Internet Payday Loan companies

I live in NJ too, and the laws of NJ prevail. Before sending your letters you should have closed your checking account. Once they know you are defaulting they will debit your account. Close your account immediately.

They will start contacting you once you've defaulted. You can let them know that you're only paying back what you borrowed. If you've overpaid, demand a refund.

Before you do anything, check out the stickies on this site about closing out your checking account and dealing with illegal lenders.

I replied to your PM.

Thank you I change closed my checking account yesterday, I sent out letters and I also filed complaints with the FTC, BBB, Banking and insurance Comission which responded to one of my complaints already saying they were forwarding it to the department of public safety and law. I really hope this works because a couple of those loans I paid at least 3 times over!

thanks for the advice I can sure use it.

This is the response from My payday loan

Centro Colon, 8 avo piso, Oficina 8-4
San Jose, Costa Rica
Phone: 888-269-2303

March 9th, 2011



Dear Danette Robinson,

In acknowledgment to the letter we received by fax, we would like to clarify the issue pertaining to the transaction you originated with our organization.

All correspondence from Mypaydayloan.com is copyrighted property and you had to consent to this in order to even apply.

Specifically, the website states:

"Except where expressly provided otherwise herein, all emails, comments, feedback, information or materials submitted to Mypaydayloan.com through or in association with this web site ("Submissions") shall be considered Mypaydayloan.com's copyrighted property. By providing such Submissions to Mypaydayloan.com, you agree to assign to Mypaydayloan.com all worldwide rights, title and interest in the copyrights and other intellectual propertyrights to the Submissions."

Any publication of such info is in direct violation and you will be pursued vigorously by our legal counsel including severe financial penalties for publishing copyrighted confidential information. You can see such disclosure at the beginning of our site after your email has been validated and before you proceed with the application.

In regards to contract venue, you were required to consent to “avail yourself to Costa Rican law” which you did willingly and unsolicited. Had you not agreed to that you would not have received the advance.

Specifically, the contract states:

"GOVERNING LAW: Both this agreement and the application is considered to be executed at our offices in San Jose, Costa Rica, and this transaction and agreement with us shall be governed by, construed, and enforced solely in accordance with the internal laws of Costa Rica."

In addition, not only did you avail yourself to Costa Rican law and agreed to be governed by it, independent US case law also supports contract venue, even had you not agreed in advance to such venue, which you did. Jurisdiction over commercial activities had been proven to be based on a "sliding scale" determined by where the preponderance of activity has occurred. You are dealing with an unsolicited transaction to a Costa Rican company with servers, offices, employees, and all other important elements of the transaction taking place there, including contract venue rather than your state of New Jersey, where nothing has taken place. Please refer to the case of Zippo Manufacturing Company vs. Zippo dot com, Inc. 952F Supp 1119,1124 (W.D. Pa. 1997).

Furthermore, specific contract venue law even provides more clear-cut evidence pertaining to the controlling venue for a contract. The formal validity of a contract is to be determined by the "lex loci celebrationis" which is the law of the place where a contract is made. The Hogue-Kellog principle applies that a contract is deemed to be executed where the final act is done
which is necessary to make it binding. See Hogue-Kellog Co. Inc., v G.L. Webster Canning Co., Inc. 22 F3rd 384, 385 (4th Cir.1927). This transaction was not binding until reviewed and approved by MyPaydayLoan.com, once we received all information from you to make a decision to enter into the agreement. Hence, the final act to make the transaction binding was in our
jurisdiction, Costa Rica, not yours.

Lastly, any comment about specific interest rate caps based on your state would not apply anyway since this was not a loan in the first place. You engaged in a check advance agreement with us, not a loan. There are important differences which are a benefit to you and should be clarified. You were charged a fee per $100 dollars advanced. Based on the fact that it is a fee and not interest there is no "accrue" element to this transaction. When you defaulted you were not charged more money based on the time the advance is still outstanding (beyond your initial late fee and NSF fee, if applicable). In addition, the second important function differentiating this transaction as a fee instead of interest is there is no compounding. Any unpaid fees under an interest scenario would have a compounding component where any unpaid charges would be included in the "interest" calculation and added to the unpaid balance for purposes of determining the total amount owed. This is an important difference since there is no compounding of "interest" on any unpaid balances with our transaction. As such, usury would not govern
this transaction since it is a fee. This principle is no different than when your bank charges
you an overdraft fee to cover a check where there are not enough funds in the account to cover the check. You were advanced funds based on your next check from your employer, so whether that was 5 days away or 20, the fee is the same. There was no interest charged and laws governing interest are not applicable.

Hopefully, instead of trying to change the rules that governed the transaction after you received your advance from us because it suits you, you will honor what you already agreed to pay whether you paid attention or not. You need to satisfy your obligation in full, in order to avoid further collection activities and penalties. Your Balance is $477.50, we are willing to allow you to submit 4 payments of $119.38, and these payments would need to be received biweekly. Your first payment will be due immediately. We will need your response by Friday 03/11/11, in order to set your account up properly.

Please govern yourself accordingly.

Sincerely,

Blanca Rojas
MyPaydayLoan.com
Notice of Confidentiality: The information included and/or attached in this electronic mail transmission may contain confidential or privileged information and is intended for the addressee only. Any unauthorized disclosure, reproduction, distribution is expressly prohibited without express written permission from the company. If you believe that you have received the message in error, please notify the sender by reply transmission and delete the message without copying or disclosing it.

This is the one from Everest Cash advance

have sent you a copy of the contract that you signed and if you would scroll down to paragraph 12 it states:

12. Governing Law. This Agreement is made and accepted in the West Indies, and shall be governed by the law of the West Indies, without regard to its choice of law rules, except that the arbitration provisions will be governed by the Federal Arbitration Act. This governing law provision applies no matter where you reside.

Customer Service Department
Everest Cash Advance
866-794-3244 toll free
866-794-3247 fax

ATTENTION: To ensure that you are receiving your reminder emails please add us to your address book in your email account. To help us better serve you please make sure that you are contacting our office no less than 3 full business days prior to your due date to. Should you be directed to our voicemail, please leave your first and last name, your loan number and or social security number, so that we may return your call, or you mail email us at [EMAIL="customerservice@pdlsupport.com"]customerservice@pdlsupport.com[/EMAIL] with any questions or payment. Thank you for your cooperation and we look forward to doing business with you.

RENEWING: By not scheduling a payment of any kind you are choosing to pay only your finance fee. In which will automatically extend your loan to your next pay date, and will accrue a new finance fee. The finance fee does not apply toward your principal balance at any time. You must contact our office no less than 3 business days prior to your due date if you wish to pay off or pay down on your loan. On your 5th due date your loan will automatically pay down by 5% of the original principal balance plus your finance fee on your due date, and will continue to pay down by 5% of the original loan amount in addition to the finance fee until the loan has successfully been paid off.

PAY DOWNS: In order to pay down on your loan you must contact us no less than 3 business days prior to your due date to pay toward the principal balance of you loan, in addition to the finance fee for the current period. By paying down on the principal balance your finance fee will decrease for future due dates. If you do not contact us we will only debit the finance fee and your loan will automatically be extended to your next due date.

DISCLAIMER: This message (including any attachments) is for the designated recipient only and may contain privileged, proprietary, or otherwise private information. If you have received it in error, please notify the sender immediately and delete all copies of the message and any attachments. Any unauthorized use of this email, attachments or the information contained herein by you is prohibited. Please direct any questions about this policy or report unauthorized access to e-mail via e-mail to [EMAIL="customerservice@pdlsupport.com"]customerservice@pdlsupport.com[/EMAIL].


DISCLAIMER: This message (including any attachments) is for the designated recipient only and may contain privileged, proprietary, or otherwise private information. If you have received it in error, please notify the sender immediately and delete all copies of the message and any attachments. Any unauthorized use of this email, attachments or the information contained herein by you is prohibited. Please direct any questions about this policy or report unauthorized access to e-mail via e-mail to customerservice(at)everestcashadvance(dot)com

both places are full of it.your state law prevails.they send those idiotic form emails to try and BS people.it might have worked in the past,but now people are aware of how illegal these places are,and how pathetic their attempts to try and sway people are.both are illegal and deserve nothing more than the principle borrowed.even then pay them by money order only.no address to send it no money.

I was looking at that site but can't find exactly what you are talking about can you please help me?

Thank you soooo Much!

I really hope you've closed your checking account before you started sending out these letters.

She stated in a previous post that she closed her account yesterday. Hopefully it closed before debits could go through.

Yes the accounts were closed secured and I changed my direct deposit from work to be a paper check

So I got a email from Everest Cash Advance willing to except the 130.00 Principal and call it even. I asked her for an address she couldn't give me anything but gave me a money gram way of sending. I told her I would send a cashiers check for the balance and she said no just a money gram. I asked her for her licensure information so I can look them up and she never responded.

You shouldn't have to pay a $15-$20 fee to make payment. Tell them they either give you an address or they don't get paid. Period! :)

I cant find anything on the site. can you be more specific where to look?