Dealing With Unlicensed Payday Lenders

I live in texas, How do I know it they are illegal here?
Have the 5 current loans out. here is a run down of what I have currently and what has been paid. It scarred me when I really saw the numbers.

VIP/DMA financial 04/23-500 paid so far 650
CashnetUSA 04/23-500 pd so far 495
Little loan shop-05/25 300 pd 105 and a 34.95 nsf as they tried to pull 2x's in one wk
Kenwood Financial-5/3 250 pd 220 so far
PDO(paydayone)-5/21 200 pd 45.60 so far

I need any help to get them paid off as soon as possible and to get back on track..
Thank you

Your payday loan laws are at the link below:
http://www.paydayloaninfo.org/stateinfo/TX.asp
Your payday loan licensee data base is at the link below:
http://occc01.occc.state.tx.us/default.asp
Search for CSO's at the link below:
https://direct.sos.state.tx.us/cso/csosearch.asp

If your lenders aren't listed at either of the links, they aren't legal, if they aren't legal, read the beginning of this thread to learn how to proceed.

Okay, I was drowning in these online payday loans and have been paying on them for months. I took your advice and closed my bank account and sent letters. There is one company that operates out of Costa Rica stating that I signed something saying I agreed to operate under Costa Rican law. I have no idea what they're talking about, but I'm sure its somewhere in the fine print of the loan documents that have magically disappeared. My question is: Is this true? Do I have to operate under Costa Rican law if I received a cash advance from them? I live in SC and when I contacted the Attorney General they said all online pdls are illegal in that state and therefore they should not have given me any advances, but this was before I found out about this Costa Rican rule. The following lenders I have loans with are:
Mydayloan.com
Unitedcashloans.com
PaydayMax.com
RBT Loans or Spot On Loans.

I know that none of these companies are licensed in SC but am I bound by the terms from where these companies are from, or am I okay since they provided a cash advance to a resident in SC. Any help in this matter is greatly appreciated.

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Thank you for your advice. I contacted the Dept. of Consumer Affairs and they have assured me everything that I am doing to protect myself is completely legal. They actual asked that I send them any information I have so that they may review it and send it to the Board of Financial Institutions. Just a FYI...If a company claims that any correspondence they send to you via email is copyrighted, it's false. Consumer Affairs explained that they cannot copyright emails and these are just scare tactics that they use. I understand that I owe the principal to these companies and I have no problem paying the ones I still owe that amount, but they were renewing loans when I thought I was paying on the principal balance. Very little if any of my money was going to the principal, and its impossible to contact these people when you need to. This was the worst thing I could have ever done. I am just glad that there are laws to help out with things like this.

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i was just contacted by someone saying they represent laser lending and that i owe them money to my knowledge i dont remember ever getting any funds from them are they illegal i live in ct

A little lost on this website, not sure if this is where I supposed to be but i had one more question, had a place called Destination Debt Solutions call, said they specialize in consolidating PDLs. Ever heard of them, is this a good way to handle any or all of the loans?

Hi I have two payday loans from two companies and I can't get info on them.
I live in Arizona and I have a loan with QXLOnline and Beacon. I can't contact Beacon and I've tried contacting QXL with out any luck. I've put a stop payment on both companies. I can't find license information on either. does anyone know what I should do?

I have great news about 500 fast cash and united cash loans I sunt them an illegal payday loan letter that I found on one of these forums and both payday loan companies have cancelled my loans

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Is money2advance.com legal or illegal in florida.

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I live in New York State, and have a loan with United Cash Loans.

The original loan amount was for $500, but I have since paid back 3 payments of $150 each totaling $450. I made that last payment back in April of 2010.

I closed my bank account after that because I lost my income and couldn't afford to make these crazy payments anymore.

They called me a lot trying to make payment arrangements, but I couldn't arrange anything since I didn't have an income to make plans on.

They even called the references on my loan application several times, when I didn't get back to them right away. I know its illegal for them to involve a 3rd party in that way, asking my references to have me, call them back...etc. They can't do that when they have a valid way to reach me - which they do have my phone numbers, email and mailing address...etc

I told them they were breaking consumer laws, and that I had emailed them a Cease & Desist Letter after that. All they did was claim it never got sent to their department and/or they don't recognize C&D Letters because I they claim I gave them permission to call when I signed for the loan...etc. I know I should send the letter certified mail too, but what good will it do if they are illegally disobeying the laws anyway.

Anyway, just the other day they called me again, and started right in with trying to make payment arrangements. The only reason I even picked up the phone is because I did want them calling my friends again and annoying them.

Last week I made a payment arrangement to pay them $70 a Month for 12 months, on a settlement amount of $830.00...

Now, if they are operating illegally in New York State, and I have already paid them $450 on the original $500 lent to me, then I can actually claim I only need to pay them $50 more - correct ?

The original contract, and the recent payment arrangements made on the settlement amount, are in fact null/void, since they are not legal in New York anyway - right?

I have considered getting a lawyer to send them the Cease & Desist Letter just to make sure they don't call my references/friends again, and to make sure they don't call me. I know lawyers will take cases like these contingency. Part of me wants to do it for everyone who companies like this harass and mess-over, but another part of me just wants to save myself the headaches and just let it drop - if they'll settle for the $50, and/or just pay the settlement arrangement if I can.

What would you recommend ?

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Can anyone tell me if money2advance.com and discountadvances.com are licensed and/or legal in Florida? I cannot seem to find licensing on them.

normally there IS a fee for any loan. So you have to be certain that the lender has no right to chrage you one! Otherwise, it is fraud if you borrow money, agree (by signing) to pay it back, then block your account so they cant get their money. I am scared of getting sued. I am in MD and have loans from other states, how to I check this before taking action?

i was looking for something like this for a while now..thanks for this..

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I am a bit confused on if payday loans are indeed illegal in the state of New Jersey according to the laws:
New Jersey Payday Loan Laws
State Legal Status
Lending of payday loan is considered prohibited in the State of New Jersey.

Interest rate cap on small loans

30%per annum


Isn't a Payday Loan considered a small loan, therefore my interest should be only 30% annually not monthly? Mesa Finanical has my interested rate at 702.14% annual and Summit Group as well. My loan is due every 2 weeks for a 300.00 loan I am paying 390.00 and for a 275.00 loan I am paying 325.00 every two weeks is this right? Shouldn't it be only 2.5% per month

its very tough to know which of the payday loan lender is illegal...and that why most of the people get trapped on that....however the points you have made in your post are really appreciable ..and really admire them being a payday lender .....

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I`ve been looking for this,I live in CA and SGQ processing deposited $300 on my account without me applying or signing papers to them i just received a call and a document with it with my name electronically.I searched for the company and it is not listed in BBB of CA and a lot of complaints against them i tried calling them but the no. is just an answering machine with no reply from them.Then i noticed that they took $90 from my account on the 16th instead of the full amount then another $90 0n the 31th.I closed my account and asked my bank to trace their address and on june 16 they told me to contact billing tree which i did and got hold of their address in Nevada. I paid them $390 using my bill pay but they returned it today july 16.I asked my bank and they told me SGQ the payee didn`t state any reason for it.What should I do now? I already contacted BBB of Nevada and searched their company and it is not listed there .BBB of CA told me to file a complaint against them through BBB of Nevada on line which I did yesterday.I want to get out of this SGQ scheme cause i am tired tracing and calling them .I am responsible for my debt and I want to pay of course the principal and the interest only.But above that it is no longer right isn`t it?Please help me. thank you

hi! is SGQ processing/ltd license in CA ..Thanks if not what am I going to do with this company .They deposited $300 in my account without me applying nor signing any documents with them.I just receive a call that i am approve of a loan and it is deposited into my account.They also sent a document with my name written electronically. I trace and contacted them but it is just an answering machine.They took $90 on the 16th instead of full payment of 390 then another 90$ on the 31st i closed my account and let my bank trace their address so i can pay them using my bill pay which i did .Upon the knowledge of their address I paid $390 through my bill pay but they sent it today!I searched their company both BBB in CA and Nevada and it is not registered.What am I going to do now?Should I pay them with my check or Cashiers check? thank you

i had 3 loans with e-payday-loan. im from mass. i closed my checking acctsthey then sent me a letter from halasted financial services. they saidattemps had been made to collect the drbt. if need be they will hire an attorneyfrom mass to sue me. the thing is now you cant get a payday loan from e-payday-loan. before you could but when you say your from mass they decline youyet they lent me and ipayed over 23% the small cap loan law. just wondering whythey change and say they don't lend to mass. should i sue to get backall i payed before my acct was closed

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I, too, have had a problem with payday lenders. Currently, I have a payday loan with "Sure Advance". Remind me never to deal with those idiot sticks again. I had SPECIFICALLY asked them to take the entire loan amount out on 6/25/10, --- that is to say, the $400 I borrowed + $106 in fees. Now, ask me if they actually did that...Um, answer? NO. They took the $106 out 2x, 6/25 and 7/9. Today, they are to have taken out the rest of the whole dang thing. I'll let you all know if this happened. I am trying to get enough money together to take my kids to the ocean, too, so this whole "payday hell" that I am currently roasting in is not helping things. Has anyone else out there dealt with Sure Advance? Thanks!
Jen D. :p

I have not Jen, but I know someone who has!! ;) They have had some similar trouble too.

I'd love to know what that letter looks like! ;)

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Heres my question, is closing your account really the only option? How do you go about putting an ACH hold on your account? Some people have said go to the ACH processor, some have said go to the bank. I bank with Wells Fargo. Has anyone had any dealings with them in this type of situation?

[quote]Heres my question, is closing your account really the only option? How do you go about putting an ACH hold on your account? Some people have said go to the ACH processor, some have said go to the bank. I bank with Wells Fargo. Has anyone had any dealings with them in this type of situation? [/quote] Your best bet is to go into the bank and speak with a branch manager. Let them know you have some fraudalent activity on your acount and you need it closed to sort it out. This is the best way to cut of the source of the PDL company vs trying the processor or a ACH hold attempt. There are ways the PDL company can still get around the ACH hold and the processor.

Hello, I got myself into a mess with 6 online lenders. I live in Texas...how do I find out the state laws for payday loans. Can I be prosecuted or my wages garnished if I don't pay back

I used the following template to address two payday loan lenders. I am a resident of Texas. I sent it out via email and am waiting for a reply. I was successful in talking with the branch manager of Chase and closing my account. They opened a new one and streamlined all deposits to the new account with little or no interruption. I can still use my original debit card and log on to my account as normal. As I receive responses from United Cash Loans and MyPayDayLoan.com, I'll post it.

[COLOR=black]Date 08/02/2010[/COLOR]
[COLOR=black]Name[/COLOR]
[COLOR=black]Address[/COLOR]
[COLOR=black]Email Address[/COLOR]
[COLOR=black]Attention:[/COLOR]
[FONT=sans-serif][COLOR=black]MyPayDayLoan[/COLOR][/FONT]
Centro Colon, 8 avo piso, oficina 8-4
San Jose, Costa Rica
[COLOR=black]After researching Internet payday loan laws in the State of Texas, I have found that your Internet payday loan activity is actually illegal. I have also learned the following laws apply to payday loans in the State of Texas in general,[/COLOR][INDENT][INDENT][COLOR=black]Texas State Information:[/COLOR]
[COLOR=black]Legal Status:[/COLOR]
[COLOR=black]Citation:[/COLOR]
[COLOR=black]7 Tex. Admin Code A 1.605 Tex. Fin. Code Ann 342.251 et seq. and 342.601 et. seq.[/COLOR]
[COLOR=black]Loan Terms:[/COLOR]
[COLOR=black]Maximum Loan Amt:[/COLOR]
[COLOR=black]Loan Term: 7 - 31 days[/COLOR]
[COLOR=black]Maximum Finance Rate and Fees: $10 per loan + 48% Annual Interest[/COLOR]
[COLOR=black]Finance Charge for 14 day $100: $12[/COLOR]
[COLOR=black]apr for 14 day $100: 309%[/COLOR]
[COLOR=black]Debt Limits:[/COLOR]
[COLOR=black]Maximum outstanding loans at one time: Not Specified ($500 Aggregrate loans outstanding to all licensees)[/COLOR]
[COLOR=black]Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)[/COLOR]
[COLOR=black]Cooling off period:[/COLOR]
[COLOR=black]Payment Plan:[/COLOR]
[COLOR=black]Collection Limits:[/COLOR]
[COLOR=black]Collection Fees: not specified[/COLOR]
[COLOR=black]Criminal Action: not specified[/COLOR]
[COLOR=black]Where to complain, get information:[/COLOR]
[COLOR=black]Regulator:Texas Office of Consumer Credit Commissioner[/COLOR]
[COLOR=black]Address: 2601 N. Lamar Blvd. Austin, TX 78705[/COLOR]
[COLOR=black]Phone: (512) 936 -7600[/COLOR]
[COLOR=black]Fax: (512) 936 - 7610[/COLOR]
[COLOR=black]Regulatory Contact:[/COLOR]
[/INDENT][/INDENT][COLOR=black]I hereby revoke any and all ACH debit authorizations with your company from debiting any of my personal accounts, per Federal law, Regulation E Section 205.10 Preauthorized transfers. I have closed my account with Chase Bank (formerly WAMU) to protect my interest in this matter, per instructions from the Chase Bank Department of Finance. I also revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected. [/COLOR]
[COLOR=black]I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from my Attorney General Office. I also prohibit you or your affiliates to contact me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. [/COLOR]
[COLOR=black]Due to the fact that Internet payday loan lenders must be licensed in the state of Texas to be a legal and binding contract, your company should NOT issue loans to Texas residents at all. I am requesting that you send me your license number which enables you to offer loans to Texas residents. (Alternatively, you can point out at any violation.)[/COLOR]
[COLOR=black]The legal amount that could have been charged to my loan is the principal amount, even if your Internet payday loan were legal anywhere in the U.S. I currently have paid $4000 which is 4 times than the original loan amount of $1000. According to the Texas state regulations, I am due a refund of $3000. I also request a paid in full letter. [/COLOR]
[COLOR=black]I must also inform you that I will be filing complaints with the Better Business Bureau, the Federal Trade Commission, and the Texas Attorney General Office. [/COLOR]
[COLOR=black]I expect a response from your company no later than 5 days from the above date regarding this matter. This response may only come via US Postal mail or email. No telephone contact is permitted.[/COLOR]
[COLOR=black]Sincerely,[/COLOR]
[COLOR=black]XXXXXX[/COLOR]
[COLOR=black]CC:[/COLOR]
Better Business Bureau
[FONT=sans-serif][COLOR=black]Texas Attorney General[/COLOR][/FONT][COLOR=black]
Federal Trade Commission [/COLOR]

[COLOR=black]907. Preauthorized transfers[/COLOR]
[COLOR=black](a) A preauthorized electronic fund transfer from a consumer's account may be authorized by the consumer only in writing, and a copy of such authorization shall be provided to the consumer when made. A consumer may stop payment of a preauthorized electronic fund transfer by notifying the financial institution orally or in writing at any time up to three business days preceding the scheduled date of such transfer. The financial institution may require written confirmation to be provided to it within fourteen days of an oral notification if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent.[/COLOR]
[COLOR=black](b) In the case of preauthorized transfers from a consumer's account to the same person which may vary in amount, the financial institution or designated payee shall, prior to each transfer, provide reasonable advance notice to the consumer, in accordance with regulations of the Board, of the amount to be transferred and the scheduled date of the transfer.[/COLOR]
[COLOR=black][FONT=sans-serif][Codified to 15 U.S.C. 1693e[/FONT][/COLOR]

MyPayDayLoan replied with the following: MyPaydayLoan.comCentro Colon, 8 avo piso, Oficina 8-4San Jose, Costa RicaPhone: 888-269-2303August 3, 2010Dear XXXXX,In acknowledgment to the letter we received by email, on Tuesday, August 3, 2010, we would like to clarify the issue pertaining to the transaction you originated with our organization.All correspondence from Mypaydayloan.com is copyrighted property and you had to consent to this in order to even apply. Specifically, the website states:"Except where expressly provided otherwise herein, all emails, comments, feedback, information or materials submitted to Mypaydayloan.com through or in association with this web site ("Submissions") shall be considered Mypaydayloan.com's copyrighted property. By providing such Submissions to Mypaydayloan.com, you agree to assign to Mypaydayloan.com all worldwide rights, title and interest in the copyrights and other intellectual propertyrights to the Submissions."Any publication of such info is in direct violation and you will be pursued vigorously by our legal counsel including severe financial penalties for publishing copyrighted confidential information. You can see such disclosure at the beginning of our site after your email has been validated and before you proceed with the application.In regards to contract venue, you were required to consent to ???avail yourself to Costa Rican law???which you did willingly and unsolicited. Had you not agreed to that you would not have received the advance.Specifically, the contract states:"GOVERNING LAW: Both this agreement and the application is considered to be executed at our offices in San Jose, Costa Rica, and this transaction and agreement with us shall be governed by, construed, and enforced solely in accordance with the internal laws of Costa Rica."In addition, not only did you avail yourself to Costa Rican law and agreed to be governed by it, independent US case law also supports contract venue, even had you not agreed in advance to such venue, which you did. Jurisdiction over commercial activities had been proven to be based on a "sliding scale" determined by where the preponderance of activity has occurred. You are dealing with an unsolicited transaction to a Costa Rican company with servers, offices, employees, and all other important elements of the transaction taking place there, including contract venue rather than your state of Texas, where nothing has taken place. Please refer to the case of Zippo Manufacturing Company vs. Zippo dot com, Inc. 952F Supp 1119,1124 (W.D. Pa. 1997).Furthermore, specific contract venue law even provides more clear-cut evidence pertaining to the controlling venue for a contract. The formal validity of a contract is to be determined by the "lex loci celebrationis" which is the law of the place where a contract is made. The Hogue-Kellog principle applies that a contract is deemed to be executed where the final act is donewhich is necessary to make it binding. See Hogue-Kellog Co. Inc., v G.L. Webster Canning Co., Inc. 22 F3rd 384, 385 (4th Cir.1927). This transaction was not binding until reviewed and approved by MyPaydayLoan.com, once we received all information from you to make a decision to enter into the agreement. Hence, the final act to make the transaction binding was in ourjurisdiction, Costa Rica, not yours.Lastly, any comment about specific interest rate caps based on your state would not apply anyway since this was not a loan in the first place. You engaged in a check advance agreement with us, not a loan. There are important differences which are a benefit to you and should be clarified. You were charged a fee per $100 dollars advanced. Based on the fact that it is a fee and not interest there is no "accrue" element to this transaction. When you defaulted you were not charged more money based on the time the advance is still outstanding (beyond your initial late fee and NSF fee, if applicable). In addition, the second important function differentiating this transaction as a fee instead of interest is there is no compounding. Any unpaid fees under an interest scenario would have a compounding component where any unpaid charges would be included in the "interest" calculation and added to the unpaid balance for purposes of determining the total amount owed. This is an important difference since there is no compounding of "interest" on any unpaid balances with our transaction. As such, usury would not governthis transaction since it is a fee. This principle is no different than when your bank chargesyou an overdraft fee to cover a check where there are not enough funds in the account to cover the check. You were advanced funds based on your next check from your employer, so whether that was 5 days away or 20, the fee is the same. There was no interest charged and laws governing interest are not applicable.Hopefully, instead of trying to change the rules that governed the transaction after you received your advance from us because it suits you, you will honor what you already agreed to pay whether you paid attention or not. You need to satisfy your obligation in full, in order to avoid further collection activities and penalties. Your threats have been sent to legal counsel for review, and depending on your further actions, they will determine your accountability and how they will proceed against you and your account.Keep in mind this cash advance is supposed to be paid in full on the pay date following the receipt of the funds, if you choose not to do this then you have the option to renew/extend by paying the fee. Considering your payment history we can offer a payment plan for you to satisfy the balance of $1250, without paying further extension fees. We will need to receive 1 payment of $1000 by 8/6/10, or beginning on 8/6/10 we will need 5 biweekly payments of $200. Your choices for payment method are as follows: ACH, MoneyGram, PayPal, or Credit Card, (all of these options have fees associated with them).You will need to accept one of these offers by Thursday, August 5, 2010, in order to properly set up your account. Please govern yourself accordingly.Sincerely,Ashleigh JonesMyPaydayLoan.comNotice of Confidentiality: The information included and/or attached in this electronic mail transmission may contain confidential or privileged information and is intended for the addressee only. Any unauthorized disclosure, reproduction, distribution is expressly prohibited without express written permission from the company. If you believe that you have received the message in error, please notify the sender by reply transmission and delete the message without copying or disclosing it.

Any advice on how to respond to sub: #438?

Immediately, I received an additional email:Your account has defaulted to our collections department for non-payment your bad check has been reported to Contribution, a service of SCAN. Being listed in this service prevents check writing at major retailers, such as Wal-mart, Target, etc. Once reported this will make applying for additional loans, or checking/savings accounts at financial institutions nearly impossible.This, of course, can be remedied by making at least the minimum payment on the loan in which we extended to you in good faith. Once your payment is received your account will be removed from Contribution. Continuous refusal to make good on the loan will result in the account being turned over to an outside collection agency for full recovery plus up to an additional 35% of the loan amount charged for fees and services.If you have any questions, please feel free contact our agency by responding to [email]collections@mypaydayloan.com[/email] or by calling 1-888-269-2303 ext 2. Notice of Confidentiality: The information included and/or attached in this electronic mail transmission may contain confidential or privileged information and is intended for the addressee only. Any unauthorized disclosure, reproduction, distribution is expressly prohibited without express written permission from the company. If you believe that you have received the message in error, please notify the sender by reply transmission and delete the message without copying or disclosing it. Notice of Confidentiality:The information included and/or attached in this electronic mail transmission may contain confidential or privileged information and is intended for the addressee only. Any unauthorized disclosure, reproduction, distribution is expressly prohibited without express written permission from the company, and is considered copyrighted property of the company, regardless of the author. If you believe that you have received the message in error, please notify the sender by reply transmission and delete the message without copying or disclosing it.

If they report you to SCAN you will need to dispute it, there was no check involved am I correct? What state are you in? Was this an illegal lender in your state? When guests and members start posting bits and pieces of information in different places it's hard to keep track of who is who, this is why we always ask people to keep all their questions and information in one place, so you don't have to repeat yourself. It's too confusing and impossible for the people who reply to remember each person's individual situations.

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This site has helped me tremendously. Just with the wealth of information. I have not put into practice yet. But I am. I have 3PDL. Cashnet USA,FBDL, and Cash Central. None of these are licensed in my state. I have not paid off the principle amounts yet. Should I still close my accounts?

After sending a letter to Payday-loan-yes.com based on a template I found on this website, the response I received is below. From what I understand, it doesn't matter where they are it is a matter of where I live. Any advice.

Your email does not forgive your debt nor will it circumvent collection
actions.

We did not solicit your business. You went outside of your state and took
the loan. Please reference your loan contract, the Loan Note & Disclosure
Statement, the Governing Law section. Listed below is what you agreed to /
authorized when you e-signed your loan contract. Your email does not forgive
your debt nor will it deflect further collection actions on your loan
accounts.

Governing Law
"Both parties agree that this Note and your account shall be governed by all
applicable federal laws and all laws of the jurisdiction in which the LENDER
is located, regardless of which state you may reside, and by signing below
or by your electronic signature, you consent to the exclusive exercise of
regulatory and ad judicatory authority by the jurisdiction in which the
Lender is located over all matters related to the Note and your account,
forsaking any jurisdiction which either party may claim by virtue of its
residency".

This is a loan payoff, meaning once you confirm this payoff by providing
your card information (see payment instructions), your account will then be
removed from the collections process, your balance will be frozen and no
further charges will be assessed on the loan balance as long as you follow
through with the agreed arrangement.

As of today, your total account balance is due $730; loan payoff is for $600
payment arrangements are for two (2) payments $300 due on 08-361-10 and
09-30-10, this will close your loan account. Payment method is Visa or
MasterCard debit/credit only. See your email payment instructions listed
below.

Payment Instructions

To confirm this payment agreement you can:

1). Call me today, Karen Tims at ( 1-800-654-7444, ext. 846 ) with your Visa
or MasterCard information
2) Email me back today with your Visa or MasterCard information, see payment
form listed below.

Regards,

Karen Tims
Advanced Collections
Phone: 800-654-7444, ext. 846
Office Hours Monday thru Friday
8:00 A.M. to 5:00 P.M., EST

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Shazzers is right. Your state's law prevails. They will argue with you about it and try to scare you into paying them. Don't fall for it. Stand your ground!

I live in PA and i got some pdl loans all online here is a list of them and hope someone can tell me what to do.

Elastic got 300 have paid 532

star cash got 300 have paid 860

sgq 150 have paid 315

titan llc- 200 have paid 360

magnum got 300 have paid 358.92

gs finance 275 paid 345

beacon got 200 paid 267

they all are still debiting my account

Hi All,
New to the site and it is helping out tremendously. Like many others, I've fallen on hard times and fell in the payday loan trap.
I'm a resident of Louisiana and have 6 outstanding loans. I contact my OFI and the lady told me they don't regulate internet payday loans so they can't help.
Since that's the case, from what I've gathered here, I'm only responsible for the principal amount I borrowed, correct? LA has a maximum of borrowing $350, does that apply to me?
Below is a list of companies whom I have loans with.
Payday One: Borrowed $500 Paid $541.25 (includes interest and $50 principal payoff) Remaining $250
CMG/SMQ: Borrowed $300 Paid $180...$90 finance charge (only interest)
OneClickCash: Borrowed $300 Paid $180...$90 finance charge (only interest)
AmeriLoan: Borrowed: $400 Paid $240...$120 finance charge (only interest)
Cash Yes: Borrowed: $500 Paid $600...$150 finance charage (only interest)
I actually contacted CashYes yesterday and because it refinanced 4 times, they'll be taking out $150 + $50 increments to pay the principal down.
I closed my checking affiliated with these companies b\c I couldn't keep up with other bills. Hopefully, the checking account won't be forced open when they try and debit from it on Friday.
I did have PayDayOne transferred over to the new account to knock it out, because I'm not trying to run away from my mistakes at all. Just needed room to breathe and pay more important bills.
What else can I do?

My wife had applied for a PDL with ACE Cashe Services. We reside in Louisiana. Anyway, they sent her an email saying that it was approved, but she had to follow a link in an email to electronically sign for the loan and the email states that this must be done 'to get your cash'. She decided not to pursue the loan, so she ignored the email. Lo and behold, a 'magic' credit for $350 appeared in our account, which was then followed by debits soon after. My wife called to complain and they said that she only needed to follow the email to 'accept the terms of the lona', but she had already electronically 'signed' for the documents. The proceeded to email her the loan terms with her name typed in the signature blanks. They are being stubborn and want to hold us to the loan to term. It would end up costing us around $800 after fees and interest.

To sum up, I don't see on the LA OIF site that ACE cash services is registered in the state of Louisiana and the fees and interest exceed the maximum of $45 allowed by LA law. Is it advisable to proceed with the instructions on this site to dispute this shady loan? ANyone else have dealings with ACE cash services?

Thanks

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I have had a online loan through Magnum Cash Advance for about 2 years now. I get them almost paid off and then I renew it because I need the money. The loan I have out now is for $719.00. I took this loan out on June 16th and I still owe 4 more payments of 143.00. I can not afford it. Is there anything I can do? I live in Michigan.

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