I live in Kentucky and I need help!!
Of course they are going to tell that they are not legal...read the laws of your state and call the phone number at the bottom.
Kentucky Payday Loan Laws
State Legal Status
Lending of payday loan is considered legal (is applicable for check cashers only) in the State of Kentucky.
Maximun Amount of Loan - $500
Term of Loan - 14-60 days
Maximum Rate of Finance and Fees- $15 for every $100
Finance Charge on $100 loan for a 14 day period - $17.65
APR for $100 loan for a 14 day period - 459%
Maximum Number of outstanding loans permitted at a time - 2 (outstanding aggregate loans of $500 to all licensees)
Permissible number of Rollovers - None (cannot consolidate, rollover or renew)
Cooling-off Period - None
Limits of Collection
Collection Fees Amount - 1 NSF fee (only if disclosed)
Criminal Action - Prohibited
File your Complaint and get Information
Regulator - Kentucky Office of Financial Institutions
Address - 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone - (800) 223-2579
Fax - (502) 573-8787
Regulatory Contact - Gary Davis, Branch Manager
I spoke with someone from the DFI and was told our statutes state that deferred deposit transactions entered into with an unlicensed entity are void and that the entity has no right to collect any part of the debt. I have sent an email to Payday Accelerated stating they are not to withdrawal from my account, and sent a copy of Kentucky's law and I even sent a payment plan because I do intend to pay back my loan amount, but they will not answer me. I haven't tried to contact MyCashNow because they did not supply me with an email address and the address they have is in Canada so I'm not sure what to do about that. Should I mail them a letter?? This is all so overwhelming to me and I want to thank you so much for your help!!!
You eventually will hear from your lenders. They are just trying to find another way to collect from you. As far as MyCashNow is concerned, you could try firstname.lastname@example.org. Do not mail a letter, wasting your money. Keep us posted
I sent an email to that email address and I also was told that Credit Protection Depot is with MyCashNow too so I emailed them as well. I hope to hear from someone soon because I can't stand to wait. The more I wait and don't hear from anyone, the more worried I get. When I contacted Golden Valley Lending regarding this they responded right away and said my balanced had been waived and nothing else is owed. Wished they all could be that easy!!
I just received an email from Payday Accelerated and they said my balance is still 1500, (even though I've already paid them 720 so far) and that they do not accept payment other than via ACH.
If they don't accept money orders or prepaid cards, then it is their loss. Under no circumstances, give them your banking information. If they want their money, they will accept the above payment methods.
can any one tell me if CK marketing, Vandelier Group, Hydra Financial Limited and LibertyGroup, llc are legal? I live in Louisiana...
I wanted to let you know I have heard back from MyCashNow, only it was thru Credit Protection Depot, and they have accepted my request to settle for the principal of the loan and I can pay thru Western Union on or before the 25 of June.