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Virginia payday loans - new laws, etc?

Date: Thu, 02/07/2008 - 04:49
Submitted by on Thu, 02/07/2008 - 04:49
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I live in Maryland; however, as someone who's had the sad experience of dealing with PDL's, I've been following the efforts in Virginia to control the PDL's there. As I'm understanding it, they want to make the law where a person can only have 1 PDL at a time and supposedly will have a database to keep track of that. How would they enforce that if people apply for the internet loans? I'm sure that the PDL places which are located in India, the Caribbean, etc., don't really care HOW many PDL's a person has as long as they can get money from them! (I mean, if you'll notice, most internet PDL sites don't even list what States they're illegal in)


There's no way to enforce the number of pdls when internet are involved. No way. That's how these internet pdls get out of control. I can see somehow making sure that LEGAL pdls are "controlled"; however, you can't with internets. It's a sad shame because the internets will haunt us all forever.


Submitted by on Thu, 02/07/2008 - 04:58

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Isn't that what they use teletrack for? I know they also use teletrack to report when you don't fulfill your obligation or are late on a loan, but I also know from experience that there are records at teletrack about me for loans I just inquired about, and never totally completed the transaction. I guess it depends on the PDL too, I think some PDL places report a loan was taken out or inquired about, and some don't. I'm really not 100% sure on that, but that's what I was thinking.


Submitted by Shazzers on Thu, 02/07/2008 - 04:59

Shazzers

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Some internet pdls will use a "system" to monitor your actual loans out. Like if you had internet pdls and didn't pay them off, you would be denied another loan. That's actually a GOOD thing. However, if you are a person who is just "getting into" internet pdls, then you haven't been "marked" by them for not paying and can apply for different loans from different pdls. As we all know, you can get quite a few.


Submitted by on Thu, 02/07/2008 - 05:06

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