Added up the cost of each

Submitted by Anonymous (not verified) on Mon, 08/19/2013 - 12:33
Forums
Credit repair

I live in Maryland and took out 3 Payday loans for Christmas. I have paid nothing on the principle. I have added up the cost of each and they add up to what the loan was plus the loan fee (2 week finance fee) and then some. The fee is for every pay period. It is getting to be a pain. Am I still obligated to pay them anything else since in Maryland, payday loans are illegal.

Everest Cash Advance - $500 loan; $150 fee; $750 paid
Cash Web USA - $400 loan; $120 fee; $600 paid
Emerald Marketing - $300 loan; $90 fee; $450 paid

sallynachelle

Welcome to the forums!!
Payday lending is prohibited in Maryland mate. You have already paid them more than the principal balance. Ask them for the refund immediately and close down your old bank account. Don’t pay them an extra penny as you have repaid them the borrowed amount.

Tue, 08/20/2013 - 05:13 Permalink
soaplady

Ignore sallys incorrect response.

http://www.creditmagic.org/repair/about33804.html

Payday loans are illegal in Maryland. Follow the instructions in the above link for correct steps to take in dealing with illegal loans. You cannot simply close your account....that will end up costing you a ton of money in overdraft fees.

Sun, 08/25/2013 - 13:29 Permalink
Jankis (not verified)

By: Harry MillsWhen you sign up for a student loan, you will get an aomnut of money that you need to complete college. During that time you will be told that you do not have to pay back your loans until you have graduated from college. This is a very helpful thing that many people appreciate. Your graduation might come faster than you think, and this is a great thing. At the time of your graduation you will need to go through something called exit counseling. Do you know what this process includes and how you can work it? The following is some information that you should use in order to make sure you repay your loans back efficiently.This process will help you with proper repayment management, as well as management of your personal finances. This is the time when you will learn the rules, how you can consolidate your loans, and the consequences of defaulting on payments.Information You Will NeedYou will need to bring the following things to your advisor meeting in order to get everything taken care of. Make sure you have your driver’s license number, Social Security number, and your permanent address. You will also need to bring the name, address and telephone number of the company you are going to work for as well as the name, address and phone number of your nearest relative. Email: Tel:+447042035199

Sat, 08/31/2013 - 01:24 Permalink