Illegal Payday loan companies

Please let us know what state you live in.

I live in Tennessee.

I searched the data base for your state and could not find any of these lenders as holding licenses to lend in TN.

That is what I thought. I have already closed my bank account and dealing with them almost everyday over the phone which is getting quite stressful. What should I do now since they are not licensed to practice in my state?

TN does not require businesses without a physical location in TN to get a TN license. They are legal as long as they have a license from another state. They would need to follow the laws of the state they are licensed in.

Thanks for the info but I am still confused on how to handle these companies.

Hello? Can someone help me with this asap. I would appreciate any help you could give me. Sorry to be a pain but I am getting tired of all of the phone calls from payday companies.

Is your bank account still open?

no i closed it a couple of weeks ago

Good - That is the first step.

Can you post how much you borrowed/paid back in fees for each company?

Payday One $500-pd 428.75
USA Payday Loan $100- pd 90.00
US Fast Cash $200- pd 120.00
ameriloan $200- pd 120
E-Payday Loan $300- pd $90.00

Payday One is legal. That one you will have to work out payment arrangements with and pay off.

The other one's are not licensed anywhere I know of. If anyone does know of a place, please chime in!

ameriloan is absolutly illegal. So is US Fast Cash and E Payday Loan. Ameriloan is also known as MTE, and E Payday Loan is also known as Cash Net 500.

Take care of Payday One first. They you can work on paying off principle only on the illegal ones. You will need to send them a letter asap . . . . There are copies or examples floating around here, or Cannr or someone can PM you a better example.

Okay thanks so much. Yeah Payday One have been very cooperative with my situation but the others are hounding me all the time. I had heard that they were illegal and if someone could please send me a letter to use I would so greatly appreciate it. Also can I get them to stop calling me at work? I do not want these illegal companies jeopardizing my job. Thanks again!

It's next to impossible to get them to stop calling . . . .

One thing you can do is tell your boss/coworkers that your ID was stolen and someone else took out the loans. That way it doesn't look so bad on you. Also, if you can get the receptionist or someone to tell them that you no longer work there, that will help and eventually they will stop calling. They are doing it on purpose, to try and embarrass you into paying up.

Okay thanks. Where do I find the sample letter to send to the illegal ones?

Here is a generic letter - But there are better letters out there. More legal sounding . . . But this is a basic one:

Quote:

I know you were asking Cannr...but here is the one I changed with different options in it for overpayment, underpayment and refund....

[quote]Date

Name and address of the PDL

After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, I have found that your internet payday loans are actually illegal. I have also found the following laws to be true applying to payday loans in the state of YOUR STATE'S NAME in general:

INSERT STATE LAWS HERE

After finding out that your internet payday loans are illegal, your company should actually not issue loans to YOUR STATE residents at all.

I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General????????s Office regarding your internet payday loans and was informed they are indeed illegal in YOUR STATE and was advised to pay what is due according to principle amount only of the loan.

I have currently paid XXXX DOLLARS on my XXXX DOLLARS loan. The legal amount that could have been charged to my loan is the principal amount of XXX DOLLARS even if your internet pay day loan was legal in YOUR STATES NAME. I have paid XXXX DOLLARS on this loan by your debits of my bank account and only owe XXXX DOLLARS to have this paid in full. I am willing to pay the amount of XXX DOLLARS to pay the principle amount of the loan only, as advised by my Department of Financial Institutions and my state Attorney General's office. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan. I demand that you mark my account Paid in Full as I have fulfilled in remittance of the principal amount of the loan and send me a refund of $XXXX.




I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my state Attorney General's Office.



I prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of YOUR STATE.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed. I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes.

I am revoking your right to debit my checking account any longer. You, your company, or your affiliates are not authorized to debit my checking account at all. Please be aware that I have informed my financial institution of this situation and they will also be receiving a copy of this correspondence. Any further attempts at debiting my account will be rejected by my financial institution.

I must also inform you that I have filed complaints with the Better Business Bureau, the Federal Trade Commission, and my state Attorney General's Office.

I expect a response from your company no later than XX DATE, regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.

Please respond by XX DATE, regarding this matter by US Postal mail or by email only.





Your name
CC:
Better Business Bureau
Attorney General
Federal Trade Commission[/quote]