Overwhelmed with Payday loans! HELP!!

How do I find out which loans are liscenced in Alabama? Like everyone else, I am OVERWHELMED and I do not even have a job right now. CAn a person start over??

Yes, a person can start over. How many loans do you have and who are they with? And if these are internet based payday loans, chances are very GOOD they are not licensed to loan in Alabama.

Here is the link to Alabama's state payday loan laws, and it also provides a link to your state's regulators and licensee look-up data base.

http://www.paydayloaninfo.org/state_detail.cfm?id=AL

A person can DEFINITELY start over, all hope is not lost. Many of us here have gotten out of or are in the process of getting out of the pdl trap. Chin up....you can get out of it and you will feel much better soon!

i live in okla i have a loan with payday loan yes. they gave me 300 dollars. in two weeks they tryed to take out 590 dollars for the the lona there wasnt 590 in the bank i had to close the account. i just got a call from their lawyers. they want there money today or they are going to press charges. i dont know what to do.

I would check to see if they are legal in your state. I would also do a search on this website to see if anyone else have dealt with that loan company and their outcome. I live in a different state and my guidelines are different. I just want you to know that it will work out because I had 14 loan at one time and I have only two left to pay on my debt management program. See if they can do a payment plan and let them know that you want to pay the loan but you are having financial hardship. Good luck:)

Keep looking on this website because everyone here has been very helpful to me :):)

Dottie, no one is going to press charges or put you in jail for a pay day loan.It is a scare tactic to force you into paying. I will post tyhe laws for your state.

Oklahoma State Information

Legal Status: Legal

Citation:
Okla. Stat. Tit. 59 ???? 3101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 12-45 days
Maximum Finance Rate and Fees: $15 per $100: $0- $300; $10 per $100: $301-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Cooling-off Period: Second business day after the 5th consecutive loan repaid
Repayment Plan: Yes

Collection Limits:
Collection Fees: $25 NSF fee (if disclosed) unless dishonored due to theft or forgery
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Oklahoma Department of Consumer Credit
Address: 4545 North Lincoln Boulevard, Suite 104 Oklahoma City OK 73105
Phone: (405) 521-3653
Fax: (405) 521-6740
Regulatory Contact: Jack Stone,, Deputy Administrator
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Brochure: The Payday Lending Borrowers Rights Brochu