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Pay Day Loans In Michigan

Date: Sat, 06/09/2012 - 11:43

Submitted by pgsmiley77
on Sat, 06/09/2012 - 11:43

Posts: 4 Credits: [Donate]

Total Replies: 6


Hello,

I have the following pay day loans and I live in the state of MI:

Everest Cash Advance - 300
VIP Loans - 500
Sandpoint Capital - 300
Cash In a Wink - 500
PDY - 200
Ameriloan - 400
Americash - 400

Can anyone tell me if these are legal and if not, what I can do?

Thank you in advance for your help.

Pamela


Hello,

Thank you all for the responses. As for closing my bank account, that isn't possible right now because my pay day is this Thursday. However, I can take steps to close it afterwards. :D

Ameriloan isn't scheduled to take out the first payment until Jun 28.

I will visit my bank after I get off work and discuss this with them.

Thank you all again for your help. :)


lrhall41

Submitted by pgsmiley77 on Mon, 06/11/2012 - 11:59

( Posts: 4 | Credits: )


Good morning all,

I just wanted to give you an update. I talked to the bank manager (BofA) yesterday and she stated that the only thing they can do is put a stop payment on those authorizations.

I asked her about closing the account and starting a new one up and she stated that if the payments are recurring, then closing the account wouldn't be a good idea...it would make it look to them that I was "running" from them.

Needless to say, I didn't tell her that I was trying to "run" from them, but to make payments to them via a different method.

To sum it up, she was partially helpful.


lrhall41

Submitted by pgsmiley77 on Tue, 06/12/2012 - 03:26

( Posts: 4 | Credits: )


Hello everyone,

For those that live in the state of MI, I contacted the Office of Financial and Insurance Services for the state of Michigan and was informed that they do NOT license any online payday loan lenders.

The lady stated that if you have problems with these loans, to contact an attorney. I contacted a MI lawyer for a free consultation; I explained everything to him regarding my payday loans and he stated that these loans are illegal in MI, so I'll be calling him in the morning.

I'll keep you updated on what happens.

Thanks.


lrhall41

Submitted by pgsmiley77 on Tue, 06/12/2012 - 15:26

( Posts: 4 | Credits: )