is "the cash store" legal in Illinois?

If you are referring to the store front, then yes they are legal in Illinois. I've dealt with them in the past.

well, I dont know what "store front" is, it's called the cash store.. so I dont know

Did you get this loan online or did you walk into a store?

I walked in the store and got it

well, actually I applied for it online, but had to go in to give them employment and account info..that type of stuff

If they have a store physically located in illinois, chances are they are legal.

You can check the IL DFI website.

so pretty much what you're saying is I'm screwed?

why are u screwed? what's the issue?

No, you are not screwed. Yes , they are legal, and yes you do have to repay9We even tell people to repay illegal loans)
You can go into the store and ask for the EPP (extended payment plan). This will allow you to repay in 4 installments.

well the thing is, I have to pay $108 every 2 weeks. That's just for interest, and I can't afford to pay anymore to pay the actual amount I borrowed. They will cash my check I gave them for $808 and I won't have it in my account, no way! So I don't know what to do.. the only thing I can see to do is close my account, I can't allow them to overdraft my account for that much. I'm totally stressing out over here :(

I just saw your other thread...

Since this is an installment loan and not a PDL you cannot invoke the EPP plan. An installment loan does pay down your balance. How many payments does your loan state and how many have been made so far? If you have paid more than the original note of $700, ask to do a settlement on the account...don't know if they will, but can't hurt.

If you close your account, you can't go to jail. They will turn it over to collections (in-house or out, I'm not sure), but you will be able to set up payment arrangements then, usually at much lower (if not zero) interest. At that point, they just want their money.

well I only made one payment so far, but I was thinking I just pay off the $700 (which they consider only interest) then stop paying and close my bank account.

unless theres a better way to do it? but I can' think of anything else to make this go away..paying interest only won't solve anything..

Is it more likely it would go into collections or would they take it to court?

if anybody has any advice what I should do it would be appreciated.. I can't even think straight right now i'm so upset!

You have only made one payment and you cannot think straight!!! The Cash Store can and will take you to small claims court. This will show up on your credit as a judgement and they can garnish your paycheck. If this is OK with you fine, if not, get involved and resolve.

Before you ask, no I do not have anything to do with The Cash Store. I have sat in court with the local atty that they (or after the judgement, you) hired.

The bottom line here and for your finances is to call them and get it resolved without going to court!

This debt is an obligation. Why would you ask how to make it go away !!!!. On this site we don't make debts go away, but rather we pay back what we borrowed.
You need to do as Pdl Ower suggests and make plans to pay this

there's no need to be rude. I am stressing out because with these huge payments, I can't even buy groceries, of course I'm stressing out! And it seems like this loan will never go away.

I was asking if there was a way to do it to ACTUALLY GET IT PAID OFF. Instead of just paying interest up the butt, and not getting the actual loan paid..

No one meant to be rude. I believe we were just stating facts. We all feel for you, and wish we could be of more help.

As the guest stated above, I am not trying to be rude. The facts are that they are a legal, licensed lender and inturn they have rights. There is really not anyway to "sugar coat" it because what I stated is how they will handle it. Many on this forum will tell you that everything will be all right and some will tell you not to pay on thier terms, but on your terms. This is a legal lender and they hold the cards. You need to call them and work out a way to resolve or The Cash Store can make your life really difficult.

If you close your account and not make the payments on these loans then they will defiantly look to garnish your wages. That is how all the short term installment loan lenders in IL work. I'm pretty sure you most likely signed a wage assignemnts with all of your documents, which that can be revoked. But if you revoke that they will go for a judgement against you. When they do that they will not just go for the amount you borrowed but for the total interest on the loan as well. Your best bet is to talk to them about any options they may have available which might not be any. The Cash Store is going to do whatever they can legally to get their money.

I agree with PDL & Pink. As you stated in your other thread, this is an installment loan, not a PDL. A PDL typically you pay the interest only. On an installment loan, you pay x amount of dollars for x amount of pay periods, then the loan will be paid off.

If you have the $700, go in and speak with a manager. See what options they have. In the end, you need to communicate with them...in the business world, you would communicate and negotiate. If you don't talk with them, how would you know what your options are and plan to get out of this mess. Talking with them will help put your mind at ease.