****Internet Lending in all 50 states****

Today I spoke with Chris Thompson at the KY office of Financial Institutions. He advise me as of Jan 2010 KRS 286.9-035 will become effective. KRS 286.9-035 states:
Any deferred deposit transaction agreement made with a person who is not licensed under this subtitle shall be void, and the person shall not collect any principal, fee, interest, charges, or recompense whatsoever.
(2) The executive director may void a deferred deposit transaction agreement when it is determined by the executive director that the licensee has violated any provision of this subtitle. The licensee shall be allowed to recover from the customer any principal paid by the licensee to the customer, but the licensee shall not recover any service fee or other charge related to the deferred deposit transaction.
(3) For purposes of this section, "payment instrument" also includes debit authorization, electronic funds transfer, and any other form of electronic transmission of money.

Although this seems to help in some ways in also seems to remove the actual check protection against IPDL's from 808 KAR 9:040. Thoughts?

I need addersses or fax numbers to:


AMERILOAN

500 Fast Cash

MY cash Now

Pay DAY MAX

Pay DAy One

Integrity

Kenwood Services

Cash Advance Network



I am trying to send them a letter to close my accounts. I still have paid nothing to Kenwood and Cash Advance Network and need to pay principal. What is best way to do that?

I replied at the link below:
http://www.debtconsolidationcare.com...ad.php?t=52748

I need to sleep. I need to get on with my life. I need to get out of payday loan debt. I have just contacted Langhorne (via internet) - got message they will call me tomorrow. Has anyone worked with them - Can they help? Are they legit?

Before you commit to hiring Langhorn, make sure you find out whether your payday loans are licensed because unlicensed lenders usually won't work with debt programs or ANYone.

Goudah2424 - in reference to your post: In the following states internet payday lenders are not legal, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend.

Connecticut

Georgia

Iowa

Maryland

Massachucetts

New Jersey

New York

North Carolina

Vermont

Virginia

West Virginia

I live in the state of Connecticut and have a payday loan which I am receiving collection calls. If internet payday loans are prohibited in the state of CT, how can I inform this lender of such?

CLICK HERE to find out how to deal with illegal lenders.
Click the link below to read your payday loan laws.
http://www.paydayloaninfo.org/stateinfo/CT.asp

Hello,

I'm in Florida and was wondering where you state PDL's are illegal but CSO's are legal. How can you tell when you've taken an internet PDL whether or not they PDL or CSO? Also, has anyone ever heard of a gentleman by the name of Frank Otto with United Capital? He has called my place of employment regarding Payday Loan Yes.

Thanks!
Donna

I am in default on one loan from mydayloan.com. I live in sc. How long will it take for them to take action to get me for a bad check law?

I tried to go that route. You have to set up a savings acct. and have enough money in the account to pay when they settle the debt. It didn't work out for me at all. I was consufed as to how it all worked and misunderstood that the fee they were taking out monthly was not getting me anywhere but paying them and not paying down my loans at all. If you are disciplined enough to save the amount they tell you to every month, maybe it will work for you. But, if you could save money every month you probably wouldn't be in this situation. That was my problem..........trying to save money when needing every penny to pay car loans, rent and food and clothes and gas was hard enough.

Is Cash Central a licensed pdl company???

It depends on the state you are in.

I went online several mon, theft by nths ago and filled out an online payday loan applicaion. I took out the loan and paid it back. Well 2 weeks ago I had a phone call saying that I owed a payday loan I never received. So I just disregarded the phone call and last week I was phoned again and this time the man said that the amount was $910. If I would fax a letter with my name and a copy of my drivers license and my credit or debit card number I could pay it. If not I was going to be charged with check fraud,like violation of theft by deception, and something with violation of banking. I never received the loan and now these men keep calling me and threating me and telling me I am going to jail. I live in TN and the company phone number is in California, can they do this?

They are full of crap! You can NOT go to jail for owing a debt, this is a scare tactic used by many unlicensed lenders. If there was no check involved there was no check fraud. Tell them to go piss up a rope!

so what do you do when all are out-lawed and you have to go through the bank or other facilities when you need fast cash? You must have a credit score of 700 or better correct and it is way more work and money that you pay back than these "vicious payday loans"

Get a second job. It will be a cold day in hell before I ever use a payday loan, EVER.