Eastside Lender response
Date: Fri, 05/24/2013 - 15:10
I sent Eastside Lenders a letter revoking ACH and wage assignment. I borrowed $500 and have paid back $600.
Their reply is below. What do I do now? They mention arbitration. Is that through court?
Eastside Lenders is responding to your correspondence regarding the above-captioned account.
Eastside Lenders which is located in Delaware, is licensed by the State of Delaware, to make small loans. All such loans are approved and funded in Delaware, with repayment to be made in Delaware. The Eastside Lenders loan agreement and website contain all disclosures required by Delaware and federal law and make it clear that all transactions are governed by Delaware law. On the advice of counsel, Eastside Lenders maintains that the choice of Delaware law as controlling in the loan documents would be upheld, as all of the significant contacts in the loan transaction occur in Delaware. The loan agreement is legal and enforceable. In responding to your correspondence, Eastside Lenders notes and reserves all available legal and equitable objections to the points you have raised.
Eastside Lenders provided this service as a convenience to you. We still consider your loan to be outstanding and are prepared to go to arbitration as provided for in the Loan Agreement between us. As an alternative, if you are experiencing financial hardship, we will be happy to speak to you about payment arrangements through which you can successfully meet your payment obligations. Eastside Lenders will consider doing so because of our continuing commitment to servicing our customers and not because of a legal obligation to do so.
Should you have any further questions regarding this matter, if you wish to speak about payment arrangements, please contact us at 1-866-569-6636.
Sincerely,
Customer Service
Their reply is below. What do I do now? They mention arbitration. Is that through court?
Eastside Lenders is responding to your correspondence regarding the above-captioned account.
Eastside Lenders which is located in Delaware, is licensed by the State of Delaware, to make small loans. All such loans are approved and funded in Delaware, with repayment to be made in Delaware. The Eastside Lenders loan agreement and website contain all disclosures required by Delaware and federal law and make it clear that all transactions are governed by Delaware law. On the advice of counsel, Eastside Lenders maintains that the choice of Delaware law as controlling in the loan documents would be upheld, as all of the significant contacts in the loan transaction occur in Delaware. The loan agreement is legal and enforceable. In responding to your correspondence, Eastside Lenders notes and reserves all available legal and equitable objections to the points you have raised.
Eastside Lenders provided this service as a convenience to you. We still consider your loan to be outstanding and are prepared to go to arbitration as provided for in the Loan Agreement between us. As an alternative, if you are experiencing financial hardship, we will be happy to speak to you about payment arrangements through which you can successfully meet your payment obligations. Eastside Lenders will consider doing so because of our continuing commitment to servicing our customers and not because of a legal obligation to do so.
Should you have any further questions regarding this matter, if you wish to speak about payment arrangements, please contact us at 1-866-569-6636.
Sincerely,
Customer Service
What state are you in? The
What state are you in? The AG's of a few states have issued cease and desist to these guys.
okay
this place has no license in ohio so file an AG complaint asap.bottomline illegal in just about every state including ohio.
no
they threaten that,but how can any arbitrator side with an illegal lender so no they don't again they might threaten it,but the procedure for that is close to what your rules for service in a court case would be.don't worry about that clause in the illegal contract.
