Need Payday Loan Help!!!!!

For those internet based companies that are illegal lenders you are only obligated to pay back the principle amount of the loan. Cashnet USA is a legal lender and you will have to pay them back according to your contract with them. Contact Cashnet, they are easy to work with and will set up a payment plan. The only way to stop these lenders from accessing the money in your bank account is to close it. You can put a block or make your account deposit only but those are not fail safe methods. You need to revoke your ACH and wage assignments with each of them, file complaints with the AG, FTC and BBB in your state against the illegal lenders. You can purchase a money card to make your payments and if these lenders will not accept payment that way you'll need to demand a current mailing address for them to send either a money order or cashiers check. Be sure to keep good records, don't make any deals over the phone with illegal lenders.

Hi, Carol. Welcome to the forum. Wisconsin has pretty lenient laws regarding PDLs. There is new, proposed legislature for 2011 but, that's of no help to you right now.

As Buzz stated, CNU is legal and should give you an EPP (3 equal payments to pay off current balance with no further interest charged). PayDayOne will do the same but they usually give you 5 payments.

Let me do a little research on your others lenders to see which aren't situated in the U.S. Those are the ones that will be illegal. Your first step, however will be to close that bank account. Your money will never be safe again if you don't.

I'll be back with more info shortly.

Thank you both for your responses. I welcome an addtl advice you can give.

Carol

Carol, I have to run for a bit but I will be back in a couple hours. I'll get you some answers then, unless someone else can get them to you before that.

Can I email the companies to revoke ACH and wage assignment authorizations or is a letter the better way to go. I know I have to close my account -- once I get that done should I contact the companies right away to let them know I need to make alternate payment arrangement i.e. mailing money orders?

Do not waste your money sending letters to the illegal PDLs. And, since many of them are outside of the US, it will cost you more without any result. Close your account, send the mails to the illegal lenders and then file cases with the BBB, your states' AG and the Wisconsin Department of Financial Institutions.

I need help as well. I am also in WI. I had several payday loans.Some are willing to work with me on payment plans other are not.

The ones I am most worried about are Loan Point USA and nationwidecash

They have been hitting my bank account for the last 2 months trying to collect. My bank account is negative 1400.00 + and will likely be closed soon. I tried working with the bank to stop these accounts, they told me I needed to bring my account current (was 900.00 negative at the time) and there was a chance a new ACH could force the account back open, even if I closed the account.

I am fearful of another bank account I have at a different back. Can these places legally take money from an account I have not given them the information for?

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Hi Everyone,

I checked with the WI DFI database for licensed lenders best I could and it looks like most of mine are licensed. The three I can't find anything on are 500FastCash, Payday Loan Yes, and 247 Greenstreet. Could anyone confirm for me that these lenders would be illegal lenders?

Thanks!

Hi there, I think Americash had their license revoked, let me double check that.

Do you happen to know the address (state) where you obtained a loan from Americash? Their license was revoked in KS.

OOPS -- I had the name wrong -- that lender is Ameriloan at ameriloan. I can't find anything in the WI license database for them. So my current list of lenders that wouldn't be legit is 500FastCash, Payday Loan Yes, and 247 Greenstreet, and Ameriloan. Please if you know that any of these are legit let me know.

Edited: Active links are prohibited per the TOS. Shazzers

Ameriloan and 500fastcash are one in the same. They're illegal.

247 Greenstreet is Kingston, also illegal.

Payday Loan Yes is also illegal.

I've been reading other posts -- BTW great info everyone -- and it seems that in WI the payday lender must only be licensed i.e. in any state to be legal. Given this can someone confirm that it is still true that 500FastCash/Payday-Loan-Yes/Ameriloan/247Greenstreet would be illegal lenders in WI......

affirmative.all of those are illegal.

Thank you!!!!!!

Hi Everyone --

I am considering handling my outstanding payday loans using a debt management plan thru a non-profit Greenpath Solutions. Has anyone had any success with this?

Carol

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