Installment and Payday loan question

Date: Sat, 03/02/2013 - 21:52

Submitted by anonymous
on Sat, 03/02/2013 - 21:52

Posts: 202330 Credits: [Donate]

Total Replies: 2

Hello...I just needed to know what difference there was in handling installment loans vs payday loans in Ohio? Can i just close my bank account and write the "revoke" letters for both kinds? I have the following loans...please tell me if they are legal or not and how to handle each...

Instore Payday loan w/ Checksmart...$800
Online Payday loan w/ Pepper Cash...$1000
Online Installment loan w/ Checkngo..$5000
Online Installment loan w/ Cashcall...$2600

Thanks.

Instore Payday loan w/

Instore Payday loan w/ Checksmart...$800 LEGAL
Online Payday loan w/ Pepper Cash...$1000 ILLEGAL TRIBAL
Online Installment loan w/ Checkngo..$5000 LEGAL
Online Installment loan w/ Cashcall...$2600 IF THIS ORIGINATED WITH WESTERN SKY WOULD BE ILLEGAL

Follow the link in my signature line for information on how to deal with illegal lenders. AND REGISTER WITH THE FORUMS!!!!!!!!!!!!!!!!!

lrhall41

Submitted by SOAPLADY on Sun, 03/03/2013 - 03:17

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You will have to pay back

You will have to pay back both the principal and interest, if your lenders are licensed in your state. In this case you may negotiate with your licensed lenders and set up a payment arrangement with them. As far as the illegal loans are concerned, you owe only the principal. No fees, no interest. Close down your old bank account and open a new one in this case.

lrhall41

Submitted by anonymous on Sun, 03/03/2013 - 22:43

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