Illegal lenders in us.

TN law states that payday lenders have to be licensed in a U.S. state. Let me do some research and I'll get back to you on these.

You can check for yourself in the licensee database of Department of Financial Institutions. The following is the link to the page: tennessee.gov/tdfi/compliance/Lic_DP.html

I don't think any of these loans are legal in Tennessee. If they are not legal, then don't pay them a penny more than the actual amount borrowed.

First, go here:

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

The regulator in your state is the Tennessee Department of Financial Institutions. I would try contacting them by phone @ (615) 741-2236 and see if they can direct you to anywhere that would show the lenders you have loans out with are licensed and legal to operate in your state. I couldn't navigate your state's site, otherwise I'd try to get info on those places' ability to lend to you.


You indicate you have the following loans out:

500 Fast Cash $450.00
Omni d/b or Beacon $200.00
IEG $400.00
International Equity Group/Paradise $400.00
Big Sky $400.00
Ace Financial $350.00
National Paydayloan.com $300.00
Paydayloanyes.com
EZ Payday cash $533.00
Global $300.00
Solomon/Pay1day.com $300.00
Paydaymax.com $150.00

Your states laws, on the other hand, suggest the following:

Max amt of loan - $500
Term of loan - 31 Days (max)
Maximum rate of Finance & Fees - $30 or 15% of check (whichever is less)
Finance Charges on $100 loan for 14 Days - $17.65
APR for $100 loan for 14 day period - 459%

Number of outstanding loans permitted at a time - Three (limit of two per licensee)

Rollovers are not allowed


Were any of the lenders in question store front lenders, meaning you went to a physical location and got a loan? I can tell by most of the names that they are online lenders. Look at the contracts you signed and see if any of the lenders are operating outside the confines of TN law.

I would look into closing your accounts or putting a them on deposit only while you sort things out with the lenders. If the lenders were acting illegally, you are only responsible for the principal amount of the loan.

500fastcash is illegal.
Beacon Financial Group is illegal. I'm assuming Omni is the CA that's coming after you for this one.
IEG is out of Nevis and is illegal.
International Equity Group / Paradis - also illegal.
Big Sky is illegal.
Ace Financial? I can't find anything on them. Is this Ace Cash Express? Or possibly Ace Cash Services?
National Payday Loan is illegal.
Payday Loan Yes is illegal.
EZ Payday Cash looks like it's licensed and claims to be a member of the CFSA so you should be able to invoke an extended payment plan.
Global is illegal (same as payday loan yes).
Pay1Day/Solomon claims to be a member of the CFSA and should allow you to invoke the extended payment plan.
Paydaymax is illegal.

So you have 2 legal loans that you can ask for an extended payment plan. One undertermined and the rest are illegal because they are outside of the U.S. Check out this thread for how to deal with the illegal lenders. http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html