Payday Loan Questions RI

Date: Tue, 04/24/2012 - 08:09

Submitted by jennryt
on Tue, 04/24/2012 - 08:09

Posts: 3 Credits: [Donate]

Total Replies: 4

I have been reading all the post about payday loans but am confused as to how to handle my own situation. Apparently RI law states that payday loans taken over the internet follow the laws of the state where the business is located. I am aware that some of the loans I have are not legal anywhere in the US. I have looked at the sample letters, but am not sure how to write mine, as I can not say that payday loans are illegal in my state. I have loans to the following companies:
SureAdvance
GECC
Online Advance
American Web Loan
CashNetUSA
MoneyLoansQuick
SpeedyCash
VIPLoanShop
Ameriloan
AALM8005579038
Emerald
CP Investors
I closed my checking account on 4/13 (withdrawals were scheduled for 4/16). I have since received emails from Emerald and a call every hour on the hour from VIPLoanShop. Other than that, noone has contacted me yet. Please advise on how to continue. I really need to get myself out of this mess!

I'm sorry, where did you find this law? RI lenders must be li

I'm sorry, where did you find this law?

RI lenders must be licensed.

SureAdvance - unlicensed
GECC - illegal
Online Advance - unlicensed
American Web Loan - illegal
CashNetUSA - legal!
MoneyLoansQuick - unlicensed
SpeedyCash - legal!
VIPLoanShop - illegal
Ameriloan - illegal
AALM 8005579038 - illegal
Emerald - unlicensed
CP Investors - unlicensed

Be careful with your legal lenders. Call them and set up payment arrangements right away. I suggest you pay with a prepaid debit card. You an find step by step instructions in my signature link. Also, look at your contracts and make sure that all of these are PDLs and not some other type of loan. I only searched for PDL licensing.

lrhall41

Submitted by OhioGal1 on Tue, 04/24/2012 - 13:54

( Posts: 5253 | Credits: )

CashNetUSA is not going to be be extremely troublesome to work w

CashNetUSA is not going to be be extremely troublesome to work with. The staff is pretty decent and I was able to work out repayment plan extended over 3 months. How much did you borrow from the legal lenders and how much do you still owe on those accounts?

OhioGal1, you don't need to worry. You are right on every count. They are all PDLs and the ones which claim to offer instalment loans are offshore.

lrhall41

Submitted by jonheller83 on Wed, 04/25/2012 - 00:23

( Posts: 65 | Credits: )

I thought I read that under the sticky. I guess I misinterpeted

I thought I read that under the sticky. I guess I misinterpeted it. Thank you for your answer, I was hesitant to send out the letters stating that they must be licensed in my state, because I was not sure that was the case. I have reached an agreement with SpeedyLoan and will contact CashNetUSA. All the others will receive notice from me that they are actually owe me money.
Thanks again for your help.

lrhall41

Submitted by jennryt on Wed, 04/25/2012 - 13:29

( Posts: 3 | Credits: )

JennryT - Your post was a little while back, but just wondering

JennryT - Your post was a little while back, but just wondering how this worked out for you? I'm in RI and I'm going through much the same situation myself.

Incidentally, I acutally thought the same thing you did (i.e. that RI law defaulted to the law in the states where the loan companies were 'licensed'. So does am I take this to mean that "Ilegal" means "not licensed anywhere? I have a contract that says that Integrity Advance, for example, is licensed in Delaware.....is that simply a lie?

lrhall41

Submitted by GHR5 on Sun, 07/22/2012 - 18:21

( Posts: 9 | Credits: )