Pay Day Max - Illegal in Texas

It appears from another thread on this board that Pay Day Max is illegal in Texas. I have a loan with them for $600. I have not paid them anything yet. If they are illegal in Texas, what exactly does that mean to me? It seems I would owe them at least the $600 borrowed. What should my next step be? I had intended on signing up with Town and Country and including this Pay Day Max loan on the plan, but if there is another alternative, I'd like to hear about it. Thanks for any responses.

Yes, Payday Max is not a licensed pdl not a registered CSO in Texas. They have no legal authority to lend. In fact, they claim to be following the laws of Grenada.

If you have already paid them what you borrowed in fees, I'd be done with them.

I haven't paid them anything. So does that mean I should include them with T&C?

Yes, you should at least pay them back what you borrowed. It's the right thing to do, and also, it takes away the look of fraud. If you take out a loan and never pay back any of it, the company could try to stick fraud charges on you, however unlikely that may be. But in court it will look better if you paid back what you borrowed.

That's what I thought. Thank you.

I agree with Goudah,

PayDayMax are very tricky and SUPER ILLEGAL! They wiil turn you over to Credit Protection Depot as soon as you default. On a lighter note, they have been known to settle for just principal balance owed. Best of Luck!

If you default CPD will give you a call. I actually had very good luck with CPD. When they finally contacted me, I had already paid the principal on my MyCashNow account (they are also part of the mix) and they gave me a PIF on the spot. I still owed money on my PayDayMax loan and they settled that for the remaining balance on the principal. Although, this came right after I faxed over my C and D letters to a one Mr. William Reed at CPD. I don't encourage not paying ones bills, but in the case of these yahoos it seems like the only way to stop the nonsense is to default on the loan. If you haven't closed you bank account you won't be able to default on the loan as I am assuming they have you bank info. However, if you call ACHC, who processes for them, that be enough to give them reason to consider accepting your principal payment only. In any event, if you can close your bank account, and it is applicable here, I would do so to make sure they don't have access to your money.

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