PDL's and being a military dependent

what are the names of the companies and are they storefront or internet?

Actually, it is not illegal for them to lend to you. They can only charge you 36% APR since you are a dependant of an active military member.

They are all internet, and they all charged me 200-400% APR
US Fast Cash
500 Fast Cash
1800899Cash
Payment Direct
Solomon Finance
CMG Group LLC
MMG Marketing Group

800899Cash is an installment loan. Since installment loans require multiple payments and extend more than 90 days they aren't considered payday loans under DOD regs and the 36% cap doesn't apply. They came up with the definition so that soldiers at Ft. Benning, for example, could continue to get "industrial loans" which in Georgia can charge up to 60% for example. Also Pioneer Military Lending, which has been making installment loans to soldiers at least since the 1970's and has some products over the 36% cap, and some subprime credit card issuers lobbied the DOD during the rulemaking process to make sure installment loans and credit cards weren't covered. (By the way, it isn't 36% interest. The DOD came up with a new concept, the "Military APR" or "MAPR" which is capped at 36%. I'm not sure what fees beyond interest are included in that calculation.)

Also, this may sound counterintuitive but can you prove that you did tell the lenders that you are the dependent of a military? (Difficult, I'm sure, since it's probably your word vs. theirs.) The regs give lenders a "safe harbor." If they ask the question and the soldier or dependent denies their status, the lender cannot be held liable. Not sure whether the interest has to be dialed back or if the soldier or dependent is stuck with it.

what state are you in? are you familiar with your state laws?

bea2ls, who are you directing your question to?

This is not a state issue, the 36% cap for military is a federal issue and violations carry serious penalties.

I live in Arkansas but that really has nothing to do with it, I called some of these companies and they still say that I am a dependent so the law does not apply to me since I am not the active duty member and they also some reminded me that it was not a question asked when I applied, that they never asked if I was a military member or dependent at the time of applying. So maybe they need a "new" copy of this patriot act.

PDLowner, i was asking because if payday loans were prohibited in her state than i assumed she would not have to pay more than principal.
i never have thought of this before but i wonder how that would work? the federal law caps interest but what if the loan was given in a state that prohibits them? that is why i ask, to raise that question.

U.S. Fast Cash and 500 Fast Cash are really starting to irritate me. They keep generating checks out of my account when we are suppose to be working on payment arrangements. Also they record all the calls they have with me, they inform me every time I speak to them that I am on a recorded line yet they tell me that they have no record of me informing them that I am a military dependent and keep saying I am lying to them. I am also working with PDL Assistance on some of my PDL's but some of these people don't want to work with anything. They told me that well we did lend you this money so I assume naturally you would want to pay it back. I agree, I do want to pay it back but I need them to work with me a little and listen to what I am saying instead of interrupting me every second.

bea2ls, I wasn't sure where the question was going. As to your point, it "may" be the smoking gun to really hurt these guys (unlicensed lenders). This regulation is nothing to mess with!! As I stated, serious fines and penalties for violating!