Help with my PDL's in Illinois

Hello and welcome to the site.

Just by glancing at your list, I see 4 of them already that are illegal. How much have you paid to all of these places so far. Towards the bottom of my post you will see a link for Illinois Laws. Check out that link and you will see the laws PDL's are supposed to follow regarding Illinois residents. It looks like all of them are pretty much over charging you.

I have paid alot because they keep rolling over so I pay that fee every 2 weeks and have been paying it for some of these over 6 months. So do they have to follow Illinois law even though I signed saying it would be governed by the state they reside in?

I think IL does not allow rollovers, or if they do, only one rollover is allowed. And yes, they DO need to be licensed in IL in order to lend to IL residents. The fact that their contract states that you are governed by where they are located is baloney!

I'd say if you have been paying for almost six months, you have surely overpaid them.

Please list the total amounts paid to date for each loan and we can help you further.

I am trying to get together how much I have paid these companies. I have paid pay day one $650 and they do keep rolling over the loan even though they are licensed in Illinois. What's up with that? Also I got a call from CTC last night and informed them of IL law and she spoke with a supervisor and told me that they did not have to follow that because they were a member of MALTA. What is this? and is it true? I also need a sample of a cease and desist letter for these people so they don't start contacting my employer or family members.

[/quote]Legal Status: Legal

Citation:
Ill. Comp. Stat. Ann. ???? 122/1-1

Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
apr for 14-day $100 loan: 403%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor

Quote:

Loanshop Online is mean. Anybody have any dealings with them. I have paid them in 120 on a 400 loan. I told them I know I need to pay what I owe but I am not paying any extra and cited IL law. they told me they are internet and are everywhere and I signed their contract so I am obligated by it. I stood my ground and told her I didn't think they could because they were not legal. she stated they were and would not help me and wanted $520 now and that they were coming after me. I'm a pretty worried now can they actually do something to me. by my calculations I owe them around $342 and am willing to work something out. Please help I'm now afraid to call my other 7 pdl's.

CTC borrowed $350 pay back that plus $91 every 2 weeks for probably a year
Paycheck today borrowed 200 paid back 60
Loanshop Online borrowed 400 paid back 120
United Cash Loans borrowed 250 paid back 150
Instant Loans Now borrowed 500 paid back 150
Integrity Advance borrowed 500 paid back 0
ameriloan borrowed 250 paid back 150
PayDay One borrowed 500 paid back 655.86

Please help i'm scared and don't know what to tell these people or do.

Back in Dec. I borrowed $500.00 from Iadvance cash. The fee was $150.00. Since Jan.23, 2009 they have been debiting my bank account for 150.00 to 200.00, 185.00, 170.00. The grand total to date is $1425.00! Plus the customer service representative said that I still owe a balance of $260.00.! These people are stealing out of my checking account. I have paid for the loan twice and then some. Every two weeks the money comes out. What recourse do I have? This is predatory lending. I live in Florida. The company is based in Delaware. HELP!!!

You defiantly need to put a block on there transaction. PDL's must be liscened in Illinois and are not allowed to rollover. There is also a limit as to what they can charge you. So the most they were legally supposed to charge you was 77.50 for the whole $500. I would send them a letter stating the Illinois laws and that you have well overpaid what you were supposed to and I would copy the IL AG on that letter as well. Let them know you will be filing a complaint if they don't close your account and consider it paid in full. If you want to go a little further you can try to demand a refund. I read a few threads of people actually getting there bank to return some payments if they are not to old. I believe you have 60 days to do that.