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Posted: Thu Mar 27, 2008 5:29 pm Subject: pdls in tennessee

I have 9 pdls and can not seem to get rid of them i live in tn and all are online pdls i get rid of one and have to get two to help with the bills and now i am a month behind on my mortgage, please help

Posted: Thu Mar 27, 2008 5:39 pm Subject:

Hi there -

Here is your state's payday lending law:

Posted: Thu Mar 27, 2008 6:06 pm Subject:

they are
ameriloan 350.00 paid 105.00 in finances
loanpointusa 300.00 just reactivated this one have not paid anything
gfsil global financial 275.00 have paid 240.00 fiannces
the cash spot 400.00 have paid 100.00
little loan shoppe 250.00 have paid 75.00 this one said that i would pay 75.00 ten times and it would be paid in full
stcadvance 200.00 just took this one out not paid anything yet
paychecktoday 250.00 have paid 75.00 finances
tendollarpaydayloan 300.00 just reactivated this one have not paid anything yet
oneclickcash 300.00 have paid 360 finances
and all of these are online

Posted: Thu Mar 27, 2008 6:19 pm Subject:

jonna, many of your pdls are unlicensed/illegal. Have you looked into closing your bank account? This is the first step in dealing with these pdls, okay? You need to regain control of your money. Once you have your account closed/blocked and have a full paycheck again to pay your bills, we can tackle these pdls. I'm going to post something regarding closing your bank account. Please read this and post ANY questions. We need to get your account "safe" from these guys debiting it any further.

Posted: Thu Mar 27, 2008 6:20 pm Subject:

Posted: Thu Mar 27, 2008 6:21 pm Subject:

jonna, we can help you here! Very Happy

Posted: Thu Mar 27, 2008 6:39 pm Subject:

ok how do i get in touch with the state's attorney general or department of financial institution? What if my bank doesn't want to help? once my bank account is closed then what do i do? I owuld like to keep using my same bank is that ok?

Posted: Fri Mar 28, 2008 6:29 am Subject: you might want to change banks

someone should be able to help with contact info for your AG.as far as the bank,you should open a new acct at a different bank,too easy to get your new acct #.even if it is different.

Posted: Fri Mar 28, 2008 7:00 am Subject:

do i need to close my account first then send letters to the pdls? how much should I pay to the pdls? what kind of letter do i need to send? i would really like to stay with my bank, i have been with them for 15 years. how do i go about complaining to the AG, BBB?

Posted: Fri Mar 28, 2008 7:05 am Subject: reply

yes that is recomended.as far as the ammount goes.you are only obligated to pay back what you borrowed.

Posted: Fri Mar 28, 2008 7:19 am Subject:

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.

Posted: Fri Mar 28, 2008 7:25 am Subject: reply

oh tennesee is one of those states.anyway,ameriloan and gfsil are not going to be licensed anywhere.
if i am not mistaken tendollar payday is mte as well as ameriloan.

Posted: Fri Mar 28, 2008 7:48 am Subject:

why are these unlicensed and illegal?

Posted: Fri Mar 28, 2008 7:51 am Subject:

One Click, Ameriloan, Ten Dollar are all MTE. I think Paycheck Today is too if I remember correctly . . . .

Isn't Loan Point USA a Geneva Roth company?

Posted: Fri Mar 28, 2008 8:08 am Subject:

yes it is so what does that mean? what does taht mean and what did they mean when they said oh tennessee is one of those states

Posted: Fri Mar 28, 2008 8:14 am Subject:

What paul meant when he said "Oh TN is one of those states" is that TN is one of the few state's that allows companies to be licensed in another state and still lend legally in TN, as long as they do not have a physical location in TN. Most state's require that the company be licensed in that state to lend.

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