Going crazy with payday loans

Hello there Susan and welcome to the forum, I am going to post your state laws for you. Meanwhile, you did the right thing by closing your account so they can't take any more of your money. Hang on, there are people here who will be happy to help you with advice.

Minnesota State Information

Legal Status: Legal

Citation:
Minn. Stat. ???? 47.60 et seq.

Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:

Where to Complain, Get Information:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy,, Deputy Commissioner
Regulator Website

Susan, the first thing I would do is send these companies a cease and desist letter, you can find templates for these letters in the do it yourself section, you also need to include in that letter you are revoking all rights to any wage assignment you may or may not have signed. If you need a copy of a C&D letter, send me a PM and I will give you one or point you in the right direction. But you really need to get those out asap, send them certified return receipt requested so you will have proof that they received them. I am doing a search on these PDL's to see if they are licensed, unless someone else comes along that can answer that faster then me.

Looks like cashnetusa doesn't have a license in MN according to this thread:
http://www.debtconsolidationcare.com/success-stories/letter-cashnetusa.html

Hi Shazzers-

I wasnt sure if you knew or not but Minnesota is one of those states that allows Internet companies to lend legally as long as they are licensed in another state. They must follow the laws of that state.

CashnetUSA is licensed in other states.
Thinkcash.com is an installment loan,not a pdl

You should look into closing your bank account and please do not send any letters until it is closed. If the PDL's get a hint that you might default, they will go in and take what they can right away.

Here is some info for you to read about account closure:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Then you will just need to make other payment arrangements with Thinkcash because they can legally take action.

Great advice and great catch Volley. If I may just add, Susan, Please read the sticky regarding closing your bank account. We need to be sure it can not be "forced open " to accommadate the ach debits.

Thanks Kash...I posted the thread to the sticky in my post.

Payday One, Payday Select, and Think Cash are all legal too.

Think Cash is an installement loan, and is backed by a bank. Federal law allows FDIC insured banks to do business in other state's using their home state license and laws.

Just wanting to be sure she read it. I hate when these closed accounts are forced back open.

Quote:

Anytime - Think of Payday One like Cash Net USA - They are licensed to the moon. There's only one exception with Payday One, and I still can't figure out why, but that's KY.

Yay, Kentucky!!! :D

I currently owe money to three PDL companies based on when I lived in Florida and I have questions...But each situation is different.
Check Cashing Store $551
I am currently living in PA, how can I ask for a payment plan?
SMS advance $200 but its probably like 3 something by now
These people contacted me by a personal cell phone (I discovered this bc it was a NY area code and it sounded like he was clubbing or out with friends!) and there spokesperson spoke HORRIBLE english and I could not even begin to do business with him. So anyway I am scared that they reported me but I am trying to repair my credit and don't want this to haunt me later. What should I do??
Quickest cash advance or MTE Financial now $420 for a $390 loan
I'm worried bc r these people illegal???If so what should I do? I tried to make payment arrangments but when I called them the company sent me to a collection agency but when I called the agency the agency claimed to not received my file yet..Is this possible bc it does not make sense to me. I can't pay ANY bc I'm unemployed and helping to take care of my dad who is sick, what should I do?

You took the loans out while residing in Florida, correct? The first one - Check Cashing Store - is that a storefront in Florida? If so, they have your check and you didn't pay anything on it yet? You have two internet loans, correct? SMS Advance and Quickest-Cash-Advance? And you are now in PA. Just making sure I have all my facts straight. What is the status of your bank account? Are these people still debiting? Or have you closed the account since you've moved?

Thanks for correcting that Volleyballmom, I wasn't completely sure, and unfortunately at the time I was posting in this thread I had a family emergency and had to leave quickly. But as usual, everyone pitched in to help though! :)

Yes to the first two questions....I did acquire these loans in FL. I no longer have any of the bank accts, one is in chexsystems and the other, I had 2 close bc a debt consolidation company screwed me over. So they don't have access 2 any money in order 2 debit.

Okay. The only thing I am concerned with at this very moment is the storefront check in Florida. The internet ones, they can't access your account any longer. However, this storefront has a "bad check" on you now. Have you contacted them at all regarding you owing on that check? You don't want it to look like you wrote a check and then left state leaving that check unpaid.