Hi - first of all I'm thrilled to find a site about PDLs if for no other reason than to know I'm not alone! Here is my situation: I live in Minnesota where payday loans are legal, the PDL company I'm dealing with is Integrity Advance which lists its home office as being in Delaware. Using the link you provided, I found out that in Delaware there are pretty much no limits as to what a PDL can charge (not good!). I took out a $500 PDL through Integrity Advance and have now made a total of $750 in payments. The way I understood the agreement I signed was that I would have paid a total of $650 before the loan was considered paid in full. Today another $150 came out of my account bringing the total I have paid up to $750 so I gave them a call. They told me that what the $650 referred to on the agreement was the total amount paid for INTEREST ONLY and that I still owe them another $650! And that if I didn't pay the entire amount off at one time they would continue to add additional interest! Please tell me that this can't be legal or is it because their main office is in the lovely state of Delaware? Thank you so much in advance for any information you can give me.

Sue

As far as I know, the Minnesota law allows a PDL to operate legally in the state, if they are licensed in any state across US. So, I think that Integrity Advance can operate legally in MN. Can you tell us how much interest they are charging towards your debt as per the agreement?

Unfortunately thats exactly how pdl's work and how people get stuck in the "trap".

Thank you for responding to me so quickly! The interest rate I am paying goes from 476% interest initially up to as high as 1368% the longer I have the loan. I originally took out the $500 loan the middle of April so I'm guessing my rate is probably somewhere in the middle of that range about now. I've been reading different things about Minnesota and the laws concerning these loans and I am confused. In some places it says that payday loans are legal here and if the loan company is in another state the law regarding the loan follows the laws in place for that state. Another time I read that Minnesota has changed its law recently and now payday loans follow Minnesota law no matter where their office may be. Do you know who I would contact to find out for sure? As I'm sure you know, when it comes to state law there are hundreds of categories and I'm not sure what category this would fall under or what state department might help me with this. If Integrity Advance would be governed by Minnesota law I think my situation might not be so grim - right? By the way, this site has become my new best friend - thank you, thank you, for taking the time to help!

Minnesota didn't change its law. The banking department just put out a press release changing its interpretation of the existing laws. (Almost exactly the same situation as PA). I haven't heard anything about them enforcing the new policy yet, though. If you get some help from them Sue, please be sure to share.

Minnesota didn't change its law. The banking department just put out a press release changing its interpretation of the existing laws. (Almost exactly the same situation as PA). I haven't heard anything about them enforcing the new policy yet, though. If you get some help from them Sue, please be sure to share.

Minnesota didn't change its law. The banking department just put out a press release changing its interpretation of the existing laws. (Almost exactly the same situation as PA). I haven't heard anything about them enforcing the new policy yet, though. If you get some help from them Sue, please be sure to share.