IL Payday Loan Store

I believe store front payday loans are legal in Illinois.

Payday Loan laws in Illinois: -
[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[/quote]

Quote:

Have you already defaulted? If you haven't and this store front is a member of the CFSA you are eligible for the extended payment plan, this is where you pay off this loan in four equal payments and no interest is added to it. Otherwise, I would suggest that you send them a letter, certified return receipt explaining the fact you are with T & C, I would also tell T & C to go ahead and send the payments, if they refuse to accept them, at least there will be a record of it when and if they take you to court. This will show the judge YOU were making an effort to resolve this matter and they were NOT.

Thanks, Shazzer for the response haven't checked this in awhile, but if you defaulted? They faxed a wage assignment to my employer, but they told me about it & since it wasn't court ordered they did not pay it. I have faxed them a Wage Assignment Revocation letter, and T & C called them and they told them that they would not take their payments, what should i do?

Is this an actual PDL or an installment loan? There are not many "true" PDL companies left in Illinois. Most of them switched to an installment product to avoid the tight requirements of the IL PDL regs. It has been many years since I have had any stores in IL and I have not worked under the current regs that were put in place 3 or 4 years ago.

If they take you to small claims court, the "effort" to pay will only aid you in getting a court ordered payment plan, not get you out of paying the debt.

Well, I am not sure if it is a PDL because it was set to the original to be 10 payments to be PIF, I know for sure the loan that i have with IL Lending Corp is definitely an Installment Loan because it was payroll deductions. This is why i don't believe the one in ? is because i needed to go to the store to make payments.

Based on the fact that this is an installment loan, they fall under different regs. I have not had to switch to these and therefore cannot give you any advise other than calling Corp office and try to get ahold of thier VP of Operations. There may also be a number out there to call that will go to someone other than collections or store level personell that can help.

Ok, thanks, I know PLS asked if I could pay the 4 payments I guess it's the EPP, because she wanted me to use a CC/like a prepaid card or something. But she definitely didn't want payments from T&C because they say they would be to low. The best that i could do is like T&C say if they refuse the check & send it back, which like you say if they do take me to court it will show that I attempted to pay this debt. Also, under the Installment Loan Regulation with the IL Dept of Financial & Prof. Reg. it did list that:
You can cancel a wage assignment at any time by contacting the
lender.
?? A lender cannot threaten to use the criminal process to collect on
the loan.

Also, I just faxed over the Wage Assigment Revoke letter to PLS & IL Lending should I mail PLS and IL Lending Corp the letter certified? Do you know what will happen next? Will they abide by the letter to stop a Wage Assigment?

For about $10 you can guarantee that they received it. Next, they will continue with collections and if they use the courts, they will file and you will be served. I, based on what i know about PLS, would guess that there should not be any issues with the WA.

Great, thanks for the info, I called them back & they did say that I have to get it notorized and send it Certified before they would accept it as a stop WA revoke so I will be doing that then this weekend