Bayside Loans/ Shanghai Partners

Hi sbwheels,

I couldn???t find much information about them when I searched them in Google. But let me tell you that most of these payday lenders turn out to be illegal or unlicensed. You should better contact the Missouri Division of Finance in order to know whether or not they have the license to operate in Missouri.

Check out a discussion on Bayside Loans Shanghai Partners from the given page: http://www.debtconsolidationcare.com/paydayloan/bayside-shanghai.html .

Take care.

This company is based in Panama. I don't think they are legal in Missouri.

I agree with Savion Parker. The contact detail of the Missouri Division of Finance is as follows:
# Address - Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
# Phone - (573) 751-3242
# Fax - (573) 751-9192

If you find that the lenders are not licensed in your state, then you are required to pay only the principal amount. If you have already paid more than the principal amount, then ask them for the refund. You may ask your bank manager to put a hard debit check on your bank account so that they can???t debit money from your account in future.

Another question concerning this. when you renew and pay the finance charge to renew it, is this charge legal? do I have to pay the principal PLUS the finance charges or does that count toward the amount they lended?

If the loan is illegal, you only principal. Everything that you have paid goes towards principal only.

Ok, this morning I got an email from them saying that they were sorry for the delay and whatever and even though they don't have too, if I sign an agreement, they are willing to put back 875.00 into my account which equals what I paid minus the principal of the original 500.00 loan and one finance charge for 175.00.

Should I be happy with this or go back at them and tell them I want the 175 too and they are to only take the principal? Will they take the offer away? I dont want to be greedy and get this back if its on the table now.