Now what do I do? I took a loan for $300 and then I found this site and started the process of closing my account and taking the advice I got on here.]

Lu-You are the 3rd person this week to post that same exact letter here on the site. Do not panic....this, again, is a scare tactic and a long drawn out letter made to look official.

The part that gets me is the word "opinion" in this paragraph..

While the information that you have collected may apply to companies that have physical locations in your state, it is our opinion that it does not apply to our internet business model. This is based on sound advice from our legal department. In addition, the Legal Disclosures provided for customer reference at our website state the following:

Anyone can put anything into a contracts but when state laws supercede, too bad for them. As far as Truth in Lending and Reg Z, big words again but only means the forms would pass muster with TIL and Reg Z but their lending PRACTICES are not in compliance with state regs.

Yep. This is their form letter, alright.

lucy, this is an unlicensed/illegal company you're dealing with. You are only obligated to pay the principle amount borrowed. They can stick their "fees" where the sun doesn't shine. And, yes, this is one of thier famous "form emails". Lord. We've all got the same stupid email. Remember, they are unlicensed/illegal in every state. No where are they licensed. They are hard a$$es; however, if you stick to your guns and keep repeating that they are unlicensed/illegal and you comply with your state law, not theirs (doesn't matter since they're not licensed) and tell them you will only pay the principle amount of the loan. If you have made no payments, then the amount would be $300. If you have made payments, then subtract the payments you have made and that's what you can pay back. Illegal, illegal, illegal. And, don't freak. We've all gotten the same stupid email from them.

Lucy, Cannr knows about MTE probably the best of anyone here and has had alot of dealings with them. Take her advice.

Cannr - your forgot the whole evil MTE

__________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.

Actually, I need something even worse than when posting about them! LOL! Lucy, they are evil !!!!

Hey cannr; I maybe wrong and correct me if I am but aren't they located outside the US?

lucylu, what state are you in? Most people say that you are obligated to pay back the principle plus allowable fees, etc, whatever the state says is the max they can charge. Not in Washington State. If you are a lender, you have to have a license to do business in this state. If you give a loan to someone in this state and you don't have a license, the loan is neither collectible or enforceable. You don't have to give them back a dime and there's not a damn thing they can do about it. I'd look into the laws of your state. It's an awesome law!! I guarantee you that as soon as enough people don't pay because of this law, they'll stop doing business here. Anyway, look into the laws of your state.

__________________
24 Empty Missile Tubes, A Giant Mushroom Cloud, It's Miller Time!!

blue, no, MTE is located in Oklahoma. Miami, Oklahoma. God love them.

Yep. And when I called the Oklahoma Atty. Generals office, they said that they try to claim some kind of Indian Reservation exemption...blah, blah, blah...Just another tactic to try to evade the law. I'm sure there aren't even any Native Americans that work for MTE. They should be ashamed to claim rights! That is just how low they are.

Quick question....I live in Washington state and cannot find a license for papercheckpaydayloans in my state. Does that mean that I do not have to pay them? If not what should I send them to do this? They want to charge on $600, $150 a payday for interest and then after 5, they will add $50 to go towards the principle. If I understand our laws correctly, this too is illegal, too high of an interest rate and no rollovers allowed. Am I right? What should I do? I just defaulted on Friday.

Paper Check Payday Loan
501 Silverside Rd Ste 125
Wilmington, DE 19809

I am not showing them licensed even in the state they are in. Did you borrow $600 from them? Am I understanding that correctly? And have you paid them anything back yet to date? If so, how much have you paid?

Not yet, I took this one out to cover the others and then couldn't pay the $150. I just don't know how to proceed from here, I know I will be getting a nasty phone call soon and want to be prepared.

MTE- Multi Tribal Enterprises.

They can try & hide behind their 'soverign immunity' all they want. Their **** are in court right now. The State of Colorado is asking the court to make MTE prove their tribal affilation and not just SAY they are.
What is interesting is that I have done research on this 'soverign immunity' the company is hiding behind (IE they dont have to abide by state laws or fed laws). There was a recent Supreme Court case in which a tribal business tried to use their 'soverign' status to prove they were within their right.
The interesting decision made by the Court was that by inserting a 'arbitration clause' in the cotract; the tribe waives their soverign rights.
I do believe that every PDL agreement has arbitration clauses.
Pursue your issues ie illegal. Their 'opinion' is misguided & perhaps they will be back off when presented with FACT.

****Adult term removed - Jason

This is for our guest - Yes, they are charging you too much! My gosh! Plus the fact that I'm not showing them as licensed. Your bank account is in the situation to where they can not debit it, correct?

cannr,
They tried to put it through once and it was declined due to insufficient funds and now my bank, which is a credit union has blocked all ACH deposits and any written checks (that they may try to put through) from them. So I am covered there, but where do I go from here, if their rates are illegal and they aren't even licensed, what are my options? What do you recommend?