Forum Replies Created
As a general rule, both the lender and the borrower should be located in the same state. This rule applies even if the payday loan company operates in more than one state.
Yes, it is. It’s allowed to operate in 11 states, including California. You can check the legal limitations imposed by various states on payday loans on the REAL PDL HELP website. The Consumer Federation of America also provides information on this topic.
There are a whole bunch of negative consequences to non-payment. First, the lender will try to withdraw the funds from your checking account. If they are unsuccessful, you will have to pay your bank NSF charges (Non-sufficient fund charges.) These usually range from $27 to $35.
There could be worse to come. You’ll probably start getting calls from collection agencies. Your credit score could be hit, as well. Finally, the payday lender may decide to sue you in civil court. Your property could be seized and sold off to pay the lender.
No, they are not. Here’s a link that provides information on whether payday loans are legal for each of the 50 states.
No, they are different. Debt consolidation involves combining two or more loans into one. If you consolidate your debt, you would have to make a single monthly payment instead of several payments.
Bankruptcy is a legal process which can provide you with relief when you aren’t able to repay your debts. But there are downsides, too. Bankruptcy can remain on your credit report for seven to ten years. During this period, you could find it difficult to get a loan or even a new job.
If you are planning to <a href=”https://www.nolo.com/legal-encyclopedia/how-to-file-for-bankruptcy-for-free-in-kansas.html” rel=”noopener noreferrer” target=”_blank”>file for bankruptcy in Kansas</a>, first you have to determine whether you want to file under Chapter 7 or Chapter 13. If your income is lower than a specific threshold, a Chapter 7 bankruptcy is permitted. Otherwise, you need to opt for Chapter 13.
Visit the <a href=”https://www.ksb.uscourts.gov/” rel=”noopener noreferrer” target=”_blank”>Kansas Bankruptcy Court website</a> for more information.
At REAL PDL HELP, we can assist with your payday loan. We don’t provide services for student loans or secured loans like home equity loans.
Not paying back a payday loan is not a criminal offense. However, you can expect repeated collection calls, your bank account being debited, and if you still don’t pay, a court summons.
Ask for your money back in writing. If you still don’t receive a refund, you can approach the Consumer Financial Protection Bureau and file a complaintOctober 2, 2019 at 8:07 am in reply to: Can they waive the payments because i lost my job? #219177
It’s unlikely that they will be willing to forgo the principal. Speak to them and follow up with written communication. Provide documentary evidence that you have lost your job. You can speak to us at REAL PDL HELP for a free consultation.
The South Dakota regulator is:
Regulator: South Dakota Division of Banking
Address: 217 1/2 West Missouri Avenue Pierre SD 57501
Phone: (605) 773-3421
Fax: (605) 773-5367
And the state’s attorney general is Jason Ravnsborg.
Because they are! While some states ban payday loans altogether, others place a cap on the interest rate that payday loan companies can charge.
But the maximum rate is very high. For example, a payday loan in California could cost you as much as 459% per year. The rates in many other states are equally high.
Of course, that’s the annual rate. The loan term for a payday loan is usually two weeks. But a rate of 450%+ is still very high considering that credit cards charge an average of 17% and personal loans are available from 10% to 28%.