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I have payday loans from the following

one click cash 200.00 paid 180.00
500fast cash 200.00 paid 240.00
eastside lenders 200.00 paid 60.00
paycheck today 200.00 paid 180.00
fast reliable cash 300.00 paid 0 so far 75 finance fee due this week

I am now having a hard time paying bills because I am paying so much out to them. I got caught up in this mess and now I feel like I need a new pdl every two weeks just to cover what is being taken out from the others. I live in Michigan and after reading this site am unsure if these are even legal. Can someone help me. I would like the ACH transfers to stop so I can pay my other bills.

I will go ahead and post your laws for you, there are a couple you have there that are illegal/unlicensed, what this means is you are only morally obligated to pay back the principal amount. I hate to tell you this but there is only one way to stop them from debiting your account, and that is to close it and make sure it will not be forced back open under any circumstances. Both of the pdl's lsted below are not licensed.
500fast cash 200.00
eastside lenders

Michigan State Information

Legal Status: Legal

Mich. Comp. Laws 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
Regulatory Contact: ,

Sub: #1 posted on Mon, 08/04/2008 - 18:23

Shazzers Shazzers
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(Posts: 17345 | Credits: )

You do not owe Eastside lenders any more money, you need to email them and tell them the following:

-You have discovered they are not licensed.
-You are revoking wage assignments (give copy to your payroll)
-You are revoking ACH authorization.
-You are filing a complaint with the FTC, your Attorney General, and the BBB.
-You do not want them to make any further contact with you other than USPS or emails, also, you forbid them from contacting your employer, your references, family or friends.

Do this AFTER your account is closed. :wink:
Also inform them they are paid in full!

Sub: #2 posted on Mon, 08/04/2008 - 18:26

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

I'm pretty sure that all of your pdl's are illegal/unlicensed. I'm not sure about Fast reliable cash, anyone else know?

Sub: #3 posted on Mon, 08/04/2008 - 18:31

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

Thank you so much this is starting to help. I just feel so overwhelmed. I have no problem paying back the amount that I borrowed but its the amount that keeps coming out after that. Is it possible to do this without closing my account?

Sub: #4 posted on Tue, 08/05/2008 - 09:56

shanshan27 shanshan27

(Posts: 9 | Credits: )

The only sure way to stop the withdrawals is to close your account. You should read this information: ount.html

If you can't close your account, you could put a hard block on it, but I'm not sure if it would be as effective. Hopefully, someone else will advise further.

Sub: #5 posted on Tue, 08/05/2008 - 10:03

alias1958 alias1958

(Posts: 1230 | Credits: )

Hiya shanshan, shoot these illegal pdl's with the following info that I posted, then inform them you will send payments via money order through the USPS (always send them certified return receipt), but in order to do so, you need a valid address to send the payments. No address, no payments, it's pretty cut and dry actually. And they can consider them self lucky you are willing to fulfill your obligation.
one click cash - You owed them $20.00.
500fast cash - They owe you $40.00
eastside lenders - You owe them $140.00.
paycheck today - You owe them $20.00

As far as your other loan with Fast Reliable Cash, I am not sure about them, hopefully someone else here will have some info on them. You do NEED to secure your bank account though asap! I recommend that you close it out, and open a new one at a different bank, once these companies have your account info, they will continue to dip into it. :D

Sub: #6 posted on Tue, 08/05/2008 - 10:19

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

I am afraid that if I close my account and everything that they will repeatedly try to contact me at work. What are the chances that they will do this because that could cause me to lose my job.

Sub: #7 posted on Wed, 08/06/2008 - 10:00

shanshan27 shanshan27

(Posts: 9 | Credits: )

Also do I have to close my savings account to or can I just close my checking?

Sub: #8 posted on Wed, 08/06/2008 - 10:16

shanshan27 shanshan27

(Posts: 9 | Credits: )

I have emailed all of the companies with the following
To whom it may concern at

I am sending you this e-mail to inform you of the following:

I have discovered that your company is not licensed and is not legal in the state of Michigan.
As of 08/06/08 I am revoking any and all ACH authorization and transactions made by your company to my account.
I will be filing a complaint with the FTC, Michigan Attorney General and the BBB.
I forbid you to make any further communication with me other than through USPS or email.
I also forbid and revoke authorization for you to contact my employer, my place of employment, references, family, and or friends.
My checking account is now closed. I have paid you over the amount borrowed and as I see it you are paid in full.

I also contacted my bank about closing my checking account.

I spoke with one of the companies and they said if they do not rec'v payment on Friday they will immediately send me to collections. Can they do that? Is there anything else I need to do right now? Should I contact all companies by phone to let them know my account is closed?

Sub: #9 posted on Wed, 08/06/2008 - 13:00

shanshan27 shanshan27

(Posts: 9 | Credits: )

If you have already emailed this information to the PDLs, make sure that your bank account is closed IMMEDIATELY so that they don't go into it and try to get their money. Normally, it is better to secure your bank account before you notify the PDLs that you are revoking ACH authorization. Read the info. in the link I posted above to make sure that your account can't be forced back open and overdrawn.

Sub: #10 posted on Wed, 08/06/2008 - 13:16

alias1958 alias1958

(Posts: 1230 | Credits: )

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