PDLs in the State of MD
Date: Mon, 10/02/2006 - 12:56
As I have seen from this board payday loans are illegal in the state of MD. I defaulted on 5 of them, and paid one off, though I have more than paid back the principle balance on all the loans in the finance fees.
If that is the case, can I try to get back finance fees that were paid? I have one outstanding loan that I am paying on, but they don't apprear to be listed as licenced in MD, however they are in South Dakota (where they are based)...can I stop paying, as I have paid back the prinicple?
The company is Tremont Financial?
Thanks for all the great advice I have gotten so far.
If that is the case, can I try to get back finance fees that were paid? I have one outstanding loan that I am paying on, but they don't apprear to be listed as licenced in MD, however they are in South Dakota (where they are based)...can I stop paying, as I have paid back the prinicple?
The company is Tremont Financial?
Thanks for all the great advice I have gotten so far.
You are informed about the laws in your state. MD does not allow
You are informed about the laws in your state. MD does not allow payday loans. With that said, any company must not have offered you the loan in your state in the first place. If that have already done this, you are liable to pay back only the principal amount because your state does not fix any charges on interests and fees. Tell the loan company about this and get the PIF in writing.
Getting a refund from the lenders is a different issue. A very few companies will be actually willing to do a refund. Give a try.
