KY Gal

Kentucky requires Internet lenders to be licensed by your state, if they are not licensed by the state of Kentucky then they are NOT a licensed lender, making it illegal for them to lend to KY residents. Try searching for them to see if they have a license to lend at the KY licensee data base, link below:
http://fi.ky.gov/scr/ifs/default.asp?div=cs
Think Cash is not a payday lender, they are an installment type of lender, this means they do NOT have to follow the payday lender laws. When a lender is backed by a bank (First Bank Of Delaware) they usually do not extend payday loans. Also, if you are making payments in increments, whether it be one, two, three, etc., the loan is not a payday loan. Payday loans are defined as a small short-term loan that the borrower promises to repay from the next period's paycheck.

PaydayOne DOES extend payday loan "type" of loans however, but they also extend installment loans, and have been known to be backed by the first bank of delaware. If you are making payments, and not paying the total loan off with your first payment due, it is NOT a payday loan.

Dede,

Contact the Ky Dept of Financial Institutions. Payday One knows that they are to cease and desist in KY -- they were sent a letter by the Ky dept of finance stating this -- also, file a complaint with the BBB. They are one of the few companies that will respond. While payday one may be liscened in some states -- they are NOT in ky... Which is why recently they deleted KY from their list of states they do loans in.

i would also send a report to the FTC, it appears they never should have lent to you in the first place, all you owe is the principal if you have not already paid it already.

I took out a loan with paydayone in Jan 2007, have never actually paid it off, intially received $500, have received a total of $2954.60 deposited into my acc't via ACH deposit (just went over the loan history), and have paid a total of $8021.95 via ACH withdrawals.
That's a total of $5067.35 paid over principal.
I live in KY and did so the entire time of this loan, currently the balance is still $907.20.

Can I follow the steps listed on this site and just get rid of this, or can they come after me in credit reports and collections?

Do you think I am entitled to a refund and if so have a realistic shot of getting one?

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I replied to this but POOF it's gone!

Thanks so much for the advice, I had to wait until today to close my account so that tax return cleared deposit (had already set it up for direct deposit). The lady that helped me didn't know about a ach hard hold, but after I got through her that it was possible by pulling up this site she contacted someone at their help center and hopefully I am done with this. I will be emailing paydayone the recommmended letters, I wish I had found this site long ago.
An interesting note is that paydayone used to email me a payment reminder 3 days prior to a payment being due, and again on the due date. Since January I haven't been getting any emails, but 2 charges came out.

The bank manager tried to guilt trip me about not paying, once I produced my account history and showed her the 200% interest already paid she softened her stance. I showed her the thread about interent payday loans being illegal in KY, she wasn't aware of it (National City - to become PNC next week).

thanks again to KYGal and Shazzers

I am from Kentucky also and I have been fighting this for two months. I have PNC bank and they were wonderful but I had to talk to the Branch Manager to get the ACH hard hold put on the account. KYGal is correct, they know they are not supposed to loan here. After they got my letter from the Kentucky Department of Financial Institutions, they sent a Paid In Full email the next day. I was not due a refund so I am not sure how they will respond to that but I would try if I were you. I recently got DollarQuick to agree to give me $918 back.

It is a good idea to send a letter to the KY Attorney General but don't expect much. I got a letter from them today sayng that I should probably refer my complaints to the KDFI because it was something they deal with. I thought the AG would be interested in companies breaking the law and swindling people out of money but I guess not.

The information on this site works, just keep at it and don't let them intimidate you.

FYI - for Kentucky residents one of the first complaints should be sent to the Kentucky Department of Financial Institutions. They will send a cease and desist letter within a couple of days and copy you on it. I take my copy and forward it to the company via fax and email along with any other correspondence I have for the them.

Is this true!! I can stop paying thses people. They were no suppose to loan here?? So anything i have paid over principle they have to refund? Sorry I am just confused a little.

I have to close my checking account to get this to work??

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I wish to thank all of you for the help. Kentucky Dept. of finance has sent a letter to Payday One for me as well as the one I sent them. I just went to their website to see if they have done anything and they say they do not have my Phone Number or account info. The letter the Dept of finance sent them was pretty much straight and to the point even threatening them with imprisonment!! Looks like this may finally be over!!