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 Posted: Thu Nov 08, 2007 10:57 am Subject: is mycash now liscenced in Illinois
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Does anyone know if MyCash Now is liscened in Illinois? I am desperately trying to get out from under these loans, I have sent letters to some like suggested on this site.
my loan is for $500
and I have paid 174.00(just in rollover fees)
what are my options with this one in Illinois.
Also USAPayday-are they legal? have not paid anything towards that one yet.
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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Posted: Thu Nov 08, 2007 12:33 pm Subject:
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Are these online loans or storefronts?
I'm finding several licensed places with the words 'cash now' through the Illinois BBB, but I'm not sure if any would be the one you're referring to. I would assume that you're talking about MyCashNow.com.
USA Payday does appear to be licensed in Illinois.
Let me grab the Illinois state law for you...
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iguanagrrl77
Joined: 06 Oct 2007
Posts: 80
Debtcc Points: 1457
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Posted: Thu Nov 08, 2007 12:34 pm Subject:
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Illinois State Information
Legal Status: Legal
Citation:
815 Ill. Comp. Stat. Ann. ยง 122/1-1
Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
APR for 14-day $100 loan: 403%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor
http://www.obre.state.il.us/AGENCY/licenseinfo.htm
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According to Illinois state law, MyCashNow is illegal as they are doing rollovers with you.
Is USA Payday online or storefront?
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iguanagrrl77
Joined: 06 Oct 2007
Posts: 80
Debtcc Points: 1457
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Posted: Thu Nov 08, 2007 12:41 pm Subject:
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usa payday is internet
I did send an email to mycashnow using the rollover part being illegal and asking for repayment plan without fees etc. since i wasnt sure if they were liscensed in illinois.
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TMBL
Joined: 11 Sep 2007
Posts: 115
Debtcc Points: 2226
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Posted: Thu Nov 08, 2007 1:03 pm Subject:
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Ok, if you're talking about usapaydayloan.com, then judging by the fact that they allow rollovers and their fees are almost double what your state allows, I'm going illegal with them, as well.
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iguanagrrl77
Joined: 06 Oct 2007
Posts: 80
Debtcc Points: 1457
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