Are any of these licensed????

You can actually look up this information yourself by clicking on the link below. :)

http://www.tennessee.gov/tdfi/compliance/Lic_DP.html

I am also posting the link for Payday Loan Consumer Information site, for you. If you should need any help, please feel free to ask, there are a lot of very knowledgeable people here who are willing to give you VERY good advice on how to deal with PDL companies. :)

http://www.paydayloaninfo.org/

Shazzers, in TN the loans are legal as long as the company is licensed in another state. So that's why this person is asking . . . . He/she can't look it up on the TN site, since they aren't looking for a TN license.

You will find the Payday loan laws for Tennessee here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Email to and from TN Banking Dept

Hello,

I'm trying to make sense of the payday loan laws in Tennesse. How would I go about calculating the allowable interest?

Thanks!

Response

From: Steve Henley
Sent: Friday, March 02, 2007 1:08 PM
To:
Subject: Re: calculating pdl interest

Dear Ms , technically it is not an interest rate but service fee and this is how it works. The fee cannot exceed the lesser of 15% of the check amount or $30. So if you have a check amount for $100, the service fee would not exceed $15 (15% x 100). Keep in mind the fee is on the check amount, not cash amount. If the consumer requests $100 in cash, the check amount would be $117.65. The check amount of $117.65 x 15% equals $17.65, and cash is $100 ($117.65 - $17.65 = $100). If the customer asks ... "how much should I write the check for if I want $50?"

You can back into the check amount by taking $50 and dividing it by 85% or .85. In other words $50 divided by .85 = $58.82. You can verify by multiplying $58.82 x 15% = $8.82 service fee. $58.82 - $8.82 = $50.

Remember the service fee is limited to $30 on all checks exceeding $200.

I hope this helps but please let me know if you have other questions.

615-532-6993 Steve Henley

Reply:

Hello,

Can you tell me if internet based payday lenders with no physical location in TN need to be licensed by TN to lend legally? Or would they only need to be licensed by another state? And which state's laws would they need to follow?

Thanks!

Response:

From: Steve Henley
Sent: Monday, August 27, 2007 8:12 AM
To:
Subject: Re: Internet Payday loans

Dear Ms , our statute does not address internet activity, but to obtain a license from Tennessee the entity must first have a physical location in this state.

Please let me know if you have other questions.

615-532-6993 Steve Henley

What does this mean?

They can charge 15% of the face value of the check in fees.

Rollovers are not allowed.

Internet companies do not need to be licensed by TN. As long as they are licensed in another state they can lend legally. They must follow the laws of the state they are licensed in.

Zip Cash is licensed out of New Mexico. That is the only one I know of off the top of my head.

ameriloan is not going to be licensed anywhere.

i also live in tenn and have a loan with ameriloan and eastside lenders amerilaon is not licensed anywhere eastside told me they were licensed in delaware but refused to give me the license number and cant find a record of them being licensed anywhere read my post titled payday loan hell in tenn the people on here were very helpfull i know every situation is diffrent but maybe some of the help they gave me can help u also

goudah2424
Quote:

i thought 500 fast cash was MTE too.someone will correct me if i am wrong.

Cash Transfer Centers are not going to be licensed anywhere either.

Loan Shop and Loan Point USA may be the same company. They are also unlicensed.

M1Y Direct and Lazer Lending are also unlicensed . . . At least I could not find a license for them or find anyone who had found a license in the past.

500 Fast cash is an MTE company.

Yeah, so they are unlicensed too.