The fine print in the AmeriLoan documents
Date: Tue, 08/11/2009 - 19:47
Submitted by justsimple.info
on
Tue, 08/11/2009 - 19:47
Total Replies: 1
Is this even legal to do? I am passing this on to my State AG, but at the same time, I'm like WOW......
I am grateful that Ameriloan loaned me the cash I needed, but after I woke up today wondering how they can still charge me all these damn fees after I took out a loan from March, I started to search and I found this wonderful site! Thanks to the people that started this web site! Im clicking links to help pay for it!
But back to my subject, this is the fine print in the documentation from AmeriLoan:
Governing Law: Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the Lender is located, regardless of which state you may reside, and by signing below or by your electronic signature, you hereby contractually consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lenders is located over all matters related to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency.
I called my states Department of Finance, and they told me Ameriloan is not licensed in the state of WA they asked me if they had any other dba names but I said I didn't know. So I sent the letter demanding them to stop with the debiting of my account, and I closed my bank account.
I am grateful that Ameriloan loaned me the cash I needed, but after I woke up today wondering how they can still charge me all these damn fees after I took out a loan from March, I started to search and I found this wonderful site! Thanks to the people that started this web site! Im clicking links to help pay for it!
But back to my subject, this is the fine print in the documentation from AmeriLoan:
Governing Law: Both parties agree that this Note and your account shall be governed by all applicable federal laws and all laws of the jurisdiction in which the Lender is located, regardless of which state you may reside, and by signing below or by your electronic signature, you hereby contractually consent to the exclusive exercise of regulatory and adjudicatory authority by the jurisdiction in which the Lenders is located over all matters related to this Note and your account, forsaking any other jurisdiction which either party may claim by virtue of residency.
I called my states Department of Finance, and they told me Ameriloan is not licensed in the state of WA they asked me if they had any other dba names but I said I didn't know. So I sent the letter demanding them to stop with the debiting of my account, and I closed my bank account.
Your state law prevails. It seems there are a lot of payday lend
Your state law prevails. It seems there are a lot of payday lenders out there who aren't licensed using this tactic, no matter, your state law prevails, period.
