Payday loan question??
Date: Wed, 11/08/2006 - 07:19
I wrote in an earlier post that I have 3 checks out to pdl companys. (MS, storefront) I have been reading the state law which says they can charge 18% on each $100. Doing the math I'm am paying more than 18% on all of the checks I have out. But I may be overlooking something.
$363 for $300 21% ($63)
$250 for $205 about 22% ($45)
$396.34 for $325 about 22% ($71.34)
From the website about the MS law:
Maximum Finance Rate and Fees: 18% of check
Finance Charge for 14-day $100 loan: $22
apr for 14-day $100 loan: 572%
$363 for $300 21% ($63)
$250 for $205 about 22% ($45)
$396.34 for $325 about 22% ($71.34)
From the website about the MS law:
Maximum Finance Rate and Fees: 18% of check
Finance Charge for 14-day $100 loan: $22
apr for 14-day $100 loan: 572%
tgardner, you should call your Attorney General's Office and ask
tgardner, you should call your Attorney General's Office and asked them. I have never had any storefront loans, but from what I have read on this website that can and do take you to court.
chizhy is right, storefronts are licensed and usually take peopl
chizhy is right, storefronts are licensed and usually take people to court if there is no arrangement made for repayment or you fail to honor your repayment arrangements.