Now Magnum cash Advance has me set up on a payment plan for $113 for the next 10 bi-weekly pay periods. Now...my original loan was for $896 and since I have made payments of $371 to date..that leaves...$525..which would be about 5 payments of $113 left. Should I quit there knowing that Magnum is an ILLEGAL lender. They are not taking the payments out of my checking account. I am doing them via Western Union. What advice should I follow here. I am from South Dakota and they do not have a license in the state to offer internet payday loans even though they claim the laws of the British Virgin Islands rule.

Thanks......

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WDS

If they are an illegal company all you are obligated to repay is the principle amount borrowed. Why did you agree to pay them so much. Your state laws prevail not the laws of BVI.

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i agree, i always pay back what i borrowed but i would demand a physical address to mail it to, please do not use western union, it is very expensive
i would try to get an agreement where you could mail in payments (money orders) to a physical address. make it something you can afford and only pay until the principal is reached. i would get this in writing before sending anything, though.

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I'm not as fed up anymore.. making extra money http://www.needbetterdays.blogspot.com

So..should I e-mail the guy back at magnum and tell him the rules of SD apply and not the rules of the british virgin islands and that all I'm required to pay back is the principal that I borrowed?? I'm sure he will get a little rude with me but I'm sure they know they are ILLEGAL and get mad when customers find out about it!!

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As long as your checking account is closed, yes you can tell them that.

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i agree

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I'm not as fed up anymore.. making extra money http://www.needbetterdays.blogspot.com