Need help with payday loans!

Date: Mon, 10/15/2012 - 04:30

Submitted by justin.currier
on Mon, 10/15/2012 - 04:30

Posts: 7 Credits: [Donate]

Total Replies: 4

I live in MN and like many others am caught in the cycle of payday loans. I'm curious which loan companies are even legal in my state and the steps I need to deal with them.
I have 4 loans currently, all of which are internet loans.
1. 500 Fast Cash
Original loan amount: 250
Current balance: 325
Amount paid: 75
2. US Fast Cash
Original loan amount: 250
Current balance: 325
Amount Paid: 75
3. Discount Advances
Original Loan: 310
Current balance: 337.13
Amount paid:
Finance charge on 10/5: 48.33
Extension fee on 10/12: 27.13
4. MyCashNow
Original loan: 210
Current balance: 229.55
Amount paid:
Finance charge on 10/12: 31.28
The math seems fishy to me. How can my balance be higher than the original loan amount when i've made payments to each? Even if they are just the interest payments, how does my principle increase?
Please help. I'm thinking about closing my checking accounts but not sure what I should do!
Thanks!

All of your loans are illegal...you owe principal only which you

All of your loans are illegal...you owe principal only which you can pay back at your own convienence. Follow the link in my signature line for information on how to deal with these lenders. Make sure you do an ACH revocation first, then close your account, giving a copy of the revocation to your bank. And join the forum!!!!

1. 500 Fast Cash ILLEGAL TRIBAL LENDER
Original loan amount: 250
YOU OWE $175
2. US Fast Cash ILLEGAL TRIBAL LENDER
Original loan amount: 250
YOU OWE $175
3. Discount Advances ILLEGAL OFFSHORE LENDER
Original Loan: 310

4. MyCashNow ILLEGAL OFFSHORE LENDER
Original loan: 210

lrhall41

Submitted by SOAPLADY on Mon, 10/15/2012 - 05:37

( Posts: 17315 | Credits: )

So what should I give as reasoning to the loan companies that I

So what should I give as reasoning to the loan companies that I will not be making further payments?

lrhall41

Submitted by justin.currier on Mon, 10/15/2012 - 06:59

( Posts: 7 | Credits: )

Sorry but you must have missed soaplady's post. You owe the prin

Sorry but you must have missed soaplady's post. You owe the principal balance on an illegal loan. Follow the link in our signatures to deal with illegal lenders. Pay back only what was deposited in your account on your terms.

lrhall41

Submitted by waffles on Mon, 10/15/2012 - 21:16

( Posts: 1697 | Credits: )

No, I saw her post. What i meant to ask is what should I list as

No, I saw her post. What i meant to ask is what should I list as a reason for sending the ACH revocation emails? That they are illegal lenders? And also I noticed she didn't list that I owe anything to the last two offshore lenders. Should I still repay the principal on those? Thanks again for all the help. I just want to make sure I'm doing this right. Its a very stressful time!

lrhall41

Submitted by justin.currier on Tue, 10/16/2012 - 04:35

( Posts: 7 | Credits: )