LoanShop Online - Contact/Fax Info ???

I actually acquired the info ... I'll post it here for others to be able to search for if they need it . . .

Loanshop Online
[COLOR=#333333]Mailing address:
2207 Concord Pike #505
Wilmington , DE 19803[/COLOR]


Still trying to get their FAX number, though.


The PDL laws for my State, California, indicate they cannot charge you more than 15% of the check you write them.For example, if you write a $300 check, a payday lender cannot charge you more than $45.


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Well, LoanShop has been charging/deducting from me $90 every two weeks - i.e. an ADDITIONAL $45 every two weeks - as a "renewal fee." And I, like the naive fool I have been, have been simply letting them, not knowing any different and not being financially able to pay it back in a lump sum.


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In any case ... since I cannot remember (though I could probably figure it out with an hour's worth of back-bank-record search) ... I requested the origination date of my loan with them - as it seems to me that, with the additional $90/month I have been paying them, I could very well have paid back the principle by now with the ILLEGAL additional "fees" they have been extorting from me. (If I'm wrong, please correct me).

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Bottom line, I'm getting ready to send/fax/email my ACH Revocation letter to them (before they deduct the next $90) from me this coming Friday) and, then, go to my bank to request the Branch Manager initiate a "hard stop" from LoanShop deducting any further funds from my account (until I resolve this matter with them).

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For those of you who have been successful in dealing with LoanShop (or anything similar to this situation), am I on the right track ???


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Sounds like you've got it under control!

What do you think of this letter?

[quote]
Loanshop Online, LLC
2207 Concord Pike #505
Wilmington, DE 19803

This letter is to inform you that I am aware of the FACT that the loan you issued to me, is NOT legal or binding in my state. For your convenience, I have included my state payday loan laws below.

Cal. Fin. Code ???????? 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

The state of California requires Internet payday lenders to be licensed in MY state. I have already researched this information, your company does NOT have a license to lend in the state of California in violation of California Financial Code sections 23035, 23036 and 23037. If I am mistaken I will need proof in the form of a license number so that I may verify it with my State Attorney General, Kamala D. Harris. I am bound by the State laws where I reside. As I have no presence in your State, therefore I have no legal obligation to the 'governing laws' you may have detailed.


From the inception of my relationship with your company, in October 2010, in which I obtained an online payday loan in the amount of $300, Loanshop Online has instituted a finance rate of 30% for each 14-day period, or $90 every 14 days. Through today???s date, May 24, 2011, Loanshop has debited my bank account $1,260.00 in recurring bi-weekly ???renewal??? finance charges. Pursuant to the relative payday loan laws/codes and regulations of the State of California, this figure represents $630.00 over and above what your organization ??? which, again, is NOT a legally licensed payday loan provider in the State of California ??? was otherwise legally allowed to charge/debit.

Be advised that as of today, May 24, 2011, I am revoking ANY and ALL ACH authorizations with your company from debiting any AND all of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I also revoke ANY and ALL wage assignments I may have signed, by you, including but not limited to; any of your affiliates, dba's, and collection agencies assigned to this account. None of the above no longer have my permission to access my accounts or impose a wage assignment.




I will only communicate to resolve this matter via email. If you ignore this notice and attempt to contact me or any of my references via telephone, you will be ignored and any payments owed will be delayed. I am willing to pay the principle amount of the loan only, however, no address means NO payments, this is not negotiable.


Given the above noted illegalities and situation, I propose the following good-faith resolution to this matter:

As your organization (unlicensed in the State of California) has illegally over-debited me (via bi-weekly ACH debits from my bank account) in the amount of $630.00, your organization agrees to close my account as paid-in-full and, further, agrees to refund to me ??? within 48 hours of this agreement - the amount of $330.00 that has been over-debited from me over the last seven months.


If you do NOT reply to this notice within 48 hours I will not only be forced to file complaints with my State Attorney General Kamala D. Harris, the BBB, the California commissioner of the Department of Corporations and the Federal Trade Commission. Furthermore, If you reply to this notice with any misleading legal implications or menacing course of actions you are unable to follow through with, I will be forced to take actions against you which could cause you to lose your license in the State of Deleware and cause damage to your reputation, which could potentially decrease your clientele!



Sincerely,


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Here is a piece of an email they sent me with their fax number Good Luck I hope it helps
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Please sign and fax this form to 1-800-488-3481 or reply to this email at least 3 business days before your due date to select your payment option.

If we do not receive a Payment Option Form at least 3 business days before your due date (unless you previously submitted a Continuous Pay Down request), we will automatically withdraw the Current Fee only to refinance your loan. Loan Shop Online encourages you to make a principal payment each due date.

Well, I sent my ACH Revocation to Loanshop, contacted my bank to put a hard stop on any further debits from my account and - low and behold - there was no deduction to my account today. First (and most important) step accomplished.

Next step is to try to get a refund for the ($960 - $1,260) these clowns debited from my over the last seven months in their UNLICENSED / ILLEGAL fees (for my State, California).

Another update . . . I just placed a claim with my bank for the (as it turns out) $1,460 that LoanShop has illegally debited from my account over the last seven months. However, in doing so, they would also need to put in a claim/investigate the original $300 transaction.

I told them this was fine - as the illegal debits far outweigh the original $300 credit. They said I would be receiving a confirmation letter in the mail soon, which I need to sign and return. In doing so, i will also include copies of all of the relevant California Financial Code sections that not only evidence that Loanshop Online is NOT properly licensed to conduct deferred deposit transactions with consumers of the State of California, but that Loanshop's fees are in direct violation of the maximum allowed statutory fees/finance limits for such.

So, hopefully (keeping fingers crossed), I will see a refund of $1,160 at some point in the near future.