payday hell

Hiya Steve and welcome, we need more info before we can proceed with any advice, meanwhile I will post your payday loan laws, but please provide us with the following information.

-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.

Minnesota allows an Internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in.
[quote]Minnesota State Information

Legal Status: Legal

Citation:
Minn. Stat. ???? 47.60 et seq.

Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
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%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:

Where to Complain, Get Information:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy,, Deputy Commissioner[/quote]

thanks for the reply

my loans are as follows...........payday1,cashnetusa,loanpointusa,ameriloan,oneclickcash
payday1 for 500.00
cashnetusa for 1000.00
loanpointusa for 600.00
ameriloan for 300.00
oneclickcash for 300.00
these are all internet based loans
and thanks again for responding.........
steve

How much have you paid on each loan?

payday1-0....just started and was over drawn
cashnetusa-750.00 all int
loanpoitusa-450.00
ameriloan-270.00
oneclickcash-270.oo........i think this is correct
thanks steve

Loan Point USA - I think they're licensed in Utah, but I'm not sure of that, perhaps someone else will have some info on them. If so, then you will need to follow the laws of Utah.
1-800-351-8820 Ext: 304
1-800-351-8830 Fax
[email]kroddy@loanpointusa.com[/email]

CashnetUSA is usually legal, therefore, you will need to make payment arrangements with them.

Payday One is also a legal lender, same as above.

ameriloan- unlicensed/illegal, this means you are only obligated to pay back the principal amount.

oneclickcash- illegal/unlicensed.

My advice to you is to make payment arrangements asap with the legal lenders, tell them you had to close your account due to some illegal activity and will need to make payments via USPS. After you have these arrangements made with the legal lenders, close your account asap! I am going to post some info for you, this only applies to the illegal lenders.
[quote]
I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

I have a payday loan with ameriloan I have paid the 90.00 every 2 weeks since September 19th. I borrowed 300.00 from them and I called to make arrangements to pay them off but they wont let me talk to anyone that could help. Im from Utah and i read that they are illegal. Do I only have to pay them back the priciple of the amount I borrowed.

I settled with ameriloan through the BBB. File a complaint, secure your bank account and send them a cease and desist letter. I paid $1185 on a $600 loan. When they responded to the BBB they mad me sound like the scammer but in the end they wrote off my account and considered it PIF. They also said I could not be their customer anymore....I was sad lol