pdl help in MN

i have 3 loans out i have asked for a extension and they can notgive it to me if i close my accounts my checks that i have out there will come in and bounce what do i do please help me

My bank was super nice when I told them what was going on. I paid all of my "checks" and bills but they closed my account that day and I think I only was awaiting two things to come in other than the PDL and they paid the other things that I wrote down check numbers on and returned the PDL closed account.

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

GFS
loan shoppe
e payday loan yes

The above will not be licensed/legal in your state.

Apple Fast Cash, is this a Personal Loan?
money and more I'm not sure about. :?

Would you mind posting the total amount borrowed, and total amount paid back? Thanks! :)

Is "guest", "dawnrapella", and "guest" again all the same person?????

no, Guest is same person but dawnrapella--no

guest, can you post the exact amounts that you have paid to your pdls? That would help a lot. We can see where we stand. I see that you posted that you paid Apple approximately 1,000.00 for a 350.00 loan. Leaning towards "not legal" on this one. If you could post the total amount paid to each one, it would be great. We can help you! :D

Sorry I forgot one:

Cash Net Usa current balance 563 amount borrowed 450. Payment bi-weekly 75 only $5 a payment was actually applied per extension the rest was interest/renewal fee's. Paid 600 so far to this company

GFS- borrowed 380 paid 50 bi-weekly current balance is 300

Apple Fast Cash borrowed 350 paid variable payments usually were 61-81 depending on loan balance this account also decreased by $5 each renewal. When I closed my checking they added on 2 return check fee's and several extenstion fee's until they sold it to a collection agency. I have paid 1,000 to this company so far and have basically gotten nowhere! company is at 1010 Concord Ave, Suite 204 Wilmingotn Deleware 19802

epayday loan borrowed 300 paid 50 bi-weekly paid them a total of 100

loan shop borrowed 390 paid 50 bi-weekly owe 287 but collection agency added on a fee to service the pdl? not sure of address but phone number is 1-866-951-3229 they also called and email me at work

money and more balance Amount Financed
$255.00 , finance Charge $45.00 Total Of Payments $300.00 Annual Percentage Rate
429.41176 paid 45 bi-weekly paid them 405 so far apparently nothing has been applied towards balance only renewal fees
MONEY and MORE
41615 FLORIDA Ave
Hemet, CA 92544

Phone: 866-788-2825

So what is my next step? Where do I go from here?

Do I file a complaint in MN since I am from MN or in the PDL companies states or where?

Also they are all telling me that I signed the contract knowing the terms. I have paid so much money to these companies and gotten no where and now have larger balances on some of these than when I started shouldnt it be going the other way? How can i fight a contract that I signed?

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


Emails to and from the MN Banking Dept:

From:
Sent: Monday, March 26, 2007 3:44 PM
To: Financial.Commerce(at)state.mn.us
Subject: Payday loan questions

Hello,

I have a question about internet payday loans. Do these need to be licensed in MN to be legal? Also, how do I calculate the legal amount of interest they can charge me according to MN laws? I see the laws state:

Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

So for a $300 loan how would I calculate the interest? And since no rollovers are allowed and the companies I have loans with have rolled them over countless times, would I be correct in saying that they are breaking the law? I've been told by several of them that they don't have to follow MN laws, even though they solicited me, because they are licensed in the state that they are located in. Is that correct?

I really appreciate any help or direction you could give me!

Thanks!

Response:

From: Terry Meyer
Sent: Tuesday, March 27, 2007 6:40 AM
To:
Subject: FW: Payday loan questions

First we don????????t license lenders that are domiciled in other states. Minnesota law does not have a long arm statute and allows residents to seek loans wherever they want. Solicitations via the internet or ads do not place the lender in Minnesota, only a physical location would [the exception being residential mortgage lenders].

The way to calculate the APR for a 14 day loan is either using a T-I calculator. A fast check using the example for a $100 14 day loan is;
$15 finance charge divided by the $100 loan [proceeds of the loan, or amount financed] = .15, or 15%
.15 divided by the number of days in the loan, or 14, gives you the daily rate of .0004109589
Multiply that number by 365 [days in the year] = 3.91071428415, or 391.07% APR

Does that help ???????? and in Minnesota rollovers or refinancing is not permitted. Name the MN lender and file a complaint.

Reply:

From:
Sent: Tuesday, March 27, 2007 8:45 AM
To: Terry Meyer
Subject: FW: Payday loan questions

Terry,

So to make sure I understand this, a payday loan company located in another state doesn't have to be licensed to lend to MN consumers. But do they have to follow MN laws about rollovers and interest? Or can they follow the laws of the state in which they are located in?

Thanks for you help!

Response:

From: Terry Meyer
Sent: Tuesday, March 27, 2007 6:58 AM
To:
Subject: RE: FW: Payday loan questions

It is similar to credit cards ???????? I would bet, assuming you are a MN resident, that none of your credit cards are from banks located in MN. The Supreme Court ruled in both 1978 that rates, and 1996 that fees could be imported for credit cards issued by out of state lenders to other states borrowers. Its agency law. The use of the laws of the state in which the lender is licensed is required.

Please explain your interest and the firm you represent.

Reply:

From:
Sent: Tuesday, March 27, 2007 9:04 AM
To: Terry Meyer
Subject: RE: FW: Payday loan questions

Terry,

I don't represent any firm. I was just trying to get some more information about the laws governing these kind of loans. The reason I was curious about the specific point of if state law governs out of state pdl's is because where I live, Oregon, they do have a law saying that out of state pdl's much be licensed in OR and follow the laws of OR. I was hoping the same thing applied to MN, because in that case all his pdl's were grossly overcharging him.

Thanks!

Response:

From: Terry Meyer [
Sent: Tuesday, March 27, 2007 7:30 AM
To:
Subject: RE: RE: FW: Payday loan questions

Good luck ???????? we recently received a complaint on a Payday loan from Malta. Since MN doesn????????t have a law like OR each state would have to be contacted for their payday loan law to determine if a violation occurred.

What does this mean?

There are very specific rates they can charge you depending on the amount loaned.

Rollovers are not allowed.

Internet companies can lend legally as long as they are licensed in another state. They must follow the laws of that state.

I am still confused so they do hav eto follow MN laws what about if I signed the contract?

I was seeing on the site that there is a difference between rollovers/extension?

who do i follow a complaint with? can you give me the address?

They would need to follow the laws of the state they are licensed in. Not MN.

So what do I do now? Where do I start.