and ask if Elastic is bound by the low cost loan law in Ohio, you can contact them at (614) 728-8400.
Paradisecashadvance is NOT legal in Ohio, all you should have paid them is the principal amount you borrowed, CLICK HERE to find out how to deal with illegal lenders.
