HELP. I really need direction in this matter. How do I do this?
Date: Wed, 01/28/2009 - 15:14
I have had loans through:
Cityview
247 Advances
Cash Central
signmyloan.net
fast cash (whic I can't find to pay 0ff, they just keep debiting me)
ameriloan
500fast cash
cityview (which I also can't get ahold of)
mycashnow
paydayloanyes
integrity advance
cashnetusa
I was able to secure funds to make payments so that they, hopefully, will quit debiting my checking account, but I think that most, if not all, were illegal and I'd like to get the some of this money back if I am able to.
I am a Minnesota resident. Do I have any recourse??
Seems you guys are all so smart about this. I wish I had come here before I got myself into this trouble!
First here are the laws of your state. Quote:Legal Status: Le
First here are the laws of your state.
Quote:
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 |
I am sure a handful of those are illegal and I will start looking. I am sure some posters will be along that already know if they are.
We need to know how much the original loan was for and how much you have paid.
I will tell you that not a lot of people get refunds. Most are happy with a paid in full.
You really need to secure your account. Whether you put a hard debit block on it or close it. The companies will continue to debit the account. Some illegal ones will even debit week or months later even if you have paid them in full.
You might have success getting a paid in full for your account f
You might have success getting a paid in full for your account from integrity advance....but, I wouldn't count on the refund.
More information... MN state allows an internet based payday
More information...
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.
The following pdl's are not licensed to lend in MN. I'm not sure
The following pdl's are not licensed to lend in MN. I'm not sure about the rest, except I do know CashNetUSA and Cash Central is legit and most likely does not fall under the Payday Loan laws as they usually operate as a CSO (Credit Service Organization) or installment type of loan, they are perfectly legal in what they charge. Also PaydayOne is a legit pdl lender, you will need to make payment arrangements with them.
Below all illegal:
ameriloan
500fast cash
247advances
fastcash-advance (also known as Payday Yes)
MyCashNow
paydayloanyes
Here are a few of the amounts. I have arrangements with all but
Here are a few of the amounts. I have arrangements with all but 2 for complete payoff with my next paycheck. I will be paying out nearly $6000.00 to get all of my cash advance acounts closed.....that doesn't count what I have already paid to them. SO what are yout thought on the ones I have been able to research & list so far?
Cityview Loan amt $300/paid so far $500.00 ($50 of this is principle)
247 Advances Original loan $200/paid so far $222
Cash Central original loan $300/paid so far $75.00
signmyloan.net
fast cash (whic I can't find to pay 0ff, they just keep debiting me)
ameriloan original loan $300/total paid $180.00
500fast cash original loan $300/total paid $180.00
cityview (which I also can't get ahold of) original loan $300/total paid $500 ($50 of which is principle)
mycashnow
paydayloanyes original loan $350.00/total paid $420.00
integrity advance
cashnetusa
Illegal/Legal Payday Loans
I have read that many of the payday loan companies are illegal. What does that mean exactly? Does it mean it is illegal for a state or that it operates illegally?
I am looking for help, but when I talk with someone at my bank I want to know what I am talking about. I live in the state of Nebraska and have the following internet/online loans:
Little Loan Shoppe: Borrowed: $300 Paid: ~$735
Ameriloan: Borrowed: $300 Paid: $445
Cash Supply Borrowed: $475 Paid: $400
United Cash Loans Borrowed: $200 Paid: $180
Iadvance Cash(Integrity Advance)
Borrowed: $400 Paid: $200
The Cash Spot Borrowed: $400 Paid: $0
I want to pay all these off. I certainly don't want to go into default. But LLS and Ameriloan which both should be paid off are still debiting my account. United Cash Loans states that my pay off is still $260 even though I have paid them $180. This is out of control. Thank you for your help!
Quote:I have read that many of the payday loan companies are ill
Quote:
I have read that many of the payday loan companies are illegal. What does that mean exactly? Does it mean it is illegal for a state or that it operates illegally? |
It basically means they are operating outside of the law, unlicensed, illegal interest rates or fees, etc. The laws for payday loans are different in each state.
CLICK HERE to locate your state laws. Nebraska requires Internet
CLICK HERE to locate your state laws. Nebraska requires Internet based pdl's to be licensed by your state. There are quite a few of yours that are not, I will post that info in a minute, hang on. :)
Little Loan Shoppe: Borrowed: $300 Paid: ~$735 The are illegal a
Little Loan Shoppe: Borrowed: $300 Paid: ~$735 The are illegal and owe you $435.00, it's hard to say whether or not you could get a refund but filing complaints will help you.
little loan shoppe???
Nelson, Dee
1801 W Broadway
Suite 201
Spokane, WA 99201
us
+1.5093288600 Fax: +1.5092321108
Ameriloan: Borrowed: $300 Paid: $445 is illegal and they owe you $125.00.
Ameriloan is not licensed anywhere in the U.S.
3531 P Street NW Miami, OK 74355
Phone 800-362-9090
Cash Supply Borrowed: $475 Paid: $400- I am unsure of them.
Cash Supply
Ph: 800-416-8907
United Cash Loans Borrowed: $200 Paid: $180
United Cash Loans are part of MNE and are not licensed anywhere.
UCL (800) 279-8511
3531 P Street, NW
PO Box 111
Iadvance Cash(Integrity Advance) - I am unsure about them.,
Borrowed: $400 Paid: $200
The Cash Spot Borrowed: $400 Paid: $0
You are only obligated to pay back the principal amount you borr
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.
[quote]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]
okay...how about the ones I posted up above? Looks like someone
okay...how about the ones I posted up above? Looks like someone tagged on to my topic & got their questions answered, but mine still remains unanswered. Are any of those that I posted illegal in MN, and if so, what do they owe me back?
Thanks
This is all I could find so far. Cityview Loan amt $300/paid
This is all I could find so far.
Cityview Loan amt $300/paid so far $500.00 ($50 of this is principle). It sounds like they are charging rollover fees. Rollovers are illegal in MN. You are done paying them. They own you $200.
247 Advances Original loan $200/paid so far $222. Illegal. They owe you $22.
Cash Central original loan $300/paid so far $75.00. They are legal.
signmyloan.net fast cash. I can't seem to find much info on this one.
ameriloan original loan $300/total paid $180.00. Illegal. You only owe them $120
500fast cash original loan $300/total paid $180.00. Illegal. You only owe them $120.
mycashnow. Illegal
integrity advance
paydayloanyes original loan $350.00/total paid $420.00. Illegal. They owe you $70.00
cashnetusa
Help dose anyone know if getecash is leagal or illleagal also i
Help dose anyone know if getecash is leagal or illleagal also i head that the laws have changed in minnesota now they have to be lic. in minnesota even if they have no phycal presents in mn is that true?
Help dose anyone know if getecash is leagal or illleagal also i
Help dose anyone know if getecash is leagal or illleagal also i head that the laws have changed in minnesota now they have to be lic. in minnesota even if they have no phycal presents in mn is that true?
MN now regulates payday loans so they must have a license in MN.
MN now regulates payday loans so they must have a license in MN.
I did not find getcash on the list of licensed lenders.