877-947-1947 - is this number from Zip19.com?

Hi there -

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


If you can post the following info, we can help you with advice on how to get out of the payday lending cycle:

-name of all lenders
-how much you borrowed from each
-how much you have repaid so far to each one (including any fees or interest)
-whether they are internet or storefront based

We can help you - just hang in there and post that info - then we can help a little more.

they are
ameriloan 350.00 paid 105.00 in finances
loanpointusa 300.00 just reactivated this one have not paid anything
gfsil global financial 275.00 have paid 240.00 fiannces
the cash spot 400.00 have paid 100.00
little loan shoppe 250.00 have paid 75.00 this one said that i would pay 75.00 ten times and it would be paid in full
stcadvance 200.00 just took this one out not paid anything yet
paychecktoday 250.00 have paid 75.00 finances
tendollarpaydayloan 300.00 just reactivated this one have not paid anything yet
oneclickcash 300.00 have paid 360 finances
and all of these are online

jonna, many of your pdls are unlicensed/illegal. Have you looked into closing your bank account? This is the first step in dealing with these pdls, okay? You need to regain control of your money. Once you have your account closed/blocked and have a full paycheck again to pay your bills, we can tackle these pdls. I'm going to post something regarding closing your bank account. Please read this and post ANY questions. We need to get your account "safe" from these guys debiting it any further.

jonna, we can help you here! :D

ok how do i get in touch with the state's attorney general or department of financial institution? What if my bank doesn't want to help? once my bank account is closed then what do i do? I owuld like to keep using my same bank is that ok?

someone should be able to help with contact info for your AG.as far as the bank,you should open a new acct at a different bank,too easy to get your new acct #.even if it is different.

do i need to close my account first then send letters to the pdls? how much should I pay to the pdls? what kind of letter do i need to send? i would really like to stay with my bank, i have been with them for 15 years. how do i go about complaining to the AG, BBB?

yes that is recomended.as far as the ammount goes.you are only obligated to pay back what you borrowed.

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.

oh tennesee is one of those states.anyway,ameriloan and gfsil are not going to be licensed anywhere.
if i am not mistaken tendollar payday is mte as well as ameriloan.

why are these unlicensed and illegal?

One Click, ameriloan, Ten Dollar are all MTE. I think Paycheck Today is too if I remember correctly . . . .


Isn't Loan Point USA a Geneva Roth company?

yes it is so what does that mean? what does taht mean and what did they mean when they said oh tennessee is one of those states

What paul meant when he said "Oh TN is one of those states" is that TN is one of the few state's that allows companies to be licensed in another state and still lend legally in TN, as long as they do not have a physical location in TN. Most state's require that the company be licensed in that state to lend.

What that means when we say the company is illegal is that it isn't licensed in any US state. They have no legal authority to lend money in the US. This also means they have no legal authority to collect interest. And no legal means of collecting on the debt.

oh so I can close my banka account? and I can leagally do this? even though tn allows them to lend here?
ameriloan 350.00 paid 105.00 in finances
loanpointusa 300.00 just reactivated this one have not paid anything
gfsil global financial 275.00 have paid 240.00 fiannces
the cash spot 400.00 have paid 100.00
little loan shoppe 250.00 have paid 75.00 this one said that i would pay 75.00 ten times and it would be paid in full
stcadvance 200.00 just took this one out not paid anything yet
paychecktoday 250.00 have paid 75.00 finances
tendollarpaydayloan 300.00 just reactivated this one have not paid anything yet
oneclickcash 300.00 have paid 360 finances
and all of these are online
so what do i pay back to these people or what do I owe them, because tn does not allow you to renew the loan right
and how do i get in touch with the AG and bbb and what do I tell them
sorry to be such a pain but I don't have a clue as to what i am doing can you take me through it step by step please explain to me exactly what i need to do

Jonna, Yes, you can close your account. You will make alternated arrangements to pay them, like money order or prepaid visa....Right now, you need to concentrate on closing your account so the pdls can not get any more of your money and if you have direct deposit, get your payroll changed...I will go back and see what others have posted...

Jonna, In TN, you do not contact the AG, you contact the TN Department of Financial Institutions, becuase that is the regulating agency for your state. I have posted the contact information for you. The BBB is bbb.org.




You can file with the agencies at any time...I filed after I contacted my pdls and worked out my arrangements. That way, I could tell the agency what the pdl did and what I did about it and provide documentation to the agency verifying my information.

CAnnr posted on your first page about closing your bank account...please be sure to read that. If you have trouble with your bank, you can come back and post and we will help you figure out what to do.

when i send letters to the pdls what do i say to them what do i tell them. And I wood really like to keep the bank that i am with i have been with them for 15 years. can i do that

OK.... This is what I have so far...if I am wrong...please someone correct me..


As Paual and Goudah said, ameriloan, Paycheck Today, Ten Dollar Pay Day and One Click Cash - are all MTE and will be unlicensed

Loan Point is part of Geneva Roth -
GENEVA-ROTH CAPITAL, INC
1338 S FOOTHILL DR STE 325
SALT LAKE CITY, UT 84108
Licensed Utah

GFSIL - unlicensed


Little Loan Shoppe
90 W 500 S # 2001
Bountiful, UT 84010


Licensed in Utah

jonna, I stayed with the same bank. They tell you to use a different bank to be safe and to be sure the pdls can not get your new account information. You just need to ensure the accounts can not be linked in any way. In other words they will not take mone from new accout to cover the old account. I will get a sample letter for you and post it so you have an idea about what to say. You will work on that after you close your account and after we find all the licensing for you...

jonna, here is a link to a sample letter for you to use. You would need to change your information to reflect your situation.....

http://www.debtconsolidationcare.com/paydayloan/outstanding-loan.html

American Consumer Credit - Cash Spot
American Consumer Credit, LLC
9482
Licensed Lenders
42 Read's Way Suite 136
New Castle
DE
19720
Licensed in DE

Jonna, Do you have any information about STC Advance...is this the company name? Do you still have the papers or anything from them that may give you another name.

i just typed in (www)stcadvance.com and it came up maynot exsist and then clicked on that link and it went to it. they did not send me any papers.
ameriloan 350.00 paid 105.00 in finances
loanpointusa 300.00 just reactivated this one have not paid anything
gfsil global financial 275.00 have paid 240.00 fiannces
the cash spot 400.00 have paid 100.00
little loan shoppe 250.00 have paid 75.00 this one said that i would pay 75.00 ten times and it would be paid in full
stcadvance 200.00 just took this one out not paid anything yet
paychecktoday 250.00 have paid 75.00 finances
tendollarpaydayloan 300.00 just reactivated this one have not paid anything yet
oneclickcash 300.00 have paid 360 finances
and all of these are online
on these others what am i supposed to pay them
the ones that are licensed in a state what does that mean for me to be able to do to get rid of it or to pay them
and the ones that are not licensed what do i have to pay them.
in tn on the state law it says that they are legal, does that mean that they are leagal only if they are licensed in tn? i'm confused on that one.
thank you so much for your help

They are legal as long as they are licensed somehwere. That is why I listed the addys too..and so you have them to write your leters to....You will need to propose payment plans with the ones licensed. If the letter I posted to you does not have that let me know..I have one that does. The ones that are not licensed, we do advocate you pay back what you borrowed and that is all you are obligated to do. Have you gotten anywhere with your banking situation?

jonna, I'm going to break it down so that it might make more sense if you see everything all together, okay?

#1. TN will "allow" an internet pdl if they are licensed SOMEWHERE. It doesn't have to be in TN. If they are licensed SOMEWHERE, it will be considered "legal" and you would then have to abide by the pdl law of the state the pdl is licensed in.

2. When we say "illegal", that means they are not licensed to lend. So, they are lending you money illegally. No license to lend.

3. The first thing for you to do is close/block your bank acount. Don't get ahead of the game yet. The most important part is getting the bank account taken care of so that these pdls can no longer debit your account. We can work on the letters, etc. after your bank account is safe. DO NOT contact the pdls/send letters to the pdls until the bank account is to the point to where they can no longer debit. This is very important.

4. Yes, you can stay with the same bank; however, we usually advise to go to a completely different bank. This is just a precaution because the pdls know what bank you have an account at. If you go to a different bank, there is less chance of them finding your new account and debiting it. You can stay with the same bank if you stress to them that the "old" account and "new" account are not linked in any way. You need to be assured (get it in writing if possible) that anything trying to hit your "old" account will not affect your "new" account in any way.

5. After the bank account is straight, then you can fax/email/mail the pdls letters, okay? And you can also file complaints to the government agencies. Make sure your bank account is safe before proceeding.

6. I'm going to go through the threads and post it all together who will be considered "legal" and "illegal" so you can see it all in one spot.

7. I am going to go through and look at your dollar amounts and try to figure out where you stand as far as owing how much to what pdls.

ameriloan - illegal/not licensed to lend anywhere
GFSIL - illegal/not licensed to lend anywhere
Paycheck Today - illegal/not licensed to lend anywhere
Ten Dollar - illegal/not licensed to lend anywhere
One Click Cash - illegal/not licensed to lend anywhere

Loan Point/Geneva Roth - licensed in Utah
The Cash Spot - licensed in Delaware
Little Loan Shoppe - licensed in Utah

stcadvance - we need more information on this one to see if they are legal/illegal. Any information you have on them (check to see how they debit your account/what name they use) give it to us. We can do a search on it.

As it stands (without knowing about stcadvance), you only have 3 "legal" pdls, okay? What this means is that you will have to abide by the state pdl law where they are licensed. I will post those laws for you to see.

These are the laws you would have to follow for Loan Point/Geneva Roth and also for Little Loan Shoppe:

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

These are the laws you would have to follow for The Cash Spot.

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

First I'm looking at the unlicensed/illegal companies:

ameriloan borrowed 350/paid 105/OWE 245
GFSIL borrowed 275/paid 240/OWE 35
Paycheck Today borrowed 250/paid 75/OWE 175
Ten Dollar borrowed 300/paid 0/OWE 300
One Click Cash borrowed 300/paid 360/OVERPAID 60

When it comes to unlicensed/illegal pdls, you are only morally obligated to pay back the principle amount of the loan. Please understand that, yes, they are unlicensed/illegal; however, we do advise to pay what was borrowed. The reason for this is because they did deposit money into your account and you did use that money. That's why we say just pay back the amount they deposited into your account and no more.

As far as your licensed pdls:

Loan Point/Geneva Roth
Borrowed 300
Paid 0
You will unfortunately need to pay them whatever they say, basically. The reason I say this is because, if you look at Utah state pdl law, there are many "no limits". They pretty much are in control. However, one point is that they can not extend it beyond a 12 week period.

Little Loan Shoppe
Borrowed 250
Paid 75
Same as above, unfortunately, since they are in Utah also. And, this just KILLS me. They are keeping it under the 12 week period by stating that you will pay 75.00 ten times (less than 12 I guess!). However, this comes out to you paying $750.00 for a $250.00 loan. Ugh!

The Cash Spot
Borrowed 400
Paid 100
How many times have they extended/rolled over this loan? Did you only make one pmt of $100? Or have you made more than one pmt that totals $100? I am asking this because Delaware law allows only 4 rollovers.

Unfortunately, the "legal" pdls that you have are licensed in states that have VERY lax pdl law. Horrible.

jonna, when it comes to the "legal" pdls, you can have your bank account closed. You just need to contact the legal ones and inform them that you no longer have a bank account - period. Do not let them know if you have a new one. Just deny having a bank account at all. They will want to debit (you do NOT want them to have your new bank account information!) a bank account. No. Tell them you need an alternative way to pay the amount owed to them, whether it be by money order, pre-paid debit card, western union, money gram, etc. I personally lean towards them giving me a mailing address for money orders. It costs a hell of a lot less than the other alternatives.

Now, I know I just threw TONS of information at you. If you have ANY questions at all, please post!

the cash spot i have only done one payment, the laws for the legal ones are confusing so will I have to pay whatever they tell me too? I have every intention of paying the money back. I want too pay it back it's just that they are killing me with all the interest. do I just set up payment dates with them to pay these off.
can anyone help with stcadvance that is all the info that i have?

I can't believe i forgot about a pdl it is paydayone ae they the same as paydayok and paydayselect becuase in tn you cannot get a paydyaok or a paydayselect anymore. but the pdone i have more than paid for i'm sure, i would get it paid down and have to do a increase just to have enough money

PayDayOne is licensed in Delaware. So, you would have to follow the law of Delaware for them, also. Do you know how much you borrowed and how much you have paid on them?

650.00 I had it paid down 20 450.00 but i needed the money for a bill are they associated with any other paydayloans

650.00 I had it paid down 20 450.00 but i needed the money for a bill are they associated with any other paydayloans
ok so tomorrow i need to go and close my account
since i have 3 that are legal what kind of letter do i need to send them

jonna, close or block your account. If you go to close it and they say they can not PROMISE that it will not be forced open due to pending pdl debits, then put a hard debit block on it. Nothing will go through. Do not leave that bank until it's either closed permanently or has a hard debit block on it, okay? As for your "legal" pdls, you can simply type up a letter explaining that your bank account is closed (tell them the bank closed it) and tell them that you need an alternative payment plan. Unfortunately with the "legal" ones, you really can't send the letter was use for the "illegal" ones. It's kind of harsh. :lol: And, since these are legal, you'll have to pay them. However, not by debiting your bank account. Tell them you will need to pay by money order (try to get an address out of them) or pre-paid debit card. You can shoot them an email if you have an email address or call them. Since they are "legal", you'll have to work out an arrangment with someone.

650.00 I had it paid down t0 450.00 but i needed the money for a bill are they associated with any other paydayloans basically i have had this loan fo over a year i have paid it down and then needed the money to pay bills so i would borrow money. it has never been paid off.
so tomorrow i will close my bank account, what about adresses dor the illegal pdls?

I want to pay them, i borrowed the money. is it possible that they may work something out with me as far as paying them off, and can the legal ones do anything legally to me? i just can't keep paying htem all this money, and not have money to pay for my house and get food for my children. sometimes i feel like such a failure as a parent because of this.

You are NOT a failure! OMG! Don't even think that! You just got caught up in the ugly cycle of pdls. That doesn't make you a bad person. No one here is a bad person. Please don't even think you're a failure. You're a human being who got caught in a mess. Look at how many others have done the same thing! Many, many, many. And we are all good people. They will work with you, jonna. All you're telling them is that they can no longer debit your bank account (you don't have one). If they want their money, they will make an alternative payment arrangement with you. I know you want to pay these people. We all do/did. I paid all my illegal ones that I still owed towards the principle. If I owed them the money (just to make the principle amount pif), I gladly paid them. I knew they were illegal; however, I spent the money, so I owed it. They might kick and scream a bit if you don't want to pay their illegal fees; however, they're illegal. Pay the principle amount and demand a paid in full letter. The legal ones, they won't do anything to you if you are making payment arrangements with them. You are not the first, and you will not be the last, to tell these people they can no longer debit your bank account. Look at all the people on this forum. They've all done it. It may have taken some "standing firm", but they most likely will accept another payment other than ACH debits. Don't let them bully you though. Explain to them you are going to pay, but you can't through ACH any longer. No bank account. They should give you other options on how to make payment.

I'm nervous about going to the bank, i know that i shouldn't be but never the less i am. I'm not sure how to go about explaining this to them.

and stcadvance that is all i have on them their web site has no phone numbers or address or anything just payment options

I couldn't get logged in this is jonna
When i go to the bank today and they ask about why i am closing my account, do i tell them that i took out the pdls and did not know that they were illegal what do i tell them? help going to bank soon

Have you read this thread?

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

You don't need to mention the pdl's . . . . The bank most likely won't care, and if you mention them it could actually work against you.

I read it but am stillconfused, then what do i tell them if they aske why i want to close it and open a new one. and put a block on ach debits. it seemed to me that some people were telling thir bank what happened. can you tell me what i need to tell the bank when i go i bank with first citizens national bank

this is Jonna i can't get logged in under my id, anyway went to bank and closed my account. assured me that when account is closed nothing can go thru or force open that account, and if something tries to come thru that is not listed they will call me
so now what do i do?
i have a number for stcadvance.com it is 18006801357
can anybody help with this one.

has any body had any luck with geneva roth(loan point) or paydayone on paying them off or arrangments to pay

That phone number is something else! It comes up as a job recruiting website for various countries. Here's what it has for that telephone number:

YOU WON'T HAVE NY LUCK WITH GENEVA ROTH (LOANPOINT) THEY WON'T WORK WITH YOU AT ALL!