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Is Nationwide Cash (internet lender) legal in Minnesota?

Date: Fri, 08/14/2009 - 13:27

Submitted by rtharn
on Fri, 08/14/2009 - 13:27

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Is Nationwide Cash legal in Minnesota. I see they are licensed in Delaware but don't they have to be licensed in Minnesota also? I borrowed $500 and have already paid $650 in fees. I closed my checking account a couple of weeks ago. I sent then an email asking if they were licensed and citing the Minnesota Statute. I then received a phone call from their "investigations" department" saying to contact them within 24 hours or they would take my account to their legal department.


Plenty of people will be along to tell you their illegal, but you'll still have to do the fighting yourself. Most AG's won't do more than send out a form letter and until very recently Minnesota's position was that the lender's state law applied. Although they changed that interpretation, they haven't gone after anyone yet.

Think of it like this. Someone robs your house. Of course it was illegal. But if the cops won't investigate did it really matter whether it was illegal or not. My advice would be to tell you're going to file complaints with the Minnesota regulators and see if they'll write off the loan. If not, go through with it and see what happens. Either way, they'll eventually stop calling and they aren't gonna sue you. They'll be banking your AG won't do anything, so why would they sue you and give a court an opportunity to decide their illegal?


lrhall41

Submitted by on Fri, 08/14/2009 - 13:37

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