Internet's first get-out-of-debt community - 128,000 members

Posted: Fri May 16, 2008 5:55 am Subject: Payday Loan question

I have three loans currently outstanding and I live in
Illinois

(1) Payday USA $300 PD $275
(2) Payday One $1000 $406 due per month for 8 months
(3) Ameriloan $ 200 $60 due per month

My Net income per month is $1868

How do I find out if these lenders are legal in Illinois?

Also who is responsible when the law in Illinois is a maximum of 2 loans at one time and a maximum of 1000 or 25% of my gross income?

I want to work out a payment plan with these lenders but don't know my options

Posted: Fri May 16, 2008 6:01 am Subject: reply

are the first two storefronts?i know ameriloan
is MTE and isn't licensed at all.

Posted: Fri May 16, 2008 6:08 am Subject:

They are internet loans

Posted: Fri May 16, 2008 6:20 am Subject:

Your state laws are the ones that prevail.

Posted: Fri May 16, 2008 6:21 am Subject:

Illinois State Information

Legal Status: Legal

Citation:
Ill. Comp. Stat. Ann. § 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
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Brochure: Consumer Guide to Payday Lending

Guia de Prestamos de Payday Loan de Illinois

Guest · Posted: Fri May 16, 2008 7:24 am Subject:

I am still a little confused. How does all this translate in laymen terms? Thanks for the help

Posted: Fri May 16, 2008 7:26 am Subject: reply

i see you paid 275.00 to the first one,how much if any on the other two?

Posted: Fri May 16, 2008 7:45 am Subject:

OK so if you're state laws prevail, as kash said, what happens when you have more than the outstanding number allowed by state law? I have 6 and TN law is a max of 3. One is a storefront and then 2 of the 5 left are licensed and legal. As far as the licensed ones, I pretty much have to pay whatever they say I owe? I have a $200 loan with Cash Supply ($30 finance fee is the max allowed by my state) and yesterday they told me my balance was $485! I have made arrangements with them to pay $121 every other week, but am wondering if I made a mistake to agree to that?