PDLs in Wisconsin

Ok with WI it is tricky. There is no set limit to what they can charge. But even if they are not licensed in WI does not make them illegal. If you went searching on the internet for the loans then WI law does not apply. But if you answered an e-mail or answered something in the mail THEN and only then will they have to be licensed in WI.

If you answered e-mails, then you only have to pay back what you borrowed. If you are having problems with any of these telling you that you owe hundreds of dollars more than what you borrowed because you closed your checking account then go to the WI DFI website and file a complaint. They will start a file and help you deal with them.

But if you could list who you have loans through I could try and help you with the ones I had loans with. I am also from WI and have worked close with someone from the DFI. Heck I had so many that when I call her all I have to do is say my first name and she knows who I am. I have sent many to her and she helped them also.

I have loans with Ameriloan, Integrity Advance, Magnum Cash Advance, My Cash Now, Check N Go, United Cash Loans, Impact Cash USA and they are all internet loans

Check n go IS licensed. Even though it is through the internet they are still licensed in WI.

I am so sorry but I have only delt with check n go but that was a storefront.

Let me do some checking to see if I can find if any of the others are licensed.

I only found Check n go in the database. I have an e-mail in to the DFI about the check n go on-line.

Are you in default with any of these?

Here is a post about Ameriloan you may want to check out

http://www.debtconsolidationcare.com/paydayloan/nebraska-ameriloan.html

Thanks.

No I am not in default with any of them. I have had loans with them in the past and paid some of them way more than the principle. An example is for one of them i borrowed a total of 950 and paid them back 2070 on the loans. Can I look for a refund on these?

You can try. Some have had luck but some just got a paid in full.

One thing you will want to do is close your checking account or put a deposit only on that account. This way you won't be making any more payments. Then you will get calls after they find out they will not be getting anymore money from you. This is where you start sending out letters telling them about not being licensed and that you only have to pay back what you borrowed and that the payments you already made go towards the principal amount. Then tell them how much you have paid, how much the loan was for and how much you have over paid. tell them that you either owe them so much more or that you are due a refund and you want your account marked paid in full. You can send these letters by e-mail or by USPS but send them cert. mail with return reciept requested. This way you have proof that it was sent out and they signed for it.

If you type in the name of the company in the search box at the top right of the page, it will bring up posts that others have made and you can get some ideas on what to expect from the company.

I am still waiting for the reply from the DFI about check n go. I will post as soon as I get it.

I got a response from the DFI about check n go on-line

Quote:

And if you have any problems with the unlicensed/ (or even licensed lender) contact DFI they are great to work with and usually answer within a few hours if you send them an e-mail.

Now I'm really confused. I had thought WI was tricky, but look at the different advice I was given on page 6, the 2nd post. I still can't figure out if all PDLs are legal if I sought them out. Or...are One Click Cash and My Cash Now illegal no matter who sought out who?

Yes Sonja WI "IS" tricky :x
From the info I was given from the WI DFI if you replied to an e-mail for the loan and they are not licensed in WI then they are illegal. But if you went looking for a loan, that makes a difference. I believe that the lender still has to be licensed in the state they are doing business in though. So those would still be illegal. But you would have to contact the WI DFI on that one to be sure.

Ok, that does make sense. I did go online looking for the loans. I'm thinking specifically of One Click Cash and My Cash Now. From everything I've read, they do not appear to be legal anyway. So even though I solicited them for $, they still have to be licensed to be legal. At least I think that's correct.

yes

I have learned something here about WI Law, that is great info to have puddlejmpr, thanks for sharing.

Well, here is my 2 cents...

When I spoke to Janelle at the WDFI last summer regarding offering internet lending, she stated that a lender must be licensed. I could use my storefront license as long as the loans were processed from the same location or get another license if the loans were processed from an alternate location.

The bottomline is that you must have a license to lend in WI.

The quote above about check n go was from Janelle. She is the one who takes care of licenses. The other info about answering e-mails and seeking out internet loans came from a different department in the DFI that I was working with when all my internet lenders CA's were threatening me. Thanks for your info PDLOwner :D

Yup Pdl Owner, that's what Kathleen said as well with mine, when I was having trouble with 500fast cash(imagine that). They actually never responded to her. Her words were when I asked about if they ever responded "They must think they are above the law".

Collection agencies must also be licensed in WI in order to collect. (if they don't appear in the search, just contact them and they will let you know, they may be licensed under a different type of license which would make them able to collect)

They debited me three times in one day (when I defaulted). Ohh, and for the record WI Banking division is recommending Check 'n'go change their ach debit process, and WI Banking Division thought that was uncalled for.
Whether they do or not.. that's another story.