Need Help w/4 PDLs

I don't know all of the specifics on states...but here's what it has on your state:

Illinois Payday Loan Laws

State Legal Status
Lending of payday loan is considered legal in the State of Illinois.

Loan Specifications

• Maximun Amount of Loan - Less than $1000 or 25% monthly gross income
  
• Term of Loan - 13-45 days
  
• Maximum Rate of Finance and Fees- $15.50 per $100
  
• Finance Charge on $100 loan for a 14 day period - $15.50
  
• APR for $100 loan for a 14 day period - 403%
  

• Maximum Number of outstanding loans permitted at a time - 2
  
• Permissible number of Rollovers - None (Rollover cannot be done)
  
• Cooling-off Period - 7 days after a period of 45 consecutive loan days
  
• Repayment Plan - Yes
  

• Collection Fees Amount - One NSF fee of $25 (Presentment limit is equal to 2)
  
• Criminal Action - Prohibited
  

• Regulator - Illinois Division of Financial Institutions
  
• Address - Consumer Credit Section, 320 W. Washington Springfield IL 62701
  
• Phone - (888) 298-8089
  

Check n Go-Did they provide you an installment loan?

My best guess is Check n Go is the only legal lender you have, as Internet payday lenders aren't legal in your state. I would rather Paul Mergel reply to this though, he is from Illinois and can give you more accurate information.

I do have installment loan with Check N Go.

I'm not paulmergel but I can tell you that except Check N Go, no other payday lenders are legal in your state. Check out how to deal with illegal lenders: http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

Quote:

I contacted the Illinois Deivion of Financial Institutions and was told internet paydays loans are legal in Illinois and do not require to be licensed - so I guess I have to pay whatever they want????

Internet payday loans are legal in Illinois only if the company has a license in your state.

National Group is situated in Costa Rica and is no way licensed in Illinois. Same for Cardinal Mgmt and Direct OnLine. SO, YOU DON'T HAVE TO PAY ANYTHING MORE THAN THE PRINCIPAL AMOUNT BORROWED.

Thanks so much for the info. I have already drafted the letters and will be speaking to the bank next week. This sight is so helpful. I was just confused because I read several different things. From what I read, it appeared they had to be licensed and none are. Thanks for confirming. I guess the man I talked to just didn't know!

I was unregistered when I first posted;however, now am registered.

Have a question regarding refund from illegal PDL and closed acct. After I calose my account and send off letters to the PDLs, if by chance they refund do I request in the letter they send it to me, or do I ask bank to accept deposits only on account so my refund can be put in my account?

Thanks for all the great advice.

Went to the bank and they were no help. Have to close my account as soon as I get out of negative balance. Also sent fax to the 3 internet loans today. Haven't heard anything yet. Demanded a refund, so we'll see what happens. Scariest thing I've done for a long time. Sent fax today and got 2 calls today from collection agencies. They left no answer but checked the number on caller ID and it was from collection agencies -- first scammer payday lenders then the scammer collection agencies!