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Posted: Thu Feb 28, 2008 7:13 am Subject: Illegal Payday loan companies

I was trying to find out which of these payday loan companies are illegal. US Fast Cash, ameriloan, USA Payday loan, E-payday loan, and EZ Payday loan? Can you help me with this? Thanks so much!

Posted: Thu Feb 28, 2008 7:14 am Subject:

Please let us know what state you live in.

Posted: Thu Feb 28, 2008 7:16 am Subject:

I live in Tennessee.

Posted: Thu Feb 28, 2008 7:32 am Subject:

I searched the data base for your state and could not find any of these lenders as holding licenses to lend in TN.

Posted: Thu Feb 28, 2008 7:35 am Subject:

That is what I thought. I have already closed my bank account and dealing with them almost everyday over the phone which is getting quite stressful. What should I do now since they are not licensed to practice in my state?

Posted: Thu Feb 28, 2008 8:23 am Subject:

TN does not require businesses without a physical location in TN to get a TN license. They are legal as long as they have a license from another state. They would need to follow the laws of the state they are licensed in.

Posted: Thu Feb 28, 2008 8:35 am Subject:

Thanks for the info but I am still confused on how to handle these companies.

Posted: Thu Feb 28, 2008 9:09 am Subject:

Hello? Can someone help me with this asap. I would appreciate any help you could give me. Sorry to be a pain but I am getting tired of all of the phone calls from payday companies.

Posted: Thu Feb 28, 2008 9:13 am Subject:

Is your bank account still open?

Posted: Thu Feb 28, 2008 9:16 am Subject:

no i closed it a couple of weeks ago

Posted: Thu Feb 28, 2008 9:27 am Subject:

Good - That is the first step.

Can you post how much you borrowed/paid back in fees for each company?

Posted: Thu Feb 28, 2008 9:47 am Subject:

Payday One $500-pd 428.75
USA Payday Loan $100- pd 90.00
US Fast Cash $200- pd 120.00
ameriloan $200- pd 120
E-Payday Loan $300- pd $90.00

Posted: Thu Feb 28, 2008 9:52 am Subject:

Payday One is legal. That one you will have to work out payment arrangements with and pay off.

The other one's are not licensed anywhere I know of. If anyone does know of a place, please chime in!

ameriloan is absolutly illegal. So is US Fast Cash and E Payday Loan. Ameriloan is also known as MTE, and E Payday Loan is also known as Cash Net 500.

Take care of Payday One first. They you can work on paying off principle only on the illegal ones. You will need to send them a letter asap . . . . There are copies or examples floating around here, or Cannr or someone can PM you a better example.

Posted: Thu Feb 28, 2008 9:57 am Subject:

Okay thanks so much. Yeah Payday One have been very cooperative with my situation but the others are hounding me all the time. I had heard that they were illegal and if someone could please send me a letter to use I would so greatly appreciate it. Also can I get them to stop calling me at work? I do not want these illegal companies jeopardizing my job. Thanks again!

Posted: Thu Feb 28, 2008 10:00 am Subject:

It's next to impossible to get them to stop calling . . . .

One thing you can do is tell your boss/coworkers that your ID was stolen and someone else took out the loans. That way it doesn't look so bad on you. Also, if you can get the receptionist or someone to tell them that you no longer work there, that will help and eventually they will stop calling. They are doing it on purpose, to try and embarrass you into paying up.

Posted: Thu Feb 28, 2008 10:04 am Subject:

Okay thanks. Where do I find the sample letter to send to the illegal ones?

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