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Guest · Posted: Mon Jun 16, 2008 2:25 pm Subject: confused about illegal loans

just got a couple questions.

1. how do you find out if a loan is illegal or not.
2. what does it mean if the loan is illegal.

im in minnesota and have 3 loans

e-payday-loan 200 paid 100
mesa financial 200 paid 130
urgent cash 200 paid 100

if anyone could help id appreciate it thanks.

Posted: Mon Jun 16, 2008 2:40 pm Subject:

In MN, if the company is licensed in another state it's legal.

Guest · Posted: Mon Jun 16, 2008 2:43 pm Subject:

do you know if these are licensed in another state. thanks.

Posted: Mon Jun 16, 2008 2:50 pm Subject:

E payday loan is not.

The other 2 I am not sure about.

Guest · Posted: Tue Jun 17, 2008 9:36 am Subject:

since e-payday-loan is illegal and unlicensed, are you essentially saying they have no right to collect what they gave out to me? i will pay them the 100, but would i have to pay the finance payment for that. thanks.

Posted: Tue Jun 17, 2008 9:38 am Subject:

Yes, they cannot legally collect any interest or fees on the debt.

Guest · Posted: Tue Jun 17, 2008 9:43 am Subject:

so if i wanted i could say hey im not going to pay you at all and they couldnt do anything? im not going to do that, like i said i only 100 on that, but just trying to understand how these illegal/unlicesnced works. thanks.

Posted: Tue Jun 17, 2008 10:52 am Subject:

it's my understanding that they cannot legally collect. i am going through this with geneva roth, i'm more than happy to pay the principal but they want me to pay $150 in fees!

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