TN Lending Laws
Date: Fri, 06/08/2012 - 00:13
I've been lurking on these forums for a few weeks now and I've looked through old threads pertaining to lending laws in Tennessee but I'm still very confused about them. I have 3 outstanding loans:
Payday Loan Today: 200 (first payment isn't due yet) owe $260
Pepper Cash: 500 (paid $175) balance owed 675
Global Group: 200 (paid $60) owe 260
My main problem is not with Payday Loan Today or Global Group. Call me naive, but I feel like they are going to be fine to work with as they send statements and so far have had decent communication.
My problem is with Pepper Cash. When I applied for the loan, someone called the next day wanting me to do a three-way call with them and my bank to get the loan approved. I was skeptical about it so I said no and hung up. The next day I got an email saying I was approved and they were depositing the funds. They did and I needed the money so I said screw it. Aside from that, they have never sent anything else and when I log into my account, I can't view my loan documents or anything. All I can see is when the next payment is due and how much I owe. If I want to make an early payment, I can't do it there. They are taking a whopping $175 from my account every two weeks and not giving me the option to pay down so I would like to revoke the ACH authorization on them, but I'm not sure about how to present this information to my bank.
I know they are tribal and from what I am understanding, all tribal loans are illegal? Even in TN? One thread I read said that to lend to TN residents an internet lender only needs to be licensed in any state and then a later thread I read, if I understood correctly, said that a lender had to be licensed in TN. If they do need to be licensed, I thought I had seen a link that took me to a website that I could check to make sure that the lender was licensed in my state, but I can't find that now.
I understand to follow Ohiogal's step-by-step procedures once I have determined that they are illegal, I just need to know if they are first. ;) Thanks in advance!
Payday Loan Today: 200 (first payment isn't due yet) owe $260
Pepper Cash: 500 (paid $175) balance owed 675
Global Group: 200 (paid $60) owe 260
My main problem is not with Payday Loan Today or Global Group. Call me naive, but I feel like they are going to be fine to work with as they send statements and so far have had decent communication.
My problem is with Pepper Cash. When I applied for the loan, someone called the next day wanting me to do a three-way call with them and my bank to get the loan approved. I was skeptical about it so I said no and hung up. The next day I got an email saying I was approved and they were depositing the funds. They did and I needed the money so I said screw it. Aside from that, they have never sent anything else and when I log into my account, I can't view my loan documents or anything. All I can see is when the next payment is due and how much I owe. If I want to make an early payment, I can't do it there. They are taking a whopping $175 from my account every two weeks and not giving me the option to pay down so I would like to revoke the ACH authorization on them, but I'm not sure about how to present this information to my bank.
I know they are tribal and from what I am understanding, all tribal loans are illegal? Even in TN? One thread I read said that to lend to TN residents an internet lender only needs to be licensed in any state and then a later thread I read, if I understood correctly, said that a lender had to be licensed in TN. If they do need to be licensed, I thought I had seen a link that took me to a website that I could check to make sure that the lender was licensed in my state, but I can't find that now.
I understand to follow Ohiogal's step-by-step procedures once I have determined that they are illegal, I just need to know if they are first. ;) Thanks in advance!
I don't think Global Group or Payday Loan Today is licensed to l
I don't think Global Group or Payday Loan Today is licensed to lend in TN. Other than that, yes, Pepper Cash is an illegal tribal lender and they are deemed illegal all through the 50 states. Just go ahead and follow OhioGal1's instructions and you will be out of this jam in no time.
