PA Payday loan help
Date: Fri, 08/13/2010 - 10:38
Hello to all. I was passing by and noticed this site and I think my mom is in the same boat as this lady here. She had seen the commercial for Money Mutual as well and she was looking to catch up on a few things. So she applied for a few loans herself. She was offered loans by 500fastcash, UsFastcash and Paradisecashadvance. She originally took out a loan on USFastcash first. Then after paying on a $500 and intrest it wasnt enough. She emailed them and said if the payment isnt made in full on first payday they will take intrest out 5 times before it starts counting towards the loan. So that was getting ridiculous so she took out another loan to help pay for that. Thats where 500Fastcash came in. Then without realizing it was doing the samething. I tried as much as I could to help pay but I was on unemployment at the time and still waiting to see if the bill was passed while I was looking for a job. So I gave all that I could. So anyway fast forward to now, she still has all 3 loans and pays damn near 300 every 2 weeks and none of them are paid off. They all go to the 5 time interest rate policy. Reason why I come into this lady's thread is because I checked the link SC posted and checked her state of PA and it says:
Lending of payday loan is prohibited in the State of Pennsylvania. Check Cashing Licensing Act of 1998 prohibits check cashers from making payday loans. Otherwise consumer discount company act is applicable.
So im not 100% sure what that means. Does this mean she was only entitled to payback the principal? Or is she stuck still paying this crap off?
Here is some of the loan info:
Paradisecashadvance - $500 finance is $125 as of 8/13 they took $125
500FastCash - $300 interest is 644.12% Finance charge $90.00 so totoal payment is $390. She payed $90 3 times already and the current balance is still $390 even after $90 payment today
USFastCash First got the loan in April of $350. Interest rate 995.45% Fiance charge of $105 total $455.00. now she had them duct money from her account since may to pay on it. Its still not payed off. they been taking anywhere between $95 to $150 out and the current balance is $195 as of today
so what im asking is is there anything she can do or is she stuck with it? She was just under so much stress and took the money that was offered. She pretty much learned her lesson. I appreciate any help or advice. I am sorry for posting in this lady's thread but they on the same boat. If need to I will start my own thread and register. If all goes well I will even send a small donation when I can. Thanks to all
The state is PA
Thanks
All Payday loans are illegal in PA. She should repay the princi
All Payday loans are illegal in PA. She should repay the principal only. She will need to close her account and follow the advice in this thread.
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
By my estimations:
Paradise she owes $375
500Fast Cash she owes $30
USFastCash she has overpaid $105 and owes them nothing further.
Deduct whatever amount you've paid till now from the actual loan
Deduct whatever amount you've paid till now from the actual loan amount of each of the lenders and ask for a refund along with the PIF letter.
Thanks for the responses. I will tell her to deduct from what w
Thanks for the responses. I will tell her to deduct from what was paid and I will read of that thread that OhioGal posted.
My question is if the bank account is closed, how will they issue her the overpayment of money that is due? I guess by check.
If there is any other problem, I will ask
IF they issue you a refund, it will be by check. Be prepared fo
IF they issue you a refund, it will be by check. Be prepared for a fight. They will argue with you and threaten all kinds of things but, if you stand firm and don't lose your temper, you'll eventually win and get rid of them. Make sure you file those complaints. It's an important step!
Thanks OhioGal. Well I have started drafting up the letter. S
Thanks OhioGal.
Well I have started drafting up the letter. She couldnt close the bank account right away because her pay(direct deposit) and her rent check is already out. So im guessing now the only thing thats possible is to send the letters by email and a hardcopy? The bank said that would be the best thing now. They told her to send a make a stop payment request. So i guess do that for now?
speak to the manager about getting a hard block put on.the manag
speak to the manager about getting a hard block put on.the manager can and will do this.the hotline,or regular tellers will push stop payments.those never work as these places change amounts,co names,and even put a paper check through.see the manager for a hard block on these places.
I would go a step further and go ahead and open the new account
I would go a step further and go ahead and open the new account now. Transfer the direct deposit to the other account. If the timing is off for her paycheck, have the employer issue a paper check in the mean time. Pay the rent with a money order. Until you can close that old account, have the bank make it a "deposit only" account.