PDL Hell
Date: Sat, 01/31/2009 - 12:03
I live in Missouri. Between my husband and myself, we have 7 internet payday loans. I feel really stupid because this is the second time that I've gotten into this mess and swore it would never happen again. This time, I've gotten myself and my new husband involved.
The first time, someone had tried to debit my account for $4,000. Some thief had gotten my banking info and the bank said this had been done online and they said there was a ring of people around the U.S. who had tried to access my account. They felt it was some weak link in their online banking system and closed the account and reopened a new one for me. Therefore, I did not close my bank account intentionally and was not a candidate for criminal prosecution as I had the bank to back me up on it. At that time, I had several internet payday loans and it was probably one of their shiesters who had filtered my banking info to others who were trying to debit my account. Anyway, I was then on equal footing with them and I dealt with the legal ones and basically told the illegal ones to go fly a kite.
After that experience, you'd think I'd learn but I was single then and didn't have much of an income to deal with. When I married, my husband had a good income but bad credit because of a divorce, etc. We ran into some financial difficulties and I thought we could try a payday loan and since he made good money, we could pay it off quickly.......NOT! There is no winning with these people. I think they would break a rich person if they tried them.
So, here we are again. I feel guilty because my husband didn't ask for this mess and I should have known better. We have two loans with Cashnetusa who has offered us extended payment plans. We have one loan with Speedy Cash and only owe them $125 and should be able to take care of that pretty easily. We owe Paydayone around $400. These are all legal and will have to be taken care of.
Now for the one that troubles me.......Pay1day or Soloman Finance in Wisconsin. We have 3 loans with them for a total of $500 with interest of $130 every two weeks. They are legal in Wisconsin (supposedly or so they advertise on their website). On the contract, it says "I acknowledge that this transaction is taking place in Wisconsin". Well, unbeknownst to dummy me, Wisconsin has literally NO REGULATIONS on payday loans at all! Missouri is extremely weak but Wisconsin gives free reign to do whatever they want to do. At least Missouri has a 75% cap on interest......apparently Wisconsin has none. We have already paid over 75% on one of the loans, have almost paid it on the other two.
So, here is the question to all you out there who know the laws on these things.......even though stupid me signed a contract that acknowledged that the transaction took place in Wisconsin, whose law applies? Can they legally sit up there in Wisconsin and rob the rest of the country blind just because of ignorance? I have always understood that the law of the state where the borrower lives is the one that applies but with the wording of that contract, I don't know.
Someone help us, please!
The first time, someone had tried to debit my account for $4,000. Some thief had gotten my banking info and the bank said this had been done online and they said there was a ring of people around the U.S. who had tried to access my account. They felt it was some weak link in their online banking system and closed the account and reopened a new one for me. Therefore, I did not close my bank account intentionally and was not a candidate for criminal prosecution as I had the bank to back me up on it. At that time, I had several internet payday loans and it was probably one of their shiesters who had filtered my banking info to others who were trying to debit my account. Anyway, I was then on equal footing with them and I dealt with the legal ones and basically told the illegal ones to go fly a kite.
After that experience, you'd think I'd learn but I was single then and didn't have much of an income to deal with. When I married, my husband had a good income but bad credit because of a divorce, etc. We ran into some financial difficulties and I thought we could try a payday loan and since he made good money, we could pay it off quickly.......NOT! There is no winning with these people. I think they would break a rich person if they tried them.
So, here we are again. I feel guilty because my husband didn't ask for this mess and I should have known better. We have two loans with Cashnetusa who has offered us extended payment plans. We have one loan with Speedy Cash and only owe them $125 and should be able to take care of that pretty easily. We owe Paydayone around $400. These are all legal and will have to be taken care of.
Now for the one that troubles me.......Pay1day or Soloman Finance in Wisconsin. We have 3 loans with them for a total of $500 with interest of $130 every two weeks. They are legal in Wisconsin (supposedly or so they advertise on their website). On the contract, it says "I acknowledge that this transaction is taking place in Wisconsin". Well, unbeknownst to dummy me, Wisconsin has literally NO REGULATIONS on payday loans at all! Missouri is extremely weak but Wisconsin gives free reign to do whatever they want to do. At least Missouri has a 75% cap on interest......apparently Wisconsin has none. We have already paid over 75% on one of the loans, have almost paid it on the other two.
So, here is the question to all you out there who know the laws on these things.......even though stupid me signed a contract that acknowledged that the transaction took place in Wisconsin, whose law applies? Can they legally sit up there in Wisconsin and rob the rest of the country blind just because of ignorance? I have always understood that the law of the state where the borrower lives is the one that applies but with the wording of that contract, I don't know.
Someone help us, please!
Pay1day or Soloman Finance????
Anyone have any dealings with these people? Are they legal? Do we operate under Wisconsin law (where they are) or under Missouri law (where I am)? Need info desperately.
thanks!
Quote:Now for the one that troubles me.......Pay1day or Soloman
Quote:
Now for the one that troubles me.......Pay1day or Soloman Finance in Wisconsin. We have 3 loans with them for a total of $500 with interest of $130 every two weeks. They are legal in Wisconsin (supposedly or so they advertise on their website). On the contract, it says "I acknowledge that this transaction is taking place in Wisconsin". Well, unbeknownst to dummy me, Wisconsin has literally NO REGULATIONS on payday loans at all! Missouri is extremely weak but Wisconsin gives free reign to do whatever they want to do. At least Missouri has a 75% cap on interest......apparently Wisconsin has none. We have already paid over 75% on one of the loans, have almost paid it on the other two. |
Are these Internet loans or store front loans in WI ? Internet lenders must be licensed in the state of Missouri in order to lend to Missouri residents. In other words, if these are Internet loans they lent to you illegally, however, I'm not quite certain about this waiver but it sounds rather fishy to me, they wouldn't have asked you to sign it if they were lending legally in the first place.
