illinois need to know if these are licensed/legal
Date: Thu, 06/09/2011 - 16:49
Sandpoint Capital...loan was for 200.00...they have been rolling this loan charging me the finance charge of $60 for 2 years now
One Click Cash Loan was for 200.00 i have paid $310 already
GECC/Cash Direct Express..loan for 700...have already paid $532 in finance charges due to rolling over...on their part not mine
Mynextpaycheck.com Loan was for 250.00 have already paid 200 in finance charges (renwal/rollover)
** I want to close my bank account, but am scared to death about getting in trouble for it and drawing more attention to my already cruddy financial issues! Anyone with FACTS about these companies or advise on my situation would be greatly appreciated...Thank you
Well, Ameriloan is not legal in USA. I don't feel Sandpoint is l
Well, Ameriloan is not legal in USA. I don't feel Sandpoint is legal either. One Click cash is not legal in Illinois. So, you're only required to pay the principal amount. Not the interest rates or fees.
As per the state laws of Illinois, payday lending is considered
As per the state laws of Illinois, payday lending is considered as legal. I'm not sure whether or not Ameriloan and Sandpoint are illegal in all the states of USA, but if you want to find out their legality in Illinois, then you need to contact the Illinois Division of Financial Institutions.
If you find that they are illegal, then take a look at the below mentioned page and get to know how you need to deal with them: http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html .
If you find any of the payday lenders are legal, then you will have to pay them the principal balance as well as the interest payments and fees in full. In such a situation, you can consolidate that debt and get rid of it.
none of these are legal in IL
being as i'm in IL i can state that none are legal.in fact united cash,and ameriloan are d/b/a's of MTE.being as these are all illegal you onloy owe the principle,and anything you posted that was debited in"fees"gets deducted from that.yes close your account as these illegals will debit forever if allowed.go to the sticky titled DEALING WITH ILLEGAL LENNDERS at the top of the payday loan help forum.it will give you everything you need from template letters.to complaint forms.just don't skip steps.the first,or one of the first steps is to close/secure your account.do that and you will be fine.btw sandpoint is not based in the US and you paid them 2,880.00 so far.all the more reason to cut off their access to your account.see the bank manager for this,but do it asap.
