Pdl's in Minnesota
Date: Tue, 11/04/2008 - 19:46
Paydayone --450
usfastcash---455
are these legal
Quote:Minnesota State Information Legal Status: Legal Ci
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 |
so now ?.......
All my loans are internet
Cashnetusa 900--paid 250--owe 750
Paydayone 500--paid 219---owe 450
Usfastcash---500--paid 105--owe 455
I reside in Minnesota
I'm pretty sure they are violating minnesota laws --1) they rollover 2)two of them maybe all three are charging at least 461% intrest , this is over the amount mn allows
I'm not sure how to proceed from here-- what should I do?
Hi mj, Here is some additional info for MN: Quote:What does
Hi mj,
Here is some additional info for MN:
Quote:
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 did some research:
CashNet - legal
Paydayone - legal
USFastCash - illegal
I'm waiting to hear back from the state--- as to what I should d
I'm waiting to hear back from the state--- as to what I should do next..........
I am closing my checking and savings and opening at a different bank to start
That is a good start, at least that way you know that you are ba
That is a good start, at least that way you know that you are back in control of your money.
Once that is done you can work out arrangements with the 2 legal companies, they will want their money back, but you can try to do it on your terms.
new minnesota law says they have to be lic in minnesota as of de
new minnesota law says they have to be lic in minnesota as of dec 1 2008 fyi
