From what I have learned by searching through these forums -
BetterCash/MoneyLion - may or may not be legal - at least one person posted that they had used the sample letters to dispute with them and had received a response similar to their account would be closed out - if anyone can provide further insight about how to proceed with this lender, I would greatly appreciate it. I just don't know whether or not to continue to paying the amount requested on schedule or to do something differently.
Spotloan - it is my understanding that this is an illegal lender?
Elastic "Line of Credit" - it is my understanding that this may be a legally licensed lender (FDIC Insured) in Florida, but their interest rates appear to be WAY higher than the maximum interest rate allowed in Florida - I may be confused about how the maximum interest works in Florida - so maybe someone else in Florida can help me understand correctly?
I recently entered a debt management program through credit counseling, but they advised they do not include or work with any of these lenders, so I'm still on my own in handling those.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.