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Ameriloan

Date: Sat, 05/17/2008 - 15:48

Submitted by anonymous
on Sat, 05/17/2008 - 15:48

Posts: 202330 Credits: [Donate]

Total Replies: 8


Can anyone tell me if they are licensed in Illinois


Guest -

Is this an installment loan or a payday loan? One way to tell is by how much they loaned you - was it more than $300 -$500? Many installment loans will loan up to $3000 - and for the most part, the installment lenders are legal - and you can't treat them like a payday loan.

I did a search of Illinois' database of lenders - ameriloan did not show up at all, in any form. However, payday lenders are known for going by several different names and D/B/A's (Doing Business As names). If you received any loan documents or anything that has information about the loan, please check it for any other company names that might be helpful.
You will find the Payday loan laws for Illinois here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Also, here is the link to the regulator's website to file a complaint if they are not complying with the law shown above:

http://www.idfpr.com/dfi/admin/complaints.asp


lrhall41

Submitted by SUEBEEHONEY70 on Sat, 05/17/2008 - 16:18

( Posts: 4583 | Credits: )


Guest -

How long have you been paying on this loan, and how much have you repaid? If you've repaid the original $200, send them a letter detailing your payments and cite the payday lending law for your state as I showed it above - make sure you tell them you know they are not licensed in your state, and that you want your account marked paid in full. And file complaints with both the Better Business Bureau (BBB) and your state regulator (link shown in my post above).


lrhall41

Submitted by SUEBEEHONEY70 on Sat, 05/17/2008 - 16:27

( Posts: 4583 | Credits: )