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What Laws Have They Broken?

Date: Tue, 01/16/2007 - 02:49

Submitted by candiceann2003
on Tue, 01/16/2007 - 02:49

Posts: 139 Credits: [Donate]

Total Replies: 6

What Laws Have They Broken?


Ok, just trying to get my ducks in a row and prepare a defense against my 2 PDL'S. I have 2 what they call "CHECKBOOK LOANS" out, one via internet "All Credit Lenders" Plainfield, IL and one via storefront at Americash Loans, Joliet IL. They are both for $1500.00 apiece. The apr on the Americash is 290.00% and the APR on the All Credit Lenders is 364.00%. My payments for the Americash are $89.00 a week, every week and the payments on the All Credit Lenders is $210.69 every other week. Now, I'm trying to decipher the Illinois Law, it looks like they are only to borrow out the lesser of $1000.00 or %25 of my gross income. Which in my case would be the $1000.00 not the $1500.00 they gave me. It also states that the loan terms are to be 13-45 days, not 12 months. It also states the Maximum Fees are to be $15.50 per hundred dollars.....The FINANCE charge on the Americash when all is said and done would be $3125.40 and on the All Credit Lenders would be $3345.00. Now the big question is these are actually PDL'S calling this loan by a different name do they still need to follow the payday loan law, or is this a different animal?


No matter if the company gives their loans a different name; it falls under the common laws governed by the DFI of your state. You may go there and find out more information. I am not aware about the laws in IL

You must review the laws carefully and compare it with the fine print. Seek legal advice if it's needed before preparing your defense against this loan place.


lrhall41

Submitted by mcranberra on Tue, 01/16/2007 - 09:29

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Dept of Financial Institutions. Every state has its own governing body that regulates and examines various state chartered financial services. It is intended to provide education so that consumers stay protected from financial fraud. If there is any query about a company in your state or want to file complaints, contact your state Dept of Financial Institution.


lrhall41

Submitted by Bridget on Wed, 01/17/2007 - 08:59

( Posts: 348 | Credits: )


you were correct with the percentags and the length of the loans you have. the only problem is that there is a difference between payday laons and consumer intallment loans in the state of illinois. the 2 loans that you have sound like they are installment loans and not payday loans which can have a contract date up to 18months


lrhall41

Submitted by anonymous on Fri, 12/21/2007 - 16:30

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