Pay Day Loan Minnesota
Date: Wed, 05/20/2009 - 14:20
Can someone me if they are correct that they do not need to follow the Minnesota law and they do not have to have a MN license to give me the loan? And...do I have to pay the remaining $375 or just the difference to total the $500 I borrowed?
Thanks for the help
The laws of YOUR state prevail. They are just telling you that i
The laws of YOUR state prevail. They are just telling you that in an attempt to scare you into paying.
They do not appear to be legal in Minnesota..... they must be li
They do not appear to be legal in Minnesota..... they must be licensed in Minnesota. Thus you would only have to pay them back what you borrowed. Call and check if they are licensed.
Quote:
Minnesota State Information 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 |
Can I add on the interest I paid as part of the amount I borrowe
Can I add on the interest I paid as part of the amount I borrowed? Or is that above and beyond the original $500 loan?
If they are not licensed in your state ALL money paid goes towar
If they are not licensed in your state ALL money paid goes toward the principle amount borrowed. They should only get back the 500.00 borrowed. Any interest or fees paid goes toward the 500.00
How do I find out if these payday loan companies are illegal and
How do I find out if these payday loan companies are illegal and how would I go about getting a refund on the over payment?
I sented the letter to each PDL company and closed my bank accou
I sented the letter to each PDL company and closed my bank account. I recieved some paid in full letters(no refunds, of course)and some settlements for the principal amount. Those settlements I agreed to paid via money order mailed to a physical address. But what about the ones who have sent letters for more then the principal, and when I responsed saying I would only pay the principal amount, they sent it to a collection agencies. How do I deal with the collections agencies? The PDL loan is from Eastside Lenders, who I believe is not legal in Minnesota.