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legal lenders in Michigan

Submitted by Geraldine on Fri, 06/30/2017 - 12:02
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I live in Michigan and have several payday loans or installment loans that were all done on-line. Are these legal lenders? How do I know?
Money Messiah
Q-credit
CashNetUSA
Axis Advance
Max Lend

I'm trying to decide if I should deal with these on my own or if I should work with a consolidation company. I have gotten several consolidation quotes but they vary so much that I am leery.


Today I communicated with Axis Advance and they have agreed to accept the payment to meet the principle loan however they are referring to it as a settlement, should I be concerned with that wording? They are also asking that I post date the payment and give them account information today, which I am NOT going to do.


Submitted by Geraldine on Thu, 07/06/2017 - 09:02

Geraldine

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We always advocate that you should pay the principal amount. But even if you don't, it isn't a big deal. So, don't bother about settlement. They won't report to the credit reporting agencies.


Submitted by SC on Tue, 07/11/2017 - 22:00

SC

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Money Messiah -Illegal
CashNet USA - legal
Axis Advance - illegal
Q-credit - illegal


Pay only the principal amount to illegal payday lenders.


Submitted by SC on Mon, 07/03/2017 - 03:02

SC

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Only cashnet USA is a legal lender in Michigan, so, you have to pay the principal amount with the interest. Just, pay the principal amount to the lenders who are not legal in your state.

However, what is the amount? If your income is decent, you can pay it on your own.


Submitted by Sanders Patricia on Mon, 07/03/2017 - 06:00

Sanders Patricia

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I used debtcommand.com to consolidate my loans. Worked out well for me they were able to reduce my payments and I didn't end up paying those lenders back the full interest that was originally not explained to me when I took out the loans. Hope it works for you too!


Submitted by rodneybean79 on Mon, 07/03/2017 - 09:08

rodneybean79

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Maxlend is also illegal..I emailed them the letter from the sticky thread..I revoked the ACH and closed the account. I had already paid back the principal and after several emails, they sent me a paid in full letter. I would definitely try to deal with them before doing a consolidation.


Submitted by SF on Mon, 07/03/2017 - 11:28

SF

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Thank you for your responses. Today I am sending letters to the illegal lenders to revoke my ACH and put them on notice that I will only be paying the principle which is less than $100 total. As soon as I have my letters printed up I am heading to my bank so that I make sure my account is closed and a new unlinked account has been opened. This has been a real learning experience for me and I hope that sharing my experience is helpful for others as well.


Submitted by Geraldine on Wed, 07/05/2017 - 09:06

Geraldine

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Oh no no..don't share any account details with them...
Also they are illegal lenders, so if you are paying only the principal amount, they should consider it as "paid in full".
Mail them that you'll file a complaint against them if they mark it as a settlement.


Submitted by Barbara Delinsky on Fri, 07/07/2017 - 06:50

Barbara Delinsky

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Update: Payments would have posted last week Thursday but thanks to the resources on this site I was able to keep my full paycheck and once again control my money. As of today I have made payment arrangements on one account to pay principle only and have started to receive phone calls from only one other lender...they state that they will continue until I have satisfied the terms of my loan paying them a total of 2500 on a 500 loan. I have requested that they communicate with me in writing and each time they call me I resend my original letter revoking the ACH and requesting return of my overpayment. Given this is the week after payments were not made I anticipate additional phone calls to start but i'm ready and will stick to paying only remaining principle.


Submitted by Geraldine on Mon, 07/17/2017 - 06:52

Geraldine

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