Ameriloan not Legal in California What Next?

Sorry, posted in the wrong section. Mods please delete.

It is in the right section.

I had originally put this post in the settlement section. When I tried to delete the post, I didn't find a delete or edit button so I reposted the wrong section message. For some reason, when I reposted the message in this forum, my response message on the settlement forum followed. I don't know what happened. Sorry for the confusion.

Not problem - A Mod probably saw it in the settlement forum and moved it here.

I believe CA has already told ameriloan to cease and desist giving loans to CA residents.

So what do I do about it next. First time for both of us using a PDL.

See this link:

http://www.corp.ca.gov/pub/0207cddtlbulletin.pdf

You will see that ameriloan was already told long ago to stop lending. Since this loan is illegal you would only need to pay back principle on this loan.

So do I tell them that I will only pay what I borrowed. And will they want all their money back at once or do I make the payments per the original agreement but have it deducted from my amount borrowed. Also, besides paying them what I borrowed, will I have to pay any other fees?. What should I do step by step? bThanks, Ed.

ed, let me put it to you this way. I'm doing this so that you will know your options. ameriloan is illegal period. They are not licensed/legal in any state. Apparently your state has issued a cease & desist to them regarding your state residents. They should never have loaned to you or your friend. LEGALLY, you don't have to pay a thing. MORALLY, the majority of people pay the principle amount of the loan due to the fact that they received the funds and used the funds. It's your call. "Fees". No. They are illegal. Illegal. Illegal. No fees, no nothing. I must ask you a question. You have already had them debit your account. Is your account still open/active (and your friend's)??? If so, they are going to continue to debit your account for ungodly amounts of money. Yes, they are illegal. Yes, it would be illegal for them to continue to debit. However, they will. Please post as to what the bank situation is with you and your friend. We need to work on them not getting another dime from your bank account. Let us know the bank status and we'll take it from there. As for right now, don't say anything to Ameriloan until your bank account is taken care of. If they know you're "on to them" and your account is still open/active, they are going to swoop down and take every penny they "think" you owe. Please post.

Being 2009, is Ameriloan still illegal? Since the cease and desist was back in 2007. stilgal?

They are illegal if they have no license to lend in the state you reside in. Some state's PDL laws may allow out-of-state licensing, however Ameriloan is not licensed in any state other than Oklahoma at the moment.