legal in your state

What state? Who is the PDL from? What was the original loan and how much have you paid total so far?
Give us the details so we can help.
also check the stickeys at the top of this forum.

alabama
ameriloan 300
cashnet usa 500
cashcentral 500
city view cash 300
star advance 300

please help i am sinking going to the bank tomorrow to block ach debits hope this will work i am so mad at myself an embrassed that this has happen to me

I know Ameriloan is illegal everywhere. I'm dealing with them myself right now.

I'll see what I can find for you and i'm sure so will others. Don't feel bad SINKING we've all been there. I've seen others on here that have been in worse situations. Just remember it's YOUR money not theirs. The bank is working for YOU not the other way around. You are doing the best you can or you wouldn't be there.
My bank/credit union was totally understanding, and very helpful. they even sent a thank you card for me allowing them to help me, and then stated If I ever get in a tight spot again to "please" allow them to help me and not those money grubbing sharks! LOL Maybe it was because against my better judgement I had to bring my 2 kids along, who knows?
I do know you have the right to revoke ach authorization anytime.
I'm gonna go do some investigating on this, ttfn.

Ps: how much have you paid on each of these?

I have 5 outstanding loans. I've taken the first step of closing my account. I live in Florida and my first question is whether the loans are legal in my state. Once I determine whether they're legal, I need to know what do I do next. Thanks!

MyCashNow: $600
First Bank of Delware: $1385
Eastside Lenders: $390
Advance America (online): $555
PayDayMax: $400

ok try searching here http://www.bank.state.al.us/loan_search.htm
I would try the search all, but especially Alabama Deferred Presentment Services Act licensees Database.

don't forget to read the stickey on closeing your account

there is a cash central listed as a deffered deposite lender Cash Central of Alabama LLC
404 C MLK Jr Pkwy South
Phenix City AL 36869
I belive i've read on this forum that cashnet usa is usually legal
There are several cash USA's but no Cashnet USA
And a City Check Advance LLC No citiview
no star advance,
and OFCOURSE no Ameriloan
but there still is a possibility there listed under another name. My best advice is to ask them.

here are your state laws

Quote:
Florida State Information

Legal Status: Legal

Citation:
Fl. Stat. Ann. ???? 560.401 et seq.; Rule 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
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: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,


Emails to and from the DFI:


Hello,

Do internet based payday loan lenders with no physical location in FL need to be licensed by FL to lend legally to FL consumers? I am trying to help a friend with a huge mess. She has several internet payday loans, and they are saying that they only have to be licensed in their state, and that they can follow the laws of their state, not FL's laws. What is correct? Any information would be very much appreciated!

Thanks!

Reply:

She can file a complaint through our website at flofr.com and under 'helpful information' click on file a complaint. Then click on
finance related and you can download the form. Or click on money transmitters and call the 1-800 number. The Office will review her complaint when received. All lenders must be licensed by Florida, regardless of location, however, the current payday loan laws in place do not address internet businesses. The department is currently looking at other laws to apply to them.

She may also wish to contact Legal Aid in her area, to determine what recourse she may have.

If you have further questions, please contact this Office.

Office of Financial Regulation
Pam Henley
Financial Speci alist
(850) 410-9805

What does this mean?

Internet based companies must be licensed by FL.

No Rollovers are allowed.

sinking this may also help some http://alisondb.legislature.state.al.us/acas/ACASLogin.asp

here's a place to look up licences in Florida
http://www.myfloridacfo.com/Data/AAR_ALIS1/index.htm
but like I told Sinking there still is a possibility there listed under another name. My best advice is to ask them. And do a state name search of Florida in this forum to find out more!

I'd stay and help look up, but I have a combination of Lupus/scleraderma/and rhumetoid arthritis and I've gotta get up and walk now. Hopefully I can get back to help you tonight or someone else could. Otherwise happy hunting! I'll try to catchya soon

Thank you so much for your help

I stopped having my paychecks direct deposited and subsequently all attempts for them to debit my fee's have been returned. They will try odd amounts - sometimes 2 on the same day - occurring more fees for me! Now say I owe $650.00 - I wanted to pay with debit card or money order and they are saying they only accept ACH's and no other options are available. If an ACH isn't possible - how is one to pay? I am wondering if I should even pay them. My initial loan was $250.00.

Do internet PDL's have to adhere to the laws to which you reside in? I live in MN and some PDL's say they have to paydown portions of my loan each month - and other's just pay the fee's. If they don't adhere - is there anything you can do? I know there is always that option to pay down - but sometimes if your not forced to - it never gets paid off!

It depends on Your state laws. Like I live in MT. They are REQUIRED by MT law to be licenced in this state before they offer a MT resident a loan. But they don't all do that. Mine definately did not. Illegal ones don't usually follow state laws.

As far as your checking account goes you'll have to put a hard debit block on it and or close it, checkout the stickey on the top of this forum about closeing your account. Exellent information there.
I know what you mean about them never getting paid off. I was in this payday loan cycle (gulp) 6 years before I recently reached the end. Just December 15th ish I closed my account and sent out my letters revoking ach authorization, etc... I tell you it was Scarey and freeing at the same time.
The more reserch you do the better you'll do handleing this mess.
I really bulked up before I closed my account. LOL I've filled my favorites saving helpful sites, but got most of my info that helped off this forum. I belive you should never belive what your told on face value. Everything I found in my own searches backed up what I learned on this forum.

WE can help with some research etc... There's lots of people here who can answer your questions. I'll personaly help with all I can.
So, The info we need from you is the name of your payday loans, how much you originally borrowed and how much total (including fees) you've paid so far.

I found this in the stickey at the top of this forum.

MN state 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.

That means you need to determine if these companys are licenced any where. and what state laws they're required to follow. Not impossible just more work.

I have a total of 4 loans - the only one giving me problems is National Money Store. My original loan was $250.00 I believe - the fee's were $54.00 - I've been paying on it for a while - I'm sure repaid principal - they are charging me $654.00 to pay it off - stated returned check fee's added onto principle. I actually offered to pay the whole thing off - via debit card or money order - that stated only way they can accept payoff is through an ACH - told them - no access to this. They said oh well - I said - maybe savings account would work - but after all the things they required to do it through my savings account - I decided not to do it that way. After reading this forum - I am not going to pay that whole amount. They continue to try and debit varying amounts from my checking - they are running two debits each pay cycle. which is costing me $70.00 in OD fee's - that's my only concern is the fee's that will continue to accumlate on my checking - BOA won't close the account as you know - it's free money for them!!