Help withPayday Loan Laws
Date: Thu, 03/11/2010 - 11:52
Hi,
I live in California but received an internet payday loan from Eastside Linders out of Delaware. I emailed them to let them know they had not followed California Laws for payday loans and that all I owed them was $140.00. They responded back that since they are out of Delaware, I am to follow Delaware laws not California that I live in and lived in when I got the loan. Are they correct or do I have the California laws on my side? Below is the response they sent me. Any help would be so appreciated.
"On the advice of counsel, East Side 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, East Side Lenders notes and reserves all available legal and equitable objections to the points you have raised."
I live in California but received an internet payday loan from Eastside Linders out of Delaware. I emailed them to let them know they had not followed California Laws for payday loans and that all I owed them was $140.00. They responded back that since they are out of Delaware, I am to follow Delaware laws not California that I live in and lived in when I got the loan. Are they correct or do I have the California laws on my side? Below is the response they sent me. Any help would be so appreciated.
"On the advice of counsel, East Side 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, East Side Lenders notes and reserves all available legal and equitable objections to the points you have raised."
Your state laws apply. I would only pay them back the principle
Your state laws apply. I would only pay them back the principle.......
CA - Eastside Lenders
Guest: go to the Department of Corporations website www.corp.ca.gov. In the search box for their website key in Eastside Lenders. You will find a cease and desist order for them dated 2008. They have no license to do business in CA which is required. I would print this order out and send it to them, along with a copy of a complaint you can file on-line. That should stop them in their tracks.
