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Illegal Payday loan companies

Date: Thu, 02/28/2008 - 06:13

Submitted by jjones
on Thu, 02/28/2008 - 06:13

Posts: 51 Credits: [Donate]

Total Replies: 146


I was trying to find out which of these payday loan companies are illegal. US Fast Cash, ameriloan, USA Payday loan, E-payday loan, and EZ Payday loan? Can you help me with this? Thanks so much!


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.


lrhall41

Submitted by goudah2424 on Thu, 02/28/2008 - 08:52

( Posts: 7935 | Credits: )


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!


lrhall41

Submitted by jjones on Thu, 02/28/2008 - 08:57

( Posts: 51 | Credits: )


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.


lrhall41

Submitted by goudah2424 on Thu, 02/28/2008 - 09:00

( Posts: 7935 | Credits: )


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

Quote:

DATE

Name and Address of PDL

After doing research on internet payday loan laws in the state of YOUR STATE' S NAME, I have found that your company is not following the law. Per YOUR STATE'S NAME laws:

INSERT YOUR STATE LAWS HERE

I have contacted the YOUR STATE Office of Financial Institutions and the YOUR STATE State Attorney General????????s Office regarding your internet payday loans.
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 plus XXX (the legal amount of interest) 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 request a physical address to mail payments to, as you are no longer authorized to debit my bank account. I will not Money Gram or Western Union any payment. If no physical address is provided for me to mail payment to, no payment will be made.

I request 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.

Do not contact me via telephone at my place of employment or my home telephone number, or calling my references listed on my loan.

You are also hereby notified that I am revoking any voluntary wage assignment I may or may not have signed.

I am revoking your right to debit in any way any account I may be a signer on. This includes any future accounts.

I have filed complaints with the Better Business Bureau, the Federal Trade Commission, my states Dept of Financial Reg, and my state Attorney General's Office.

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


Your name


cc:
YOUR STATE Attorney General
YOUR STATE Dept of Financial
FTC
BBB


Cannr - If you are still on, will you PM your letter? I think it's got more in it then this one . . . .


lrhall41

Submitted by goudah2424 on Thu, 02/28/2008 - 09:08

( Posts: 7935 | Credits: )


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]


lrhall41

Submitted by volleyballmom on Thu, 02/28/2008 - 09:29

( Posts: 4143 | Credits: )


That is a good question . . . Since you are only sending this letter to the illegal companies, yes, you would use TN.

If you were sending this to a company that was licensed elsewhere, but for some reason was breaking the laws of the state it is licensed in, then you would use that state's name.


lrhall41

Submitted by goudah2424 on Thu, 02/28/2008 - 09:47

( Posts: 7935 | Credits: )


Yes -

ameriloan
MTE Financial Services
Phone: (866) 213-0268
Fax: (866) 539-7503
Address: 515 G S.E.
Miami, OK 74355

Cashnet 500 Financial (E-PayDayLoan)
Phone: (800) 654-7444
Fax: (800) 887-9284
Address: PO Box 572037
Murray, UT 84157
(www)cashnet500.com
(www)e-payday-loan.com


lrhall41

Submitted by goudah2424 on Thu, 02/28/2008 - 09:56

( Posts: 7935 | Credits: )


Yeah, I saw those addy's for USA Payday, but those look like storefronts to me . . . That is the part confusing me. I am not convinced that either of those addresses are the company jjones actually has the loan with . . . .

J - You don't by chance have any paperwork for them? Can you look on your bank statements and see if there is a phone number associated with the transactions?


lrhall41

Submitted by goudah2424 on Thu, 02/28/2008 - 11:48

( Posts: 7935 | Credits: )


that is correct,they are storefronts in illinois.
they are popping up almost like starbucks out here.


lrhall41

Submitted by paulmergel on Thu, 02/28/2008 - 11:52

( Posts: 15514 | Credits: )


well two i know of are in hanover park,and aurora.
efforting all the info.


lrhall41

Submitted by paulmergel on Thu, 02/28/2008 - 12:00

( Posts: 15514 | Credits: )


usa payday probably loans over the net too.all credit lenders,who i will payoff tomorrow alsoloans over the internet.they are also storefront.
i came up with two addresses for usa payday loans.

7450 barrington rd.
hanover park il
630-289-8900

1048 n. farnsworth ave.
aurora il
630-585-0347

the web was no help so i looked them up locally.


lrhall41

Submitted by paulmergel on Thu, 02/28/2008 - 12:19

( Posts: 15514 | Credits: )