Payday Loan Help!

I am not understanding why you can not close your account .

Here are the the Payday loan laws for Minnesota (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Minnesota is one of those state's that allows pdl's licensed in other state's to operate there, and they would need to follow the laws of the state they are licensed in.

This means that if a pdl is licensed anywhere, it is considered legal in MN. I can tell you right off that MTE is not licensed anywhere.
Are all of your loans internet or are some store front?

All of my loans are from the internet. How do you know whether or not somehting is legal? What do I do if it is not legal?

I can't close my account because my employer is virtually my bank. Plus it is negative and I have non-stop ACH's coming through. I am confused as to why I would close my account? Wouldn't that make the payday company angry? Where do I go from there?

Most pdl companies will debit your account to death. If they are illegal, you can count on that happening for sure. That's why it's best to close your current account and open a new one at a totally different bank, that way none of them have your account information. As far as finding out if they're legal, here is a link I discovered on this board just the other day:
http://elicense2-lookup.com.ohio.gov/default.asp
You can search and see if they are licensed on that site. Hope this helps.

If any of these pdl's are illegal (not licensed) then I would pay them back ONLY what I owe them, no interest, no fees, and I would pay them with a money order, and that would be MY terms, so either they accept it, or NO money. You need to ask them for a physical address to send your payments to, and keep EVERY receipt! If they're not licensed (legal), they can't sue you.

Shazzers - That is only for Ohio licenses - This poster is from Minnesota. :D

Whoops, SORRY!!!!!!! Duh! :?

I am so confused. If a business is not lisenced in MN but somewhere else, it can still operate??? How do I know where it is lisenced? And do companies licensed in other states have to follow MN regulations?

And on top of all this, how do these companies operate if its illegal?

Yes, if a payday loan business is licensed legally in another state and operating over the internet in MN, with no physical locations in MN, they are considered legal. They would need to follow the laws of the state they are licensed in.

This is because MN doesn't have a "long arm" law. Long arm laws say that any business transacting with customers in their state must follow the laws of the state of the consumer. MN doesn't have this.

To know where it's licensed you can look around, ask here, ask the business, etc. They would need to follow the laws of the state they are licensed in.

What do you mean how do they operate if it's illegal? If it's what I think you mean, it's because they are over the internet, the laws regarding the internet are murky over jurisdiction, these places move around, it's easy to set up a website, it takes a lot of work to shut them down, and they make a whole pile of money doing it.

Yes, goudah2424 you answered my last question. It is so crazy how these loans are even legal at all.

So, what should I do? Do I call these people and ask them to settle? I cancelled my direct deposit because I am 2 months behind on bills. Would my best bet be to just pay everything they ask? What are my legal options? So far 3 of my loans have well been paid back, but they still say I owe so much. I can not believe I did this. I feel like an idiot. I just want to make things right and move on from this.

No, it would not be best to pay what they ask - They will tell you that you owe $1000 on a $200 loan, after you've already paid them $700!

The legal ones you will have to pay back what they say - The good thing is they won't inflate the charges. The fees should stop once you've defaulted, and you can pay the balance down from there.

Payday Select, Payday One, and Cash Net USA are legal. Unfortunatly they are using their licenses from state's that have no ursury caps. Their charges are legal in their states, therefore legal to you. These companies can take steps to collect, so they should be the first priority in paying back.

The other companies I don't know about. MTE is for sure unlicensed and illegal. The other's, maybe they are licensed, but probably not. That will need to be checked into. Those ones you would only need to pay back principle. And if you have already in fees and such, you are paid off. Not a penny more.