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Currently I have a payday loan through Hydra Fund & I am trying to dispute the validity of the loans with Iowa law. Am I correct in stating that since these lenders are on the list of licensed lenders with Iowa and they are out of the country I am not obligated to repay the debt? I have contacted both lenders and they state they will be going through a collection agency. Please help!

You are correct in assuming that both the lenders are illegal and unlicensed in the state of Iowa. You only owe these guys the principal, no interest or fees. File complaints against them with the AG and the FTC and follow every step mentioned in this link: th-illegallenders.html

Sub: #1 posted on Tue, 07/03/2012 - 23:07


If they send it to a CA, you simply cease and desist the CA on the grounds that the loan is invalid, illegal in your state. Stand your ground.

Sub: #2 posted on Wed, 07/04/2012 - 06:01

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