Magnum Cash Advance
Date: Tue, 07/12/2011 - 19:58
They are saying that since i signed a contract that I agreed to be bound by Delaware law, and that Oregon law does not apply. I told them that I only owe them the remaining principal of $325.
They are saying they will forward this to a national collection agency who will report it to the credit bureaus.
Who is right, and what should I do? This is the only Payday loan I have outstanding.
Payday lending is legal in Delaware. You can contact with the De
Payday lending is legal in Delaware. You can contact with the Delaware Office of the State Bank Commissioner to know whether or not payday loan company from where you have taken the loan is licensed to operate in Delaware state. If they are licensed, then you will have to pay the principal amount with interests and other fees. Otherwise, you are required to pay only the principal amount. Illegal payday lenders don???t have any right to take any legal action against you. You can request your bank manager to put a hard debit check on your bank account to stop unauthorized withdrawal. If the company is not licensed, then you can ask them to refund the excess amount that you have paid them.
First of all you'll have to check Magnum Cash Advance is legal i
First of all you'll have to check Magnum Cash Advance is legal in your state. As far as i know, it is illegal. If this is true, then you'll only have to pay the principal amount on the loan. You won't be required to pay the interests and fees. Stay away from such illegal payday loan companies in future.
@ SandyWilson - Yes, but it was my understadning that the State
@ SandyWilson - Yes, but it was my understadning that the State of the borrower's residence laws are what matters. In my case, it would be Oregon, where Magnum is not licensed . It wouldn't matter if I signed a contract that says Delaware law takes precedence. Just because someone says something in a contract that is in fact illegal is legal, doesn't make it so. The fact is, they have to be licensed in Oregon, AND thier interest rates are illegal in the satet of Oregon.
Based on what I've read previously on this website, that would be the case. Am I mistaken on this?
Has the loan originated in Oregon or Delaware? The pdl laws will
Has the loan originated in Oregon or Delaware? The pdl laws will be applicable on the state in which the loan has originated. As far as i know, Magnum Cash Advance is illegal. So you are required to pay only the principal amount.
Sandy - This is an internet payday loan. I don't think you are c
Sandy - This is an internet payday loan. I don't think you are correct based on everything I've read over the years in this forum regarding internet payday loans. From what I've read, it's based on the state laws of the borrower's residence.
sandy is wrong
yes i have taken issue with sandy before.she is wrong and also talks in circles.how can it be where the loan was originated from?that makes no sense.it is the state where the borrower resides.besides except for TN which has"the loophole"magnum is not legal in any state.just know that golden helmet.this is an illegal loan and proceed as such.
Magnum will eventually agree to the principal and mark your acco
Magnum will eventually agree to the principal and mark your account paid in full. Keep at them. You're in the right.
