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 Posted: Tue Mar 25, 2008 7:55 pm
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I live in TN and by what I have read in the forums, these internet payday loans do not have to be licensed in TN as long as they are licensed in another state and they have to follow their states laws. Can anyone tell me if any of these are licensed anywhere????
Ameriloan
500 Fast Cash
Lazer Lending
M1Y Direct
Cash Transfer Centers
Loan Point USA
Cash Link USA
East Side Lenders
Apollo Loans
Loan Shop Online
Zip Cash
My Cash Now
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Shazzers
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Shazzers
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Posted: Wed Mar 26, 2008 7:06 am
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Shazzers, in TN the loans are legal as long as the company is licensed in another state. So that's why this person is asking . . . . He/she can't look it up on the TN site, since they aren't looking for a TN license.
| Quote: | Tennessee State Information
Legal Status: Legal
Citation:
Tenn. Code Ann. §45-17-101 et seq. and Tenn. Comp. R. & Regs. § 0180-28-.01
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville, TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,
http://www.tennessee.gov/tdfi/ |
Email to and from TN Banking Dept
Hello,
I'm trying to make sense of the payday loan laws in Tennesse. How would I go about calculating the allowable interest?
Thanks!
Response
From: Steve Henley
Sent: Friday, March 02, 2007 1:08 PM
To:
Subject: Re: calculating pdl interest
Dear Ms , technically it is not an interest rate but service fee and this is how it works. The fee cannot exceed the lesser of 15% of the check amount or $30. So if you have a check amount for $100, the service fee would not exceed $15 (15% x 100). Keep in mind the fee is on the check amount, not cash amount. If the consumer requests $100 in cash, the check amount would be $117.65. The check amount of $117.65 x 15% equals $17.65, and cash is $100 ($117.65 - $17.65 = $100). If the customer asks ... "how much should I write the check for if I want $50?"
You can back into the check amount by taking $50 and dividing it by 85% or .85. In other words $50 divided by .85 = $58.82. You can verify by multiplying $58.82 x 15% = $8.82 service fee. $58.82 - $8.82 = $50.
Remember the service fee is limited to $30 on all checks exceeding $200.
I hope this helps but please let me know if you have other questions.
615-532-6993 Steve Henley
Reply:
Hello,
Can you tell me if internet based payday lenders with no physical location in TN need to be licensed by TN to lend legally? Or would they only need to be licensed by another state? And which state's laws would they need to follow?
Thanks!
Response:
From: Steve Henley
Sent: Monday, August 27, 2007 8:12 AM
To:
Subject: Re: Internet Payday loans
Dear Ms , our statute does not address internet activity, but to obtain a license from Tennessee the entity must first have a physical location in this state.
Please let me know if you have other questions.
615-532-6993 Steve Henley
What does this mean?
They can charge 15% of the face value of the check in fees.
Rollovers are not allowed.
Internet companies do not need to be licensed by TN. As long as they are licensed in another state they can lend legally. They must follow the laws of the state they are licensed in.
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goudah2424
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Posted: Wed Mar 26, 2008 7:07 am
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Zip Cash is licensed out of New Mexico. That is the only one I know of off the top of my head.
Ameriloan is not going to be licensed anywhere.
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goudah2424
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Posted: Wed Mar 26, 2008 7:15 am
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i also live in tenn and have a loan with ameriloan and eastside lenders amerilaon is not licensed anywhere eastside told me they were licensed in delaware but refused to give me the license number and cant find a record of them being licensed anywhere read my post titled payday loan hell in tenn the people on here were very helpfull i know every situation is diffrent but maybe some of the help they gave me can help u also
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Shazzers
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Posted: Wed Mar 26, 2008 7:37 am
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i thought 500 fast cash was MTE too.someone will correct me if i am wrong.
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paulmergel
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Posted: Wed Mar 26, 2008 7:39 am
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Cash Transfer Centers are not going to be licensed anywhere either.
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goudah2424
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Posted: Wed Mar 26, 2008 7:46 am
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Loan Shop and Loan Point USA may be the same company. They are also unlicensed.
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goudah2424
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Posted: Wed Mar 26, 2008 7:47 am
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M1Y Direct and Lazer Lending are also unlicensed . . . At least I could not find a license for them or find anyone who had found a license in the past.
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goudah2424
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Posted: Wed Mar 26, 2008 7:52 am
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500 Fast cash is an MTE company.
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pybasj
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Posted: Wed Mar 26, 2008 8:07 am
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Yeah, so they are unlicensed too.
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goudah2424
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