Clarifying
Date: Tue, 03/01/2011 - 15:30
I have 3 internet payday loans with Speedycash amount owed (principal) 475.00
Cashnetusa (principal) 180.00 AceCashExpress (principal) is 150.00. I am in Louisiana and have seen conflicting stories on the forum about Speedycash and Cashnetusa being legal payday lenders here. I went to the office of financial institutions website and did not see either one of them licensed in my state. I can no longer afford to pay anymore and am unsure what to do next. I have talked to my bank and am closing my account and reopening another. Also I was reading some of the legislative passages that were recently passed here and it stated that they cannot refuse a payment greater than 50.00 so that being said once I close the account can I send them monthly payments greater than 50.00 to payoff or will they sue me? Also Louisiana law states that the maximum for a payday loan is 350.00 and Speedycash lent 500.00, Sorry so long just was confused
Cashnetusa (principal) 180.00 AceCashExpress (principal) is 150.00. I am in Louisiana and have seen conflicting stories on the forum about Speedycash and Cashnetusa being legal payday lenders here. I went to the office of financial institutions website and did not see either one of them licensed in my state. I can no longer afford to pay anymore and am unsure what to do next. I have talked to my bank and am closing my account and reopening another. Also I was reading some of the legislative passages that were recently passed here and it stated that they cannot refuse a payment greater than 50.00 so that being said once I close the account can I send them monthly payments greater than 50.00 to payoff or will they sue me? Also Louisiana law states that the maximum for a payday loan is 350.00 and Speedycash lent 500.00, Sorry so long just was confused
If the payday lenders are not legal in your state, then you won'
If the payday lenders are not legal in your state, then you won't be liable for paying them any extra fees or charges. You did the right thing by closing your bank account as they won't be able to deduct money from your bank account. As they are illegal in your state, they won't be able to sue you for any debts.
