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Posted: Thu Aug 07, 2008 7:58 am Subject: paydayone legal in Il

I borrowed $500.00 from payday one, they have been debiting my account bi-weekly. I have now paid over $600. If i continue with payments, I will have paid over $1000.00 by the time the payments are done. If they are legal in Il, do I have the right to stop the ACH withdrawals, as I have paid the principal? If so, what are my next steps?

Posted: Thu Aug 07, 2008 8:16 am Subject:

I couldn't find them to be liscensed on the Illinois search. This is the link I used if you want to try it.

http://www.idfpr.com/dfi/LicenseeSearch/frmSearchLicensees.asp

Posted: Thu Aug 07, 2008 9:32 am Subject:

I think they are legal, they are licensed as PDO Financial, LLC. You will need to pay them per your original agreement unless you can get them to agree to changes.

Sorry Sad

Posted: Thu Aug 07, 2008 9:39 am Subject:

Thanks for your help!

Posted: Thu Aug 07, 2008 9:48 am Subject:

Don't take that to mean you can't talk to them, though. You just have to be a little more careful.

For example, you have paid them $600, ask them how much the payoff will be if you payoff right now (if you can afford it). You can also ask them about what happens if you send in an additional payment, etc.

Most companies, especially legal ones, are willing to work with you in order to help.

Posted: Thu Aug 07, 2008 9:51 am Subject:

Also, here are the IL laws:

Illinois State Information

Legal Status: Legal

Citation:
Ill. Comp. Stat. Ann. Â§ 122/1-1

Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
apr for 14-day $100 loan: 403%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor

If they have rolled over your loan, or allowed you to reloan from them without having the 7 day cooling off period every 45 days, then they are outside of statute.

Don't get your hopes up, though, licensed companies follow the law in order to stay licensed. Violation can cause them to lose the license and any licensing fees they have paid

Posted: Thu Aug 07, 2008 10:11 am Subject: reply

most companies in illinois do not give conventional pdl's.they will either call it a signature or ACH loan.the terms are between
6-9 months equal payments.then on the last payment you pay it off.it's unfortunate,but this place is licensed and the terms are legal for this type of loan.i had this type of loan with ALL CREDIT LENDERS.i would try to work something out or pay it off
sooner.

Posted: Thu Aug 07, 2008 10:17 am Subject:

The guest is right, they are legal.

You have to be careful when searching for licenses - Most of the time you will not find a license under the company name you know, it will be a bit different. Serious problems can occur when people are misinformed about a companies licensing status.

Posted: Thu Aug 07, 2008 10:34 am Subject:

Thanks to all for their great advice! Does anyone know if MyCash now is legal in IL? I owe them money, but they do not have my account info, as I closed the account I gave them originally. Have not heard from them in a couple weeks, but I sure that is temporary.

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