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laws for illegal payday lenders

Date: Mon, 02/01/2010 - 12:48

Submitted by ronnie cox
on Mon, 02/01/2010 - 12:48

Posts: 22 Credits: [Donate]

Total Replies: 8


I have just learned internet payday loans are illegal in KY. I have tried to explain this to my lenders and get the same response "You agreed to the loan so you must abide by our state laws". Is there any truth to this? I have also read you don't have to pay anything to these guys(principal or fees) if they are illegal, is there any truth to this? Thanks for any help you may have.


Check out the links that Shazzers has posted, they'll give you the info you need. And if you have questions after reading the links, this is DEFINITELY the place to have 'em answered. When the PDL's say you're obliged to follow the laws of THEIR State it's laughable, especially when you consider many of the PDLs aren't even located in this country!


lrhall41

Submitted by on Tue, 02/02/2010 - 10:19

( Posts: | Credits: )


I have paid down on some of the principal on most of them, one I have paid double the amount borrowed. If the companies are not willing to work with me on this do I have to pay them? According to the DFI of KY all internet loans is considered null and void, they are uncollectable. I will try to work with the lenders but I won't take there BS on the phone. Here are my loans

zip19 - Won't work with you
the loanshop online - have paid them double
us fast cash
instant loans now - paid half
intant cash usa - paid half
ameriloan - paid 1/4
up front payday - paid them 1/4
beacon - have paid them double - can't seem to get ahold of anybody there

Once again thanks for everyones help.


lrhall41

Submitted by ronnie cox on Tue, 02/02/2010 - 13:18

( Posts: 22 | Credits: )


Quote:

Originally Posted by ronnie cox
I have paid down on some of the principal on most of them, one I have paid double the amount borrowed. If the companies are not willing to work with me on this do I have to pay them? According to the DFI of KY all internet loans is considered null and void, they are uncollectable. I will try to work with the lenders but I won't take there BS on the phone. Here are my loans
zip19 - Won't work with you
the loanshop online - have paid them double
us fast cash
instant loans now - paid half
intant cash usa - paid half
ameriloan - paid 1/4
up front payday - paid them 1/4
beacon - have paid them double - can't seem to get ahold of anybody there
Once again thanks for everyones help.

CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Tue, 02/02/2010 - 17:26

( Posts: 17344 | Credits: )