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anyone know for sure about wi laws? i'm not to good on the net and need to find out if its legal for payday lenders to lend here in wi. if there not even licensedin wi.? thank you

Posted: Wed May 10, 2006 9:48 pm Subject:

Hi olive

Please check your private message inbox in a few minutes as I will be sending you some links regarding Wisconsin payday lender laws. Smile

~Mary

Posted: Thu May 11, 2006 2:32 pm Subject:

I am sure Mary might have helped you in the best possible way. I will like to post the link to this WI legislature website which will give you very useful info.

http://www.legis.state.wi.us/lrb/pubs/wb/00wb7.pdf

Read the permissible interest rates and the maximum amount of loan lent in your state. The lenders should not charge more than the permissible amount. Apart they have to be licensed first.

Posted: Thu May 11, 2006 2:34 pm Subject:

Thank you John!! I appreciate you posting that link as I did not see it before. Smile

~Mary

Posted: Thu May 11, 2006 3:40 pm Subject:

so if a company is not licensed in my state wi. is that illegal right there? and do i have to pay these back?

Posted: Fri May 12, 2006 2:34 pm Subject:

The company must be licensed in a state before issuing any loan. A consumer must be aware of this fact before entering into any agreement. Now, that you have already taken the loan from them, there is a need to pay them back. But it has to be within the permissible interest caps. They can't charge you above the rates fixed in your state. If they do so, you can file a case against them. The company will come under serious problems for not being licensed in your state and over charging you.

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