Opened 7 years ago

Closed 7 years ago

Last modified 6 years ago

#1276 closed defect (invalid)


Reported by: payday1221 Owned by: mrmoku
Priority: major Milestone:
Component: SHR Image Version: SHR-unstable
Keywords: Payday Loans Cc:


The payday loans operate or work when a customer gives a check with a desired amount of which they borrow from the lending investor or company. An agreement between the lending investor and the customer is made by setting a specified dates of the Pay Day Loan purchased. If the check is not yet cleared or paid after the scheduled dates, then the interest charge begins. These pay day loans usually have a very high interest rate that comes along with it.

To protect the customer and as well as the lending investor or company, certain laws are regulated in relation with payday loans. The laws against Pay Day Loan collection includes and states that a lending investor can not threaten their customers to do something. Payday collectors can not also call their customers or debtors from 9 in the evening and onwards, hence, they are only allowed to call their customers from 8 in the morning up to 9 in the evening; and they can not also call during holidays.Once a debtor or a customer has hired a lawyer and has already filed for or declared bankruptcy, then the pay day collectors or the lending investors can no longer continue to collect charges from the debtor.

Change History (2)

comment:1 Changed 7 years ago by Heinervdm

  • Resolution set to invalid
  • Status changed from new to closed

comment:2 Changed 6 years ago by elisa42

  • Summary changed from Payday Loans - Law Against Payday Loan Collection to spam
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