Payday loan in mississippi

http://www.paydayloaninfo.org/state-information/32

Start there....as I understand it, Check Cashing is allowed, but PDL's may not be.

Is this an online loan? If so, it's illegal and you should follow the advice in this thread. http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

Yes it is a online payday loan. I actually may have paid over 930, I am going to get a total right now of how much I have paid. the loan was for 500 w/150 fee that has been paid over & over & over!

Thanks

Should I stop all ACH transactions from them through my bank? Also Do I email the letter or call them

ok my main question is how do I know if these companies are legal or illegal?

They are all internet loans, and are not in my state, I am in mississippi

Arrowhead
Vince
Kingston
Little Loane Shop (haven't had problems with them)

You'll need to close your account. Blocking the ACH won't work permanently. Ask your bank to either close the account or assign you a new account number. Email them an illegal lender letter only after you've secured your account. Then file your complaints with your state's AG and the FTC. I would also demand a refund of anything you've paid over the $500 principal balance. That's all you legally owe.

i read on some other post that If I just close the account I can have charges b/c of them still trying to debit the account? Where do I get an illegal lender form?? Do I email it to the bank or to Arrowhead?

How do I find out if they are a legal paday online company in Mississippi?

Internet payday loans are illegal in your state. None of the lenders you mentioned are licensed. There is a template for the illegal lender letter in the link I posted above.

Not all online payday lenders are illegal in the state of Mississippi. Here is how you can find out if an online payday lender is legally authorized to operate in Mississippi.

> Go to the company's website
> Locate the "Rates and Fees" or "Rates and Terms" tap- usually on top or bottom of the Home page.
> Click on it
> You'll see a page with a US map or a list of all the states where the company is licensed to operate.
> Find Mississippi and click on it.
> The next page will show the terms of all loans the company makes in Mississippi. Most lenders will also display a copy of the state license on this page.
> If Mississippi is not on the list, the company is not licensed in the state.

If you don't find "Rates and Fees" link on the company's home page, it means that the company is not a direct lender. It means that the company may be a loan-matching service provider, loan broker or leads generator.

In general, you are better off taking out a loan from a direct lender. It is cheaper and easier for you to manage.

Wayne, if you read the payday loan laws in Mississippi it clearly states:
Legal Status: Legal (Applies to check cashers only)

You are right. As you know though, all the check cashing service providers make payday loans and all of them operate online. So, all Internet payday lenders are not illegal in the state of Mississippi. Wouldn't you agree?

Check cashier implies there must be a paper check involved, that's how I understand it, however, you have a good point.
http://www.dbcf.state.ms.us/documents/cons_finance/final_check_cashing_regs-2-20-2003.pdf

Ok I got it settleted with Arrowhead, thanks so much for all of your help, & I am supposed to getting a refund from them for the amount I over paid. However I am having problems find any website on Vince, Kingston & Little Loane shoppe? Any suggestions on these?