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Send message to jesica_msu
Sub: #1 illiegal pay day .loans
Replied on 12-04-2008, 05:07 PM
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I live in michigan and have recently been reading about the illegal payday loan lenders. I have pay day loans from the following:

500fastcash
GFS
ezcashmedia
CMG Group

does any one know if these are legal or illegal companies. Some things just dont seem to be adding up. thanks so much for the info you may have.




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Send message to Shazzers
Sub: #2
Replied on 12-04-2008, 06:53 PM
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Michigan require Internet based pdl's to be licensed by your state.

Quote:
Michigan State Information

Legal Status: Legal

Citation:
Mich. Comp. Laws 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978






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Send message to Shazzers
Sub: #3
Replied on 12-04-2008, 07:01 PM
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500fastcash - Illegal/Unlicensed- They are also affiliated with MTE
"customerservice@500fastcash.com"
500 fast Cash
515 GSE
Miami Ok 74354
888 339 6669

Global financial services- Illegal/Unlicensed
1005 treminal way suite 110
Reno nv, 89502
Ph. 1-877-280-3359
Fax number is 1-877-280-2330

CMG Group - Illegal/Unlicensed
P.O. Box 636
Charleston, Nevis
West Indies

EZ Cash Media
Customer Service #1-866-668-9412 (I'm not possitive but I don't think they are licensed to lend to Mi. residents.
Fax #1-866-659-0494
'CustomerService@ezcashmedia.com'


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Send message to jeoestreich
Sub: #4
Replied on 12-04-2008, 07:01 PM
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We can help you deal with them if you list how much you borrowed and how much you paid.




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Send message to Shazzers
Sub: #5
Replied on 12-04-2008, 07:02 PM
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I hope the information below will help you.
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
Quote:
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter.



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Send message to sdchargers_63
Sub: #6 debt
Replied on 12-04-2008, 09:29 PM
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PDL's should be illegal in ALL states, as much as they charge for % rates. However.........I DO realize we get in a bind, sometimes, and go to one of them. The'PDL Cyle' can be difficult to get out from under.

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Sub: #7
Replied on 12-05-2008, 03:44 PM
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keep in mind that you are only morally obligated to repay the illegal lender. Some states even go so far in their laws to state that illegal loans are noncollectable and unenforceable. Now I am not advocating taking the money and running, but more like behave and play nice and maybe you get your loan amount back

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Sub: #8 pdl
Replied on 12-20-2008, 02:43 AM
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I have acquired 2 internet pdls. One from Loan Shop and another from Nationwide Cash Advance. Does anyone know if these are licensed in Michigan? I lost my job and tried working out a repayment plan with them. I was making my bi-weekly payments of $120 and $90 timely untill this point. When I notified them I had lost my job, they stated I was lying and that they could go as far as sending it to court as a bad check. Can you go to jail for not being able to pay back this type of loan?

Thanks for any help anyone can give me on this.



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Send message to nohiogal
Sub: #9
Replied on 12-20-2008, 03:00 AM
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They can not send you to jail.

Quote:
Michigan State Information

Legal Status: Legal

Citation:
Mich. Comp. Laws 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978





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