payday loans in LA

I can give you the link for your payday loan laws, you can print them out and email them to the company in question BUT, it doesn't state that anywhere. It just stands to reason that YOUR STATE LAW PREVAILS. That's really all you need to say to these unlicensed lenders. They already know this, but they will use any tactic they can think of to make you believe otherwise. Link below:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Lousiana requires Internet based pdl's to be licensed by your state. If in doubt call yourLouisiana Office of Financial Institutions at (225) 925-4660.

I have a $400.00 loan pdl with Nationwidecash.com. Since I started paying them back, I have paid $600.00 in fees and $50.00 in principle. Their interest rate on a 14 day APR is 792% and after faxing them twice denying them permission to remove further funds from my account, they took out $170.00 this morning, $120.00 fee + $50.00 principle, prior to this morning they had removed $480.00 in fees only. I live in Louisiana and they are an internet pdl. I have contacted the BBB, LA OFI, LA AG's Office and last evening IC3. Other than closing my account, what more can I do? I am about to fax them another letter denying them permission again from deducting my bank account and I will also dispute the charge with my bank.

From my experience, closing the account and making payment arrangements was the only way.

Michael,

CLOSE your account asap. You've overpaid. Dont give them another dime. ia m fighting with them too. So far, it hasnt been too bad. NY here.....

Well, Nationwidecash got me before I could close my account. They took out $520.00, this even after I faxed them 2 signed notices that their drafting priviliges had been revoked. I called them and spoke with a Mr Lake and I let him have it. I told him they violated Louisiana law and he said they don't have an office in Louisiana so they don't have to follow the states laws, only Delawares, where their office is located. So now I have paid $1000.00 on a $400.00 pdl. Unfortunately Delaware law allows them to screw people. But it seems I should have some kind of recourse against them because they did withdraw funds from my account after their privilages were revoked. I did file a dispute with my bank.

Well I spoke with Mr Braud from the Louisiana OFI and basically there is nothing I can do. According to him, there is no such thing as a pdl under Louisiana law, that they fall under the Louisiana Consumer Credit law anfd they can charge or loan whatever amount.

Mr Braud also said that they could sue me at whatever the legal limit is of the loan, plus 34% p.a., plus fees. They could also file criminal charges too, if I close the account knowingly owing them money.

Criminal Action: Prohibited
http://www.paydayloaninfo.org/stateinfo/LA.asp