Illegal intetnet payday loans Wisconsin

I recently took a loan with USfastcash.com for 500.00 the first payment is due 05/23/11 for 150.00 the website shows this and there is an option to pay in full. I'm worried because right after I applied I started receiving scam collection calls, I'm not in default on anything. So I started researching all of this. I'm wondering if USfastcash licensed anywhere if they are legal in Wisconsin and weather or not I should worry about unauthorized ACH debit or electronic checks should I contact the bank now before any money comes out or should I wait I was going to try and pay the whole thing if possible 650.00 , but now I'm concerned about dealing with this company and what they might steal from me.

Though payday lending is legal in Wisconsin, I don't think USfastcash.com is licensed to operate in your state. You can contact the Wisconsin Department of Financial Institutions regarding the same. If you find that they are illegal, then you should simply pay them the $500.00 that you've borrowed. You won't be liable to pay them any late fees or charges.

I have read that they keep debiting your account.

That's my main concern they keep taking money like the loan is never paid off. Do you know if this is true?

You do need to check with the DFI in Wisconsin. The new laws that took affect Jan 1, 2011 require that any lender is to be licensed with a payday loan or loan license to lend to thier residents.

You should close down your existing bank account so that youcan stop them from debiting any further money from your account.

I haven't paid anything yet. I'm wondering if I should stop it now before they take anything? From what I'v read the contract is null and void in Wisconsin.

you borrowed the money, try paying it back rather that looking for ways to avoid it.
You got the money and I am sure you spent it. Now you want to run away from your debt. Does the word stealing bring anything to mind

When did you get the loan?

I got the loan on 05/02/11, and I don't intend on stealing anything I know I only owe the principle. I was just stating that according to our state law it says you can recover everything, thats why I'm wondering if I should block their debits before the first payment is due. I have never defaulted on anything, I have a considerable amount of debt and make all my payments on time, but with this economy its hard to make ends meet. When you read through the Wisconsin payday laws it looks as though the lender is fined $500.00 or six months in jail and the debtor has the right to have everything refunded. So what do you think is suitable $500.00 doesn't seem like much compared to all of the money they taken from people.

The first payment is due 05/23/11

Close your account before they take the first payment. Then make arrangements to pay back the principal you borrowed on your timetable.

The fine is for licensed lenders in WI for violations. In actuality, the WDFI has not authority over an illegal lender other than a C&D request or to use the courts to get them to stop and receive any damages. The department has demonstrated that they will not go after illegal lenders to date and do not have the manpower to do much more than to request that they stop lending in WI.

The new laws in WI and other states over the past 3 years are a direct result of internet lenders and inturn have hurt the consumers that need money in this country. This is demonstrated be this very forum. If you look at the subject of the threads, you will see that almost every one has to do with an illegal lender and not a licensed storefront.