clueless, online pdl

I currently have a loan out with Golden Valley Lending. This was an online payday loan. I ran into an emergency and am no longer able to pay the ridiculous interest. I read that you can stop paying to have them freeze it and then send a letter stating to have contact my mail only, and close the bank account so they cant automatically take it out. I also read something along the lines of sending them a letter in the mail that says they are illegal and u will pay nothing more than the principle amount.

1. I have no idea if they are legal or illegal for me

2. I have no idea what my options are.

3. I have no idea if I can freeze my interest or how too.

Company is Golden Valley lending
I live in South Dakota

ANY information would be greately appricated because I am coming into this blind with no knowledge about it.

NOTE: The agreement stated that if any issues arise, this will be settled by a mutual 3rd party and not the courts.

Thanks in advance!

Golden Valley lending is an illegal tribal lender. You owe only the principal amount. Close down your old bank account and open a new one. Don’t worry, they can’t do anything.

Thanks for your help, much appreciated. Can someone else verify this please?

I checked the South Dakota banking regulation website. Did not see them as legally licensed.

I have removed the duplicate thread for you so that all your answers will stay in one place.. :)

follow this link on how to deal with - http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html - they are a unlicensed tribal lender. Online lenders have to be licensed to lend in SD.

Thank you so much!

No Problem glad to help =- keep us posted - -just follow the steps in the link above and all will work out..