Payday Loans

BGTRIBE,

The first thing you have to find out is if the are LEGAL lenders in your state.

If they are ILLEGAL in your state you dont need a service your going to have to pay to settle with the lenders.

By law, all you have to pay back is what you borrowed. So the best thing to do is call them and explain to them they are Illegal and your willing to pay them back the amount borrowed. See if they will set up a payment plan of some type for you.

In my case on one that I settled with, I borrowed 300 and paid back 390.00. I figured they were in business and because they agreed on a easy payment plan I paid back the 390.00. That was the initial amount. But you dont have to do it that way. I did.

Thank you for the information. How do you find out if the loans are illegal?

I wouldn't recommend hiring a debt company until you find out whether or not or lenders are licensed to lend to your state residents. The reason for this is if these lenders are not licensed they are going to be difficult to negotiate with, if they will at all. Also, why pay someone else to do what you can do yourself. List the following information, we may be able to help you free!
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.

Thank you for the info. How do I find out if the company is illegal?

Thank you for the info. How do I determine if the company is illegal?

THanks Shazzers. Here are the companies:
-Names of each pdl company. - CheckNGo, $1500 - Refianced 5 times and the loan amount is $1450. Paradise Loans - 500 borrowered 250 left. Cashjar 1000 borrowered 950 left. The Loan Shop - 500 borrowered 400 left. Integrity Advance 500 borrowered 500 left. Advantis Financial 500 borrowered 500 left.

All internet loans
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I reside in Ohio

I'm embarrased with these and want to get rid of them!

I'm sorry I just had a post and now they are gone. I know I'm doing something wrong

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As far as the rest of your lenders, forget them for now, deal with the legal lender and get it taken care of, you can come back to the illegal lenders later. Meanwhile, CLICK HERE to find out how to deal with illegal lenders.

Thank you so VERY VERY much for this information. As of last night, I was not sure what I was going to do. This is a breath of fresh air. One that I have not had in awhile. I did contact CheckNGo yesterday and they did say they could only offer a refi b/c of the state I reside in. I will be calling them back with the info you have provided.

A couple of other questions if you don't mind:

1) I'm going to be closing my bank account on Monday. Do these people typically call my references even if they can get a hold of me?

2) I will be emialing the PD lenders with the info you provided. When I tell them I will be paying back the principle do I include all of the previous payments that went to interest or do I need payback what the principle is they have on file?

Thanks again, you're info is wonderful!

Shazzers - Thought you might be interested. I just got off the phone with CheckNGo and told them they are required to offer the EPP. They said they can do that after the refi's. I have two left. I explained to them the money will not be there on the 15th. They said it will then go to collections who would work out a payment plan with me.

THanks again!

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I called and did not give my info to cashjar and they are stating they are allowed to lend legally in Ohio. I have been looking at some other threads and still am not exactly sure how to determine if a lender is illegal in Ohio. Plus I told them a loan over 500 in Ohio is not allowed. Is the reason they are illegal is because of the esignature?

Thank you again for all of this info!

I spoke to the Ohio department of Commerece yesterday and they said they have no jurisdiction over any internet payday lenders. So these companies have free reign and I'm not sure how they are deemed illegal. Just the info I got thought I would share.

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Lenders have to be licensed by the state of Ohio in order to make loans in the state of Ohio. The majority of these internet lenders are NOT licensed. Shazzers is absolutely right. Close your account and send those letters. They will argue with you, but if you stand your ground, they will eventually give in.

You want to include any money you've paid to them toward that principal. You may have already overpaid some of these illegal loans and, if you have, include a demand for a refund in your letter. The Loan Shop refunded about 50% of the money I overpaid them.

Good luck!

I did and that is who routed me to the Ohio Department of Commerce. I will call them back