Ameriloan Help

Hello all, first I am so happy that I've found this site! I think that it will be a huge help for us.

We've only just taken out a loan through Ameriloan for 470 dollars. I have no issue what so ever about paying back the amount loaned, I don't even mind paying the 41 dollars interest I'm supposed to have on this loan. But, I've read several horror stories on this forum about rollovers and all of that. I don't actually know what some of these terms mean. I know that we're supposed to pay 90 on the 20th of this month.

So, from what I've been understanding. I should pay the 90 a payday until we've payed the principle amount loaned and then put a hard stop on our bank account or close it so that they cannot pull out any more money from the account.

When they start calling and harassing us. I should send in the template letter I saw with all of the information about our state laws and our Attorney Generals name. I should also send a cease and desist order to them.

Am I understanding all of this correctly?

Will this issue end up on our credit report?

We are in Arkansas and I have the Payday loan information for those institutes operating out of Arkansas, but not sure where to find the information on Internet Payday loan institutes.

Any advice is very much appreciated!

Sincerely,

Katherine

Ameriloan is not a licensed payday loan lender in the state of Arkansas. According to the Attorney Generals' office of Arkansas, if you have applied for this loan online, these companies were under Arkansas law, even though they might not want to be and that these companies were doing business illegally.

Do not worry. These illegal companies do not report to credit reporting agencies.

Thank you so much Paulcahill80. That is honestly our biggest concern. We're trying desperately to work on our credit and get all of the negative things on it off so we can apply for a home loan. Four bedroom houses for rent are far far too expensive! Gotta buy.

So, legally, they can't come after us with lawyers or attach negative entries on our credit history.

Or, if they do try to come after us with lawyers they don't have a case really so we won't be liable for insane costs.

I thought that I'd done enough research on payday loans, I thought that I could trust what I was reading on their site. Foolish of me I know. I've learned my lesson and will never again try to solve our money woes with a company like this!

I feel so foolish for not having dug deeper, but I didn't. Of course, today having been Columbus day our bank account still isn't showing that these funds have posted. We'd applied for the loan Thursday of last week, was approved on Friday but hadn't gone through.

Another worry I have now, I checked our account today for the funds, we were negative 192 dollars. I read the fine print before agreeing to anything, they asked about some optional promotion thing but I said no, could they have charged us for that anyway? Can they do that?

Now, wonders of wonders.....we can't pay all the bills we got the loan for because we're now in the negative! *sigh* Can't win for loosing is the appropriate phrase here.

Horribly annoyed!

Katherine

CLICK HERE to find out how to deal with illegal lenders.

If you have just applied for the loan and are still waiting for the funds I would call the bank first thing and advise them to send it back. Do not get involved with this headache if you can help it. This is something that can go on for a long time so If I could do it all over again I would NEVER get a loan.