Payday Loans in Michigan

Ho Pottercl,

I am going to post the law's for Michigan, a payday lender must be licensed to lend in the state:
Quote:

World Wide Cash: Internet:Loan Amount:200
DJR Group LLC: Internet:Loan Amount $350
Ameriloan: Internet: Loan Amount $ 300
Oneclick Cash: Internet: Loan Amount Left $225 Orginial amount $ 400
Cash Advance Network: Internet: $250 Orignial Amount $ 300

I will have to look at my banks statement to see how much I have actually paid including fees. I do know that they take out almost $500 twice a month.

Thanks for your help with this

well first your states law says that you cannot roll over the loans. So if you are making payments does it go to just the interest to roll it over?

I have delt with one click cash and they do not hold a license. So if they are not licensed in your state you only have to pay back what they borrowed you nothing more. So the payments you have made go towards the original amout of the loan. You need to contact you state on these loans. Some of the companies may say that they go by the laws of the state they are operating in, that is BS. It goes by the laws of YOUR state. and they are not allowed to roll over the loans. And your state also says that there is a repayment plan available. So check into it by contacting your stats AG or DFI (department of financial institutions) They will be able to tell you more about the repayment plan stated in the law.

I checked the companies:
World Wide Cash - not licensed
ameriloan - not licensed
One Click Cash - not licensed
Cash Advance Network - not licensed
DJR Group - ? not sure, probably not licensed

What I would do is close your checking account or have a hard debit block put on it, that way they can no longer access your money. Then I would send them a letter advising that you are revoking your authorization to debit your account, any wage assignments you may have signed and advising that all future contact must be through the mail or email. Once you figure out how much you have paid them, you can also ask for a refund if anything is owed to you.
I would also file reports with the BBB, FTC & attorney general.

I had world wide cash, once I reported them to the BBB they dropped off the face of the earth. Of course they were also the company that owed me the most in a refund...but I'm happy they left me alone. I also settled through the BBB with Ameriloan and have dealt with Cash Advance Network as well.

I emailed a copy of the law that you gave me and the customer service lady that I have emailed serveral times said that she would not respond to any more of my emails and that I could call but DJR is located in the West Indies so they didn't laws. I signed a contract and contact her only when I am ready to pay the loan off. I wasn't even mean or rude. I have gotten loans from them before didn't even mention that I have way more in service fees than I should have. Didn't ask for a refund or anything she asked her to look at the law.

Wow.

Looking at the contract with oneclick cash it states that the governing law is the location were the lender is not were the loan is provide. So does that mean that even if Michigan has a law because I signed the contract it doesn't matter that they are not licensed and charging twice what they should?

It may say that, but one click had to go by the laws in my state. When I was dealing with one click they kept saying that I had to go by the laws in their state but when I called them on it, they backed down and offered me a settlement. I did still owe them money though. And for them to enforce something like that they would have to be licensed in the state they were operating out of and they don't.

thanks for the info. How were you about to contact them. I have sent two emails so far and no response at all.

I know that everyone is saying that if the are not licensed in your state that I would only be responsible for the prinicipal but how can I find there that is stated in written so that I can sent it with my emails to some of these companies

There really isn't anything written saying that you have to do that. It is just the right thing to do. They loaned you the money, but they didn't hold a valid license in your state so the contract is null and void. If you go to your states website it will say that they have to be licensed to lend in your state. So copy that into your letter and then tell them that you are going to apply what you have already paid in roll over fees towards the original amount of the loan. Then you will pay that amount by money order only. I e-mail them back and forth. My loan was already in default. Let me go look at my e-mail and see which ones I used.

I forgot about this, you need to go read this, it is from the state of Nebraska http://www.ndbf.org/searches/Orders/20070824_SFS_Inc_dba_One_Click_Cash.pdf

This is the e-mail that I used
compliancedepartment(at)oneclickcash.com

I took out 1 payday loan, and then 4 other companies deposited money into my checking account, which I didn't authorize, and they took money out, I had close my checking account temporarily, put stop payments on the companies, and now 2 are trying to get me to pay like $50 every week until it is paid, and I think the money they received should have paid it off, and the other won't take payment arrangements though I told them I didn't authorize it. What do I do? Is there a letter I can write to tell them to stop asking for my money?

Close your account before they take everything! You should start a new thread about this as you will get better responses.