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 Posted: Fri Feb 01, 2008 1:21 pm
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I have been unable to pay my loan fully off that i borrowed from eastsidelender i borrowerd 300 and so far have paid off 180.00 Does anyone know if they have license to provide loans and if they are not legal what can they do.IM located in michigan. by the way this website is awesome.
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Guest
Debtcc Points: 100
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Posted: Fri Feb 01, 2008 2:25 pm
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Hi guest welcome to the site. If you could register we'll get your state laws posted for you. Eastside Lenders is licnesed in delaware and they will say that it doesn't matter what state that you live in...they'll say Delaware law is what is to be followed which is a crock. I've been dealing with them for several monthes. They haven't been able to provide me with a license # for the state I reside in. They've sent me to collections now & the ca likes to threaten over the phone and I overpaid them.
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lmk3524
Joined: 06 Sep 2007
Posts: 437
Debtcc Points: 4188
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Posted: Fri Feb 01, 2008 2:30 pm
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| 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
http://www.michigan.gov/cis/0,1607,7-154-10555---,00.html |
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lmk3524
Joined: 06 Sep 2007
Posts: 437
Debtcc Points: 4188
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Posted: Fri Feb 01, 2008 2:32 pm
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Also the lender must be licensed in the state of Michigan to be able to lend to its residence.
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lmk3524
Joined: 06 Sep 2007
Posts: 437
Debtcc Points: 4188
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