Online Payday loans
Date: Fri, 09/19/2008 - 12:47
Loan Point USA $400
Netcash USA $500
ameriloan $300
United Cash Loan $300
Please let me know if there is any way to make payment arrangements to clear this up. I am in worse than I was before I got myself into this mess.
Legal Status: Legal Citation: Mich. Comp. Laws 487.2121 et s
Legal Status: Legal
Citation:
Mich. Comp. Laws 487.2121 et seq.
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
Regulatory Contact: ,
I can tell you first off that ameriloan is not legally lending,
I can tell you first off that ameriloan is not legally lending, you can click here http://www.paydayloaninfo.org/state_detail.cfm?id=MI and look up the rest of the companies under licensee website.
If they are not found that means that they are lending illegally and you are then only obligated to pay the principal amount, which is how much you borrowed minus any fees, how much have you paid so far for each loan??
Your account being a thousand in the red is saddening, can you go down there explain the situation to them and ask if they can put your acct on a deposit only status?
You can fax over a letter to the pdls and tell them that your acct has been closed and you are revoking them from debiting your acct anymore(if they are unlicensed) and once you have done that if they still try and debit then you can take the information to your bank and let them know that you give written notice that they were no longer allowed to debit your acct, you need to check the licensee website and get those letters out ASAP!!!!!!