Payday Loan help in Arkansas

Date: Mon, 06/13/2011 - 09:12

Submitted by anonymous
on Mon, 06/13/2011 - 09:12

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Total Replies: 2

Good morning. Recently, I have gotten myself in the payday loan loop. Things have been tough, and this is only making it tougher. I need to know what to do to get out of this financial muck . I have 3 pdl internet loans. The internet loans are doing ach debits from my checking account, and recently, I have not been able to cover these, resulting in NSF fees from my bank as well. I asked the bank to close my account, but they said that any debit would re-open it for the next 30 days, so when these companies try to debit my account again, it will reopen it. The following are the pdl internet loans:

500fastcash: $250
Starz Cash: $350
Lazer Lending: $300

These were mostly 300 to 400 dollar loans with like 90 dollar interest every 2 weeks that came out of my account.

I live in Arkansas I know I have been been loaned the money and intend to pay back, but I need to stop the process taking money out of my account every payday and get this under control. How can I get my bank to close my account, and if I close it, what can be done to me? Should I send an email revoking ACH transactions? If so, does anyone have a sample letter??

Thank you for all your help!

Payday loans are legal in Arkansas. You should check out your st

Payday loans are legal in Arkansas. You should check out your state laws in order to find out whether or not the payday lenders are licensed to operate in your state. If you find that they are not licensed to operate in your state, then you should check out the given page in order to know how to deal with the unlicensed payday lenders: http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

lrhall41

Submitted by Anna Sweeting on Mon, 06/13/2011 - 20:50

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Thanks for the response. How can I find out if these lenders ar

Thanks for the response. How can I find out if these lenders are licensed? I've read in other posts that 500fastcash is unlicensed, but I can't find any information on the other two. Is there a way to find out if they're licensed and in what state?

My understanding of Arkansas law is that it allows internet payday loans as long as the loan companies are licensed in a state (but not necessarily Arkansas), and that they must follow those state's laws.

lrhall41

Submitted by on Tue, 06/14/2011 - 10:21

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