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I have read so many websites regarding legal/illegal payday loans that I think I may go blind. I need help. I have tried to search the following payday lenders on the FL Department of Financial Services and can not find them licensed....but I may doing it wrong. These are all Internet Payday Loans. Are these legal? They maybe legal and just not registered in FL? Is there a difference? Do the small loan laws in FL apply to Internet lending?

Name / loan amt / what I have payed so far
Cash Cure / 800 / 704
Sure Advance / 700 / 462
Cash Direct Express / 700 / 462
VIP / 500 / 600
Eastside Lenders / 400 / 625
One Click Cash / 600 / 360
Spektrum / 500 / 477
Cash in a Wink / 500 / 300

Best I can tell even if everyone of these are legal and licensed to do business in the state of Florida.....they are all charging wayyyyyy over the FL legal annual rate.

As you have searched the legality of the payday lenders from the FL Department of Financial Services and found out that they are not licensed in your state, so it???s true that they are illegal. You are required to pay them only the principal amount. Ask them for the refund, as you have overpaid some of your lenders. Close your bank account immediately to stop unauthorized withdrawal.

Sub: #1 posted on Sun, 04/08/2012 - 22:57

Tyler Tyler

(Posts: 269 | Credits: )

Cash Cure - Illegal
Sure Advance - Illegal
Cash Direct Express - Illegal
VIP - Illegal
Eastside Lenders - Illegal
OneClickCash - Illegal tribal
Spektrum - Illegal
Cash In a Wink - Illegal

Lenders need to have physical presence within the state to be deemed legal. Therefore 'Internet lenders' are technically illegal. Lenders can't be legal if they are no licensed.

You need to shut down your bank account and open a new account, making sure the accounts are not linked in any way. You need to pay back the principal amount that you borrowed from these lenders. In those cases where you have already overpaid, ask for a refund in writing. If they harass you or refuse to refund you, file a complaint with the FTC and the AG.

Sub: #2 posted on Sun, 04/08/2012 - 23:02

StevenDoyle StevenDoyle

(Posts: 199 | Credits: )

Therefore 'Internet lenders' are technically illegal. Lenders can't be legal if they are no licensed.

You have a quote from Florida Statutues stating this?? I cannot find this quote. From the way I read it, internet loans must be licensed to be legal.

or are you making up laws again???

Sub: #3 posted on Tue, 04/10/2012 - 09:56

Moderators Cum Industry Expert
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I went back and recalculated the total amount borrowed and the total amount paid so far to each of these lenders. All except the last three have been "overpaid" based off of the idea of only being responsible for paying back the principal amount. The last three, I still owe $90, $23, and $50 respectively.

I asked BofA if they could close my account and they stated that they could but any of the ACH withdrawals would still post and end up causing my acct to have NSF....thus be charged a $35 fee. And if that wasn't good enough....if BofA paid the ACH withdrawl and my acct stayed in the negative for a period of 5 days or longer I would continue to be charged reoccurring $35 fees. I asked if they could make my account "for deposit only" they said no. Gezzzzz what a frustrating 3 hour conversation.

I can't send out any letters to the PDLs if I can't get my acct closed. There has to be something that I am missing. Help!

Sub: #4 posted on Tue, 04/10/2012 - 16:36

Mmouze Mmouze

(Posts: 31 | Credits: )

You need to talk to a branch manager...not a teller and not a personal banker. You have sent a ach revocation to the pdl's right? Then give a copy to the is Federal law, they must honor your ach revocation under Reg E.

Sub: #5 posted on Tue, 04/10/2012 - 20:22

Moderators Cum Industry Expert
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Soaplady......yes I did send out the ACH reclama emails to all of them. Yesterday! Oddly enough I have not heard a word back from any of them....not a phone cal nor an email. Interesting. But then again....none of them are due again until the 19th. Does this seem normal?

I plan on talking to a Branch Manager on Friday morning. And I am not leaving there until the account is closed to my satisfaction. I have to wait until Friday because I will NOT know if the change to my Direct Deposit took effect until I get my earning statement on Friday. I just pray none of the PDLs try to do something crazy before I can close it on Friday.

Thank you for all your help by the way

Sub: #6 posted on Wed, 04/11/2012 - 14:51

Mmouze Mmouze

(Posts: 31 | Credits: )

You need to talk to a branch manager NOW...not friday. Get them a copy of your ACH revocation not wait!!!

Sub: #7 posted on Wed, 04/11/2012 - 15:26

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You are right.....I will first thing in the morning. Banks are closed at this time.

Sub: #8 posted on Wed, 04/11/2012 - 15:37

Mmouze Mmouze

(Posts: 31 | Credits: )

Make sure you take in copies of all ACH revocations. If they resist, remember by law (Reg E) you are entitled to revoke any ACH.

Sub: #9 posted on Wed, 04/11/2012 - 18:27

Moderators Cum Industry Expert
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Ok so today was a bit more interesting. I logged into all of my loans online except one (Spekrum) cause their page doesn't offer a "customer login" option. Two the I view said "Paid in Full" but had the wrong loan idea on them. They were loan IDs from previous loans I had taken and paid off. Another one state "you do not current have a loan with us. Click below if you would like to take out another loan"
I did get two emails....from two different PDL's telling me that they were fully licensed in Delaware and that my loans were enforceable and that they would require payment on the due date otherwise the would send to arbitration. I replied back that FL requires them to be licensed in the state of Florida and that if they could supply me with their FL licenses number that I would be happy to follow the FL governing these loans (principal plus interest).
I received a phone call from one other stating that they were calling only because I had stated in my email that I wanted to schedule a payment in full. This is one that I $50 to pay principal in full. I told them to re-read my email. I would be willing to pay $50 ONLY. She said "well that doesn't pay back what you owe". I told her read my email in its entirety and then email me their mailing address but to never contact me by phone again and she hung up on me.
The rest....not a word. And the online accounts still show active. I sent each of them the letter AGAIN. Still nothing.
Here is another interesting thing that I read.....that even if a state requires online lending companies to be licensed in their state.....they didn't enforce it. Especially if payday lending is legal in that state (which it is in FL). They will however attempt to enforce that states cap on interest rates. I think FL is 360% APR. Whats your thoughts on this?

Sub: #10 posted on Thu, 04/12/2012 - 15:00

Mmouze Mmouze

(Posts: 31 | Credits: )

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