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Question regarding online loans!

Date: Thu, 12/15/2011 - 22:37

Submitted by new_england
on Thu, 12/15/2011 - 22:37

Posts: 23 Credits: [Donate]

Total Replies: 5


I have 6 online paday loans... If I close my bank account and get a new one (like my bank suggested) Will this stop them from debiting my account? And what will happen if I just stop paying them all together? Just harass me for a while? Whats the best thing to do if I cant make the payments and need the money they are taking for bills?


Click here to know whether or not payday loan companies are licensed in your state. If they are not legal, then you are liable for the principal amount only. They can???t take any legal action against you, if you don???t make any payments. You will be accountable for both the borrowed amount and interest, if your lenders are licensed. They can file a lawsuit against you because of non-payment of debt. That???s why it???s better to try to set up a payment arrangement with the legal lenders.


lrhall41

Submitted by rectangel on Thu, 12/15/2011 - 23:48

( Posts: 39 | Credits: )


I am not sure I live in Iowa... Can u help me find out the laws in Iowa? I borrowed 200 from 5 places online and 400 from 1 online place. They are

Mycashnow - 420 dollars

Integrity advance 200 dollars

Loan shop 200 dollars

SSM group LLC 200 dollars

123 wages 200 dollars

Ameriloan 200 dollars

I have only paid on integrity advance 4 payments of 48 dollars intrest and 1 payment of 98 with 50 going to principal. SSM group took a random 30 dollars out.. not sure why... they did that twice within like a week... I have also paid ameriloan one 60 finance charge payment. Any help would be great!


lrhall41

Submitted by new_england on Fri, 12/16/2011 - 00:51

( Posts: 23 | Credits: )


none of these are legal in IA so you only owe the principle,and anything debited in fees/int gets deducted from that.here is what you really owe each lender.

mycashnow 420.00
integrity owes you 90.00
loan shop 200.00
SSM 140.00
123 wages 200.00
ameriloan 140.00

it sounds like your bank is on this,but make sure that the old account won't be re-opened when these illegals attempt to debit.that is the skinny.pay these by money order only,and when you can not when they say to.keep us posted please.


lrhall41

Submitted by paulmergel on Fri, 12/16/2011 - 05:52

( Posts: 15514 | Credits: )


Ok, so what do you recomend I do? Close my bank account completely and open a new one with a new account number? And then when they try calling me tell them I will pay them back my money order only and when I can? Can I use the fact that they are illegal in my state against them and tell them I will report them if they do not accept my proposal? I am only worried about them harrassing my work place... That won't go over well with the hr dept at work, but what other choices do i have... I just want to pay them back when I can. Also, I could u please find me phone number or addresses to the payday loan places I listed above, I tried searching and could only find one of them...


lrhall41

Submitted by new_england on Fri, 12/16/2011 - 09:38

( Posts: 23 | Credits: )