Is Internet loan biz licensed in my state?
Date: Thu, 07/22/2010 - 16:43
I live in IL and have 2 payday loans out.
Now I am reading here that if the companies are not licensed in IL they should not have loaned me money and by law I only have to pay back exactly what I borrowed.
This is Fast & Reliable and My Cash Now. Where do I go to find out of they are licensed to do business in IL?
At first I was able to pay these loans back over a 3 month period, but my financial situation has taken a turn for the worse and now I can barely pay the principle each month.
Now I am reading here that if the companies are not licensed in IL they should not have loaned me money and by law I only have to pay back exactly what I borrowed.
This is Fast & Reliable and My Cash Now. Where do I go to find out of they are licensed to do business in IL?
At first I was able to pay these loans back over a 3 month period, but my financial situation has taken a turn for the worse and now I can barely pay the principle each month.
Illegal in Illinois
Both Fast & Reliable and My Cash Now are not licensed to offer payday loans in Illinois. To find the companies which are licensed to work in Illinois, you can check out the following link idfpr.com/dfi/ccd/licensees/PaydayLoanLicensees.pdf.
Since both the companies are not licensed to work in Illinois, you're not legally bound to pay them off except the principle amount that you've taken.
Thanks. Fast & Reliable of course is saying I agreed to the ter
Thanks. Fast & Reliable of course is saying I agreed to the terms in DE, where they are located, so those laws apply.
What can I do to proove to them they are wrong? How should I proceed?
