Ameriloan

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

It was a $200 loan with payments do every month of $60

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).

I paid a $180. I just want to make sure they are not licensed in Illinois before I send the letter. Thanks for all the help

No problem - just pay them back the $200 you borrowed from them, and if you feel compelled to pay them back the interest allowed by your state, that is up to you. It's a personal choice. But since they are unlicensed in your state, you may just want to pay them back the $200 principal and call it done.

Thanks so much. I can rest a little easier tonight

No problem, glad to help! :-)

Once you send the C and D letter contact Intercept EFT, ask for Cindy 1-800-278-3328. Let them know that you have revoked your ACH authorization but they will continue to debit your account. Take the same letter to your bank to stop the ACH there as well.