Michigan Payday Loans

Though, Michigan allows payday lending, not all lenders that you've mentioned in your post will be legal. However, I won't be able to let you know about the illegal payday lenders. You may contact an attorney and he/she can help you check the license of the payday lenders and let you know whether or not they are legal. You can go for payday loan consolidation in order to get rid of the debts.

I don't think United States is legal in Michigan. If the other mentioned payday loan companies are not legal in Michigan, then you only have to pay the principal amount. Nothing more than that.

I've been trying to find debt consolidation companies for payday loans. Does anyone know of any legitimate ones? I checked with Greenpath Debt Solutions and they only said you have to let them go to collections first and then there's no guarantee they will accept a repayment plan. I am desperately trying to find something asap!

It doesn't look like the payday lenders you have listed are legal in your state, so you would be wasting your money if you hired a debt relief company. These lenders will not negotiate fairly, they might agree to payments but in the end the outcome will be the same, they will still harass you, still debit your account, still sweat that you owe them more money, and still sell off or share your information with other Internet criminals! So, please, don't waste your hard earned money when you can take care of this yourself, and the outcome will be the same! [URL=http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html]CLICK HERE[/URL] to find out how to deal with illegal lenders.

Cashnet (Advance America) is Cashnet USA. That's your only LEGAL lender. Do as Shazzers advised for all your other lenders. If you've paid more than the principal amount borrowed, ask for a refund of the overpayment as well. You HAVE to close your account and open a new one. Stop payments won't work and ACH block's don't always work either.

Do I need to still include the finance charge from these lenders in addition to the principal amount or what Michigan allows for finance charges? I would still need to set up payment plans with all of them. I know Integrity Advance owes me a refund of over $500. I doubt I will ever see that.I really hate to close my account or change banks because I have been banking there for 18 years. I have the Cashnet payment scheduled to come out next Friday as well as ThinkCash, which I think are the only two legit accounts I have. If I close the account that will create more problems. Right now I have my direct deposit split between my checking account at the bank and a savings at a credit union. I'm thinking about requesting the whole paycheck be deposited with the credit union.

All the illegal lenders are entitled to is the amount you borrowed, less any payments you have already made. They are not entitled to interest or fees because they did not have the proper licensing. They aren't even entitled to the interest that MI allows.

How can I find out which lenders are licensed in the state of Michigan? I've been to the Attorney General's website but I don't see anything that falls under that category. I just checked my account and so far I don't see any debits for United Cash or USFastCash, which would have hit today. I am going in to the bank today, so far I've only spoken to customer service on the phone about putting a hard debit block on the account. I may end up closing it, but I really don't want to. Does anyone have a template letter to request a refund from an illegal lender? I need to send one to Integrity Advance.

http://www.dleg.state.mi.us/fis/ind_srch/ConsumerFinance/Search.asp

I am confused. I just spoke with the licensing bureau for the State of Michigan and they said for internet payday lenders, you are subject to the rules of the state they are licensed with, not the state you reside in. Since United Cash and US Fast Cash both have Kansas addresses that I got from the BBB, I called the KS Licensing Commission. They told me the lenders don't have to be licensed with them if they are offering loans in another state--only if they offer loans in the state of KS. Now I don't know what to do.

I just closed my bank account and opened another one, now I'm concerned because the loan I have with Cash America Net will be considered in default because I closed the account. I was planning to enter into a repayment plan with them since they are licensed in Michigan and have to offer me the repayment plan since I've entered into at least 8 deffered presentment transactions in 12 months. The loan documents state that I can only revoke an ACH authorization after I have satisfied my indebtedness to them. Should I give them my new account info so I can pay them in installments?

I am in the process of emailing Cash America Net to set up a repayment plan. Since I don't want to give my new bank info, should I offer to pay with a prepaid debit card or a MoneyGram? Will they even accept this since they don't offer a revocation of ACH authorizations?

Quote:

I am going to give you a link to the regulator's website, this way you can search the regulations, if you find anything please let us know.
http://www.michigan.gov/dleg/ofis/licensing/cons_fin_svcs

MI requires payday lenders to be licensed by the Office of Financial and Insurance Services. HOUSE BILL NO. 4834.

http://www.legislature.mi.gov/documents/2005-2006/billengrossed/house/htm/2005-HEBS-4834.htm

Basically what I found is that a deferred presentment service lender must be licensed in the State of Michigan and have a physical address where they transact business. Each branch location must also be listed. Nothing I read pertained to internet lenders. Since most of my lenders are internet based and have no physical address in Michigan, I consider them illegal and as several people have stated before, I only owe them the principal amount I borrowed. I'm just afraid now that I have closed my bank account, I will have problems with the one or two legit lenders I owe. I'm hoping they will let me mail a money order to them instead of giving any more bank account info.

I just received a voice message from United Cash Loans saying it is imperative that I return their call today. Over the weekend, I emailed them a letter saying they are illegal in Michigan and listed the Michigan law regarding payday loan companies. I also requested that they send me a physical address so I can send them the $50 remaining on the principal amount. Should I call them back and get this person's email address and send a copy to her as well?I also received the following email from Advance America (CashNetUSA), after I emailed them that my bank account had closed and requested a repayment plan. "In response to your email, we apologize to hear of your unfortunate experience. Unfortunately, we are only able to setup a payment plan to debit your checking account on file. We are more than happy to process your request, but we must have an active checking account to do so. Will you open a new checking account in the near future?If you have any questions or concerns, our customer support team is available Monday through Friday from 8am to 5pm (CST), to help answer all your questions via phone, email or online chat." I don't want to give them a new bank account number because I'm sure it will be shared with all other internet lenders I have. Any advice?

You don't have to give them a bank account. You can use a prepaid debit card. Tell them that you don't have a new account and won't be opening one and the only way you can pay them is either with a prepaid debit card or a money order via the US mail. They'll let you pay another way once they know they can't get at your money. I'd give their customer service people a call and set it up over the phone. Just tell them there was fraud on your account, the bank closed it and you can't open a new one. And ThinkCash will allow you to mail payments. Just call them and set it up.

ThinkCash and Cashnet both gave me the option of money orders or Western Union Quick Collect, which I suggested. I can at least pay them on my actual pay date if I go Western Union, otherwise it states that money orders will need to be received by the due date. I know it's going to cost me $12 but I only have a few more payments to go. I just revoked my ACH debits with VIP Loan Shop and they responded by sending me a copy of my loan agreement stating they are located in the West Indies and are not subject to the laws of my state.

Then you need to respond that you are located in the United States and not subject to the laws of the West Indies.

I just received a voice message at my work number from Alliance Asset Mgmt, which I assume is a collection agency on behalf of United Cash Loans or USFastCash, since I haven't received any calls from them in about 2 weeks. Should I return their call and explain that I only owe the principal amt of the loan and that any payments previously made should be applied to that?

I would call and ask for their mailing address and then send them a validation of debt request. They cannot validate an illegal loan.

Actually, I just answered a call at work from them and they are calling regarding my Cash Direct Express Loan. The lady was rushing to get everything out and would barely let me speak. She says they are attempting to collect over $600 and that they sent a letter to my home address. When I started speaking and asking questions she says I will not that you are refusing to pay a debt. I asked her when did they mail the letter and she said well this account was just turned over to us. I told her when I get the letter in the mail, I will address it then. She began talking over me again so I hung up. What is so funny about this call is that last Friday, March 11th, I received an email letter from Cash Direct Express(GECC) with an offer to settle my account for $400. My original loan was $400 with an $88 finance charge. I had only paid the $88 one time, before I closed my account, so I am okay with the $400 balance even though I could really deduct the finance charge from that amount since they are not even legal. The letter stated I had until April 15 to pay the $400. Now they are having a collections place call me for $600! I'm already making installment payments to close out my Think Cash and Cash America Net accounts and cannot afford to add another payment until those are paid off. I have two more payments (1 month)before they are PIF. Any advice?

Yep. Ask them for their address and send them a C&D. I would tell them you are working directly with the original creditor to repay the loan and have worked out an agreement with them, period. They don't need to know the details and certainly have no right to.

Thank you!

Question--If I already have payment arrangements set up wih Cash America Net can I ask for an extension? Last week I made the first of three installment payments and I'm due for my 2nd one next week. I need to make my mortgage payment also and won't have any money for these installments.

Finally got an address for Alliance Asset Management regarding my Cash Direct Express account. When I asked for their address, the rep transferred me to a manager, Tom, who got very aggressive when I asked about the address. I explained that I had received a letter from the original creditor to settle the account. He said the creditor had turned the account over to them as refusal to pay. He then wanted to know what the settlement amount was and I told him he didn't need to know because my agreement is with Cash Direct and he should contact them. Actually the letter is from GECC (Govt Employees Credit Center), but was from Cash Direct Express. The manager, Tom, finally gave me the address. So I will mail them a C&D right away. I still would like to see if I can extend the payoff date of April 15. I am emailing them to request the end of April. Hopefully they will agree.

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