Internet Payday Loans in MO
Date: Fri, 09/23/2011 - 11:59
Cash Yes: $900 (pd off in June 2011 with total pmts of $1,331.25)
Cash Yes: $1,000 (5 payments of $1,050)
Eastside Lenders: $900 (pd off in April 2011 with total pmts of $2,250)
Eastside Lenders: $750 (one payment of $200)
I have been reading the website for a couple of days, and need a little help in making sure that I am recalculating my balances. I have verified with the MO Department of Finance are neither are registered in the state of Missouri, as required by law.
Missouri laws state that a payday loan cannot exceed $500, and that the maximum amount of fees and interest that can be charged cannot exceed 75% of the initial loan.
If they never registered with the state, as required by law, do I have need to make sure to include the maximum interest and fees in my recalculation of my loan balance?
Also, when I use the illegal PDL letter in the forum, do I need to add the amount that I have overpaid and want refunded to me, or wait and send it in a second letter?
Thanks
As none of the payday lenders are registered in Missouri as per
As none of the payday lenders are registered in Missouri as per your state laws, then none of them are legal to operate in your state. As they are not registered, you should note that you will be liable for paying them only the principal balance. They cannot come after you for any kind of interest charges or fees. If you have paid off extra money to them, then you should ask for a refund of the money in the same letter which you send to the payday lender claiming that they are illegal in your state.
I agree with Anna. As the payday lenders are illegal in your sta
I agree with Anna. As the payday lenders are illegal in your state, so you can visit the following link. I hope it will help you a lot to solve your problem:
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html
Update on pdl
Thanks Anna and Sally,
Closed my checking account last week, and then sent letters to the two companies. Heard back from Cash Yes yesterday. Basically they talked a bunch of BS about the loan stating that they didn't have to be in compliance with Missouri laws, but that they understood that the economy was bad, and that they would show that the outstanding loan was paid in full. Don't figure I will ever see the refund from them, but at least they are no longer taking money out of my account :)
No word yet from Eastside lenders. I have filed complaints against them with the Missouri AG and the Better Business Bureau. Will keep everyone updated.
Update on payday loans
Heard back from Eastside Lenders today. After the Better Business Bureau got involved, they sent me a letter saying that they would take the $200 payment on the $750 loan and make it to where I only owed $550, ignoring any overpayment on the previous loan. When I responded back with the Missouri state statutes again, emphasizing that Missouri law specifically states that contracts with lenders who are not licensed have no legal recourse in the state of Missouri, they are sending me a refund for the total overpayment! :eek:
Thanks for all the help!