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Online Payday loans - Need help from Arkansas Jonesboro

Date: Tue, 08/21/2012 09:15

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I've been on the payday loan hamster wheel of hell for longer than I can remember - broke free once for a month or two only to suck myself back in.

I can't do it anymore - I'm broke, in every term of the word.

I see that in Arkansas - Jonesboro , payday loans MAY not be legal but I'm unsure as to the why - in particular why my loans may be illegal. I'm ready to write emails close accounts and kick some debt - but I want to make sure I have my dots dotted and my crosses crossed.

I have three current loans:

UnitedCash - borrowed 500 on 6-4-2012 fee is 150 which I've paid twice.

USFast Cash - borrowed 260 on 4-16 fee is 60 - paid three times.

Ameriloan - borrowed 400 on 7-20 fee is 120 - haven't paid a dime - yet.

so are they illegal? are they illegal because they are tribe entities and not actually licensed in a state?

Thanks for any help. :)

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Total Replies: 8

Payday loans are illegal in Arkansas. Close your bank account so that they can not take any more out. Open a new account and do not give this info out to anyone. You are only morally obligated to pay back the principal and nothing more. No interest or fees. It looks like that you have overpaid on some. Request a refund.

Sub: #1 posted on Tue, 08/21/2012 - 09:44

bingonut

(Posts: 1433 | Credits: )

Sorry, I mispoke. I do not believe that you are due refunds.

Sub: #2 posted on Tue, 08/21/2012 - 09:45

bingonut

(Posts: 1433 | Credits: )

No I don't expect any refund - thanks though! I have registered complaints to the Attorney General's office - should I wait on a response from them or go ahead and write letters to these companies (which I have just now figured out all belong to the same LLC.)?

Sub: #3 posted on Tue, 08/21/2012 - 10:14

eroberts

(Posts: 4 | Credits: )

Send the letters but make sure that you have a new bank account before sending the letters out.

Sub: #4 posted on Tue, 08/21/2012 - 10:25

bingonut

(Posts: 1433 | Credits: )

Having a problem with the bank and the stop payments. They want to charge me a fee for the stop payments and right now the account is in the red so I can't close it. Wouldn't be able to close it until the day of the next due withdraw. Not sure what to do

Sub: #5 posted on Wed, 08/22/2012 - 13:20

eroberts

(Posts: 4 | Credits: )

Tell your branch manager you are invoking your regulation E rights to terminate ACH transactions. If he/she refuses then call your bank's corporate office. Be specific and tell them you absolutely refuse to pay any overdraft fee because of the uncooperative bank.

Sub: #6 posted on Wed, 08/22/2012 - 23:06

waffles
Moderators Cum Industry Expert
(Posts: 1697 | Credits: )

It's been over a week since I emailed each company - do they ever reply? the drafts would be today if I didn't have the Stop Payments - I'm guessing they'll wait until they know they can't get any money?

Just wondering if I should send them a reminder ;)

Sub: #7 posted on Fri, 08/31/2012 - 09:55

eroberts

(Posts: 4 | Credits: )

Enjoy the calm before the storm. Believe me, they will be in touch with you when they realize they can't get their money.

Sub: #8 posted on Fri, 08/31/2012 - 10:46

bingonut

(Posts: 1433 | Credits: )