| Message |
Author |
 Posted: Tue Nov 04, 2008 8:46 pm Subject: Pdl's in Minnesota |
|
|
I live in MN and I have 3 pdl's---Cashnet -750
Paydayone --450
usfastcash---455
are these legal
|
|
mjbaggenstoss
Joined: 04 Nov 2008
Posts: 4
Debtcc Points: 49
|
|
|
| Posted: Tue Nov 04, 2008 9:16 pm Subject: |
|
|
| Quote: | Minnesota State Information
Legal Status: Legal
Citation:
Minn. Stat. § 47.60 et seq.
Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
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: Not Specified
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:
Where to Complain, Get Information:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy,, Deputy Commissioner |
|
|
SOAPLADY
Moderator
Joined: 07 Feb 2007
Posts: 1502
Debtcc Points: 15530
|
|
|
| Posted: Tue Nov 04, 2008 10:19 pm Subject: so now ?....... |
|
|
All my loans are internet
Cashnetusa 900--paid 250--owe 750
Paydayone 500--paid 219---owe 450
Usfastcash---500--paid 105--owe 455
I reside in Minnesota
I'm pretty sure they are violating minnesota laws --1) they rollover 2)two of them maybe all three are charging at least 461% intrest , this is over the amount mn allows
I'm not sure how to proceed from here-- what should I do?
|
|
mjbaggenstoss
Joined: 04 Nov 2008
Posts: 4
Debtcc Points: 49
|
|
|
| Posted: Tue Nov 04, 2008 10:31 pm Subject: |
|
|
Call the phone number listed above
|
|
SOAPLADY
Moderator
Joined: 07 Feb 2007
Posts: 1502
Debtcc Points: 15530
|
|
|
| Posted: Wed Nov 05, 2008 12:36 pm Subject: |
|
|
Hi mj,
Here is some additional info for MN:
| Quote: | What does this mean?
There are very specific rates they can charge you depending on the amount loaned.
Rollovers are not allowed.
Internet companies can lend legally as long as they are licensed in another state. They must follow the laws of that state.
|
I did some research:
CashNet - legal
Paydayone - legal
USFastCash - illegal
_________________
HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
|
|
dawnlango7
Debt Samaritan
Joined: 05 May 2008
Posts: 943
Debtcc Points: 3406
|
|
|
| Posted: Wed Nov 05, 2008 2:21 pm Subject: |
|
|
I'm waiting to hear back from the state--- as to what I should do next..........
I am closing my checking and savings and opening at a different bank to start
|
|
mjbaggenstoss
Joined: 04 Nov 2008
Posts: 4
Debtcc Points: 49
|
|
|
| Posted: Wed Nov 05, 2008 2:38 pm Subject: |
|
|
That is a good start, at least that way you know that you are back in control of your money.
Once that is done you can work out arrangements with the 2 legal companies, they will want their money back, but you can try to do it on your terms.
_________________
HAPPY NEW YEAR!!!
To a crisis of the spirit, we need an answer of the spirit.
To find that answer, we need only look within ourselves.
When we listen to "the better angels of our nature," we find that they celebrate the simple things, the basic things--such as goodness, decency, love, kindness.
Greatness comes in simple trappings.
-Richard Milhous Nixon,
|
|
dawnlango7
Debt Samaritan
Joined: 05 May 2008
Posts: 943
Debtcc Points: 3406
|
|
|
