5 pay day loans in Illinois.Is chapter 13 the only way out?

I would highly suggest closing your bank account ASAP. Are any of these lenders licensed in your state as required by IL state law?

From what I am reading, rollovers are NOT permitted.
http://www.illinoisattorneygeneral.gov/consumers/paydayloans.html


Loan Specifications

• Maximun Amount of Loan - Less than $1000 or 25% monthly gross income
  
• Term of Loan - 13-45 days
  
• Maximum Rate of Finance and Fees- $15.50 per $100
  
• Finance Charge on $100 loan for a 14 day period - $15.50
  
• APR for $100 loan for a 14 day period - 403%
  

• Maximum Number of outstanding loans permitted at a time - 2
  
• Permissible number of Rollovers - None (Rollover cannot be done)
  
• Cooling-off Period - 7 days after a period of 45 consecutive loan days
  
• Repayment Plan - Yes
  

• Collection Fees Amount - One NSF fee of $25 (Presentment limit is equal to 2)
  
• Criminal Action - Prohibited
  

• Regulator - Illinois Division of Financial Institutions
  
• Address - Consumer Credit Section, 320 W. Washington Springfield IL 62701
  
• Phone - (888) 298-8089
  

Thanks Soaplady!
I'm not sure if they are licenced in IL, they are all online loans. I will be closing my account tomorrow! BTW, how do I find out if they are licenced in IL ?

The phone number is in my previous post to call and check.

i can answer this right now.all of these are not licensed,and therefore illegal in IL.in fact the top three you waaaay overpaid.do as SOAPLADY advised,and close your account asap.go to the sticky titled(dealing with illegal lenders)at the top of the payday loan help forum.it has everything from template letters to every step needed to get these out of your life.again all are illegal in IL,and that means you not only owe the principle,and nothing more,but three you overpaid and actually should get that refunded.close that account,go to the sticky and follow it.you should be fine.keep us posted.

Thanks Paumergel! I found the sticky and I will be getitng everything together. This site is a lifesaver!!
BTW, would it matter if I kept an account at the same bank or should I change banks totally ?

some have stayed at the same bank.while others switched.the key though is seeing the manager and making sure the two axccounts aren't linked.do that and you should be fine.it's a matter of trust in your bank really,but see the manager for this.very important.

Hello and good day! First I want to mention that chapter 13 is not the only way out. My name is Richard Silva and I actually help people manage and eliminate their payday loan problem. You see the problem is with online payday loan lenders is that they are operating illegally. Charging outrageous Interest rates and ridiculous renewal fees it seems like the principle never goes down or the money your paying doesn't even touch it. So what we do is help PDL clients LOWER the monthly payment and actually work for you to eliminate interest rates and renewal fees if their illegally operating. These payments are then going towards the principle in which eventually it will be payed off. Now there are different monthly terms in which you can extend out the program up to 21 months which gives you the lower payment, or can have it payed off as quickly as 8 months (in which the monthly payment is higher) but it is probably still less than the renewal fees you are paying now. Average client of ours on a monthly term is 15. For example. If you owe 1,200 in PDL'S then you current renewal rate is 360 per pay period which is typically every 2 weeks, That's $720 a MONTH!! :shock: That is a very nice car payment, and for some, that's rent money. So what we do is consolidate it into one Low monthly payment and bring it down to $90.86 per pay period which is 181.72 a month. That's a HUGE relief and for many it is affordable. That's on a 15 month term. This is just an example of what I can do to help. So if you think you can't get out of that cycle, please feel free to contact me. I will give you free advice to let you know what you can do, EVEN if you don't sign up for our program. It's always good to seek out different options. Make it a great day!

Richard Silva
sorry no posting of solicitory info per the TOS pm

richard that was a solicitory post if i ever saw one.all the OP has to do is follow mine and SOAPLADY'S advice and they can just pay the principle on their terms.not yours,or the lenders.because as you said the loans are illegal,and that being said the lender is only entitled to the principle.please peddle your service elsewhere.

paulmergel, Your absolutely right. I am not denying the fact that of what your saying. I am simply giving anyone information on "OTHER" options. I didn't say you have to come to us to get your situation resolved. It's just another way to pay them off. Some people can't pay the full balance off, so another alternative would be a program like ours to give monthly payments to pay them. I wasn't meaning this posting to be soliciting, it was just moreso another route if all else fails. Yes you can close the bank account, and yes you can only payback the loan amount that was borrowed given the fact that it is an online loan lender in which if they are not registered, then chances are they are operating illegally. But realistically, even if you take out a loan at a "legitamite" loan store, you still pay interest rates and fees. It's just that online loan lenders are ridiculous about what they charge. I know pretty much everything there is to know about this because our company has done research and keeps a database of most loan lenders/ online or brick and morter. We know that people are getting screwed out of money and some suffer to where they cannot even afford rent because the online payday loan lenders took their WHOLE CHECK! Yes we have had clients that have happened to them, and yes we helped them. So once again, if you have any other questions, please feel free to ask me. I'm not on here to enroll anyone into a program. I'm just here to give options. Thanks for understanding.

Richard Silva
again no posting this info...yet

well rich,here is the skinny on the OP.

1)cashjar owes them 1,506.23
2)nationwide owes them 1,169.50
3)they owe western sky 1,115.00
4)they owe one click 300.00
5)they owe usfastcash 450.00


now tell me what just as a supposey you would do for them?again being as i'n in IL and have dealt with cash jar,and usfastcash.i know they won't even talk to places like yours.so sorry but i still say there is nobody that can legitimately settle/negotiate with illegals.

Ok, so here is what I would do. I would consolidate all those loans into one low monthly payment. I would of course only accept the Principle Balance of what the client has borrowed. Reason being is because as you mentioned, Online lenders who operate illegally are not entitled to the extremely high interest rates or renewal fees. So given this example. I would enroll that amount, then lower the monthly payment. Here is some numbers just so you can see what I do. From what I see he has a total principle amount of $3725.00 in renewal fees alone just for all those lenders, the amount to be taken out all together would be a whopping $1,117.50 every pay period. So if you get paid every 2 weeks that's $2,235.00 a month. I am sure OP or MNGENIUS, has had his account taken for so much money. I know this because it happens every single day and listen to clients who just suffer from that cycle of renewal fees and not knowing a way out. I drop the payment from $1117.50 to $203.16 per pay period. As you can see it is a dramatic decrease from what the payday loan lenders (PDLL) demand. I know how to deal with these lenders, in fact I have personally dealt with Cash Jar and US Fast Cash which is AKA Ameriloan. Even though they say they won't deal with people like me, they have no other choice when enrolled in the program. We do a Limited POA and then submit them an Intent and Proposal Letter to tell them what they are going to get paid. I have not had a company who refuses a check from us so far. So that's how we can help. Please feel free to ask any more questions. Thanks for reading!

Richard Silva.
once more no posting of this info.

i'm not gonna endorse yours,or any place that claims they can deal with ILLEGAL lenders.not gonna do it.this forum has everything people need to get pdl's out of their lives without paying someone to do it.a couple of points to make.

1)the OP stated they are behind all of their bills.why make paying an ILLEGAL lender a priority when if the OP follows the sticky they can catch up on everything else first.
2)as stated the sticky has everything including.ACH revocation letters,wage assignment revocation letters,info on AG'S,AND THE FTC,
3)having dealt with most of the lenders myself i can state they won't work with you.meaning you can send anything you like.they aren't gonna cash the checks.USFASTCASH,AND AMERILOAN i know won't as places like town and country had that problem.
4)again if a person is so behind on all other bills paying ILLEGAL lenders should not be a priority.they should be put on the backburner until they can pay them as the lenders are the reason the are behind.
5)last point.i noticed just about all of you so-called pdl debt relief agencies don't care about your clients,but in getting your fee.you don't get any real info.just how many pdl's and how much is owed,or borrowed.a uncaring callous attitude to say the least.


there you have it.i'm done debating.i'm not gonna endorse you,or recommend you.if the OP goes to the sticky and follows it they can rid themselves of these pdl's without you.your fee,or your uncaring business like attitude.

just know you don't have to endorse my company. It's fine really, I personally just want to help people and with my knowledge and database of lenders and or course, the relationship we have with them, it makes us work effectively to pay these loan sharks off. Now what you have mentioned about personally working with them and not having any luck with accepting a payment or even getting their address to send money doesn't mean we can't do so. Our list is compiled from research and years of experience dealing with them. Either way, whether they have the sticky's for them to get them out of PDL troubles or have me help them out, they have a choice. We are both on here to help people and advise them on what they should do in a PDL situation. Everyone I talk to on the phone that contacts me always tells me that I'm a blessing for helping them out. Some people just don't know what to do or they don't know how and that's where we do all the work. But your right about the priority. That is why we offer low monthly payment, and if it doesn't work we advise against our program because it's only successful if they continually make payments and we don't want to put them in a situation to where they can't make payments. We do care about our clients and everytime they call to ask us a question or have a concern or can't make this payment one time bc of an emergency then we work and talk with them, understand the situation so we can relate and keep that relationship with them throughout the program. We try to make it easy for all, including us, and that's how we do it. I appreciate you voicing your opinion, some think bad of us because of the reputation of other companies, some are thankful for the advice given but either way, I'm not on here to debate as well so agree or don't agree, our goal is the same. To help people get out of PDL'S cycle! :D

What consolidation companies do not tell people is that most of these internet PDL's are not legal. The money that we have already paid in interest is not considered when consolidating. My experience with this is you try to settle for the principle amount and 1 fee and you portray this as being a great deal. I found out that all of my loans were illegal and did not owe them anything further and in fact should expect a refund from most. I paid a consolidation company prior to finding this site and thank goodness I found out how to research these companies and how to file complaints prior to my first payments being sent so I did get a partial refund. I would have ended up paying an additional 1500.00 to the consolidation company for their not doing anything for me other than taking my money and sending payments for me. Consolidation companies are good for legitimate Credit Card consolidations and legal payday loans, not for the others( which are the majority). Come to find out when I told the Consolidation company why I was cancelling, they then admitted to the fact they knew about the illegal loans. I hope everyone reads this and does their research before deciding to choose to go with debt consolidation for PDL's.