Posts: 46
Credits: 1,148


Send message to divaesque130
Sub: #1 Little Loan Shoppe
Replied on 01-04-2009, 07:50 AM
Reply With Quote

Is the Little Loan Shoppe a PDL and are they licensed in New Jersey. Their website says installment loans. I currently have an outstanding loan with them and need to know before I proceed. Any information is greatly appreciated.

Anonymous
Anonymous
Posts: n/a
Credits: 0
Sub: #2
Replied on 01-06-2009, 02:09 AM
Reply With Quote

Little Loan Shoppe is a Pdl.



Posts: 2,563
Credits: 11,409


Send message to nohiogal
Sub: #3
Replied on 01-06-2009, 02:23 AM
Reply With Quote

From what I can tell they are a PDL company but claim they are giving installment loans to try and hide from the fact that they are illegal in many states.



Posts: 1,450
Credits: 8,545


Send message to kfstaff24
Sub: #4
Replied on 01-06-2009, 06:42 AM
Reply With Quote

Small Loan Rate Cap

Quote:
New Jersey State Information

Legal Status: Prohibited

Citation:
Consumer loan act applies but rates as agreed to by contract. N.J. Stat. Ann. tit. 17, 1 et seq. However, criminal law sets the usury cap at 30%. N.J. Stat. Ann.2C: 21-19. A check cashing licensee cannot cash or advance money on a postdated check. N.J. Stat. Ann. 17:15A-47.

Small Loan Rate Cap
30% per year

Where to Complain, Get Information:
Regulator: New Jersey Department of Banking and Insurance
Address: 20 West State St. Trenton NJ 08625
Phone: (609) 292-5360
Fax: (609) 292-5461
Regulatory Contact: Ludi Hughes Assistant Commissioner
Regulator’s Website
Complaint Form
Complaint Instructions
Online Resources:
Personal Finance Information




Posts: 1,450
Credits: 8,545


Send message to kfstaff24
Sub: #5
Replied on 01-06-2009, 06:50 AM
Reply With Quote

Quote:
What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter.





«Previous Thread | Next Thread»
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes
Linear Mode Linear Mode

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -8. The time now is 05:17 AM.





About Us | Contact Us | Privacy Policy | Affiliate | Sitemap | Espanol | RSS Feeds| Terms of Services
* Disclosures:
  • By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  • Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
  • Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  • Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  • The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.064 seconds.