index page

Brand New Here and Need Help

Date: Wed, 09/10/2008 - 17:29
Submitted by kklblue on Wed, 09/10/2008 - 17:29
Posts: 52
Credits:
[Donate]

I have 4 pay day loans.

Instantcashusa - $300
CashNet - $300
B.I.G. - $200
AAA - $200

The next payment is suppose to come out on 9/19. I am not sure where to go from here.

I opened a new account and have my direct deposit going to my new account.

Are these companies licensed in Minnesota and what do I do to get out of this.

I am desparate please help. How do I also keep them from calling my employer.


Minnesota allows internet pdls to lend legally but the only thing they require is licensing in any US state. InstantCashUsa and CashNetUSA seems to be legal to lend at Minnesota. But I'm not quite sure about BIG and AAA. For the former two PDLs, you have to follow the state laws: -

Quote:

Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $30 NSF fee


In case, you want to make any complaint against any of them then you can do the same at any of the following: -
Quote:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy,, Deputy Commissioner


Submitted by phoenix on Wed, 09/10/2008 - 20:24

phoenix

( Posts: 1445 | Credits: )