How many pdl companies violate this?

I think most of them, don't you? It's interesting to see what they charge compared to what is allowed??

Every one we dealt with violated this law.

And I am still dealing with some of the same ones. They should all be put out of business and prosecuted for violating so many laws.

They are all on borrowed time. They think they can hide and violate the laws, but one day they will show up at work and oops the doors are locked and they have been shut down.

Each one that I've dealt with has charged usury amounts, according to my state law. But as we all know, they keep repeating that they don't have to follow state laws. *shakes head*

Oh yes they do. They have to go by our states laws. If I understand correctly.

Got news for u, they all follow the laws. They are audited by states yearly and they look for reasons to shut them down. Who did not read the contract is really the question here? Why didn't you go to the bank to get cash? Tips on paying off loans, pay extra and get them paid off.

Like hell they follow the laws. I know for a fact that most of the payday lenders have violated the laws. If you would like, I have no problem listing the ones that violate the laws. The list is long. oh btw, if you have nothing constructive to say, go find somewhere else to put your two cents worth in.

Which company do you work for? We have enough proof that payday loan companies break laws, do you have any proof that they operate lawfully? You can use the File Upload tool to post your documents here. Looking forward to hearing from you very soon.

You are right stella, all of us in payday loan hell have enough proof to write a book.

Consumer Affairs would have a field day!

Its mute to debate this point. Clearly there's an grey area. So states are strict in their enforcement and so are lenient. For example, Oklahoma law concerning PDL clearly states it applies to storefronts and internet lenders. Colorado representative verbally stated their law applies to internet lenders but its not stated in their books. So states audit lenders and some don't. It important to remember that PDL's have powerful lobbyist in state capitals and in Washington.

I have just post it in another thread. Go to Google news and search for payday loans. There is much pressure on the government to reform and tighten the laws.

I think the only two pdl companies who play even remotely fair are Cash America and Cashland. Correct me if I'm wrong you guys, but when I collected them, the original balance was what was in order to be recieved. Nothing more.

From what I've seen, some store-front lenders are much more honest than internet lenders. When I talked to one internet lender, I made my way up the chain to a co-owner. The company had previously made small loans, but switched over to pdl in 2001. He said the default rate was a higher percentage, but even so they made so much more per loan that it didn't matter. I'll have to find the article, but earlier today I read a story that gave a figure of how much in pdl was lent last year. It was an insane number, in billions I think.

I would imagine it is an insane number. Look at the number of us on here with this problem and I would imagine that are (probably) hundreds of thousands more people out there in the same boat and just haven't figured out how to get themselves out of it. If you find that article I would really like to read it.

That is very interesting that the co-owner would actually tell you that it didn't matter how high the default rate was they still made more money on pdl's. Sometimes I wonder how some of those people can live with themselves or sleep at night just knowing how bad they are ripping people off. I, for one, know that the trap we got caught in was awful and will never happen again.

I think that all payday lenders try and follow the laws that the feel apply and that is the primary problem. Most of them (especially internet ones) are so convinced that their contract protects them, that they fail to recognize the "long arm of the law" principal, that states have a right to enforce rules of commerce on anyone dealing with its citizens. Combine with the typical lack of understanding of rights and laws that many people have, they develop an arrogance (based largely on the greed fostered by sick profits) and they turn into monsters. By and large storefronts are better because 1) they are regulated in most states and 2) their employees have to deal with borrowers on a face to face basis. As for internet lenders, beyond the few who follow the law and infuse their business with ethics and morality, the majority I think either a) follow only the laws that they think they will be held accountable for or b) they are so greedy and arrogant in their perceived position that they will get away with whatever they can.

Just my opinion

So my question is simple, why did you go there? There are lenders out there who do treat you like a human being. Do follow the rules. Just because there are a group of bad ones does not make them all bad. There is bad in every industry, right?