Illinois Payday Loans

Great Plaines ??? 500 / 767, Tribal...Illegal
Ameriloan ??? 400 / 500, Tribal...Illegal
Archway ??? 300/ 450, pretty sure illegal
Archer Direct ??? 500 / 650, Illegal
Integrity ??? 300/ 180. Illegal

No such thing as E commerce laws....your state laws always apply.
Rollovers are not permitted which it looks like all of your loans have done. Follow the link in my signature line as to how to deal with your loans. Do not skip any steps
Illinois Payday Loan Laws

State Legal Status
Lending of payday loan is considered legal in the State of Illinois.

Loan Specifications

• Maximun Amount of Loan - Less than $1000 or 25% monthly gross income
  
• Term of Loan - 13-45 days
  
• Maximum Rate of Finance and Fees- $15.50 per $100
  
• Finance Charge on $100 loan for a 14 day period - $15.50
  
• APR for $100 loan for a 14 day period - 403%
  

• Maximum Number of outstanding loans permitted at a time - 2
  
• Permissible number of Rollovers - None (Rollover cannot be done)
  
• Cooling-off Period - 7 days after a period of 45 consecutive loan days
  
• Repayment Plan - Yes
  

• Collection Fees Amount - One NSF fee of $25 (Presentment limit is equal to 2)
  
• Criminal Action - Prohibited
  

• Regulator - Illinois Division of Financial Institutions
  
• Address - Consumer Credit Section, 320 W. Washington Springfield IL 62701
  
• Phone - (888) 298-8089
  

Since I've already paid the principle, I will close my account. By closing my account and sending the letters to the lender, the depits will not be able to be processed. Will this negatively affect my credit score?

Did you read the link in my signature line?? You must do ACH and wage assigment revocations too.

They may try to sue you but your defense would be that the loan contract is dirty.....it is an invalid contract.

But what about my credit score?

CLosing bank accoiunts do not affect your credit score.

This is what I received from Archer direct after sending the 2nd round of C&D letters. This is just a bluff right? I have not filed complaints with the BBB and AG yet, will this help resolve the situation?




Archer Direct, LLC1???866???518???5276 ext.813
Date: 07/31/2012

Dear X ,

Your loan is currently showing 3 missed pay dates. On each of these pay dates there is an automatic RENEWAL. A renewal of this $500 loan costs $150. This means your pay $150 to RENEW your loan. I have forwarded your original contract and pasted the section in which it states how you waive your rights within your state and signed ONLINE(just as if you were to purchase something over seas online and click the ???I Agree??? box-same concept) through our states law. You didn???t have a problem with the contract when you signed up for the loan and we gave you $500. The fact of the matter is you signed a LEGAL document binding you to the original terms of the loan. Although they might not be the best terms, it is what YOU agreed to. In which you agreed to pay back the full amount of $650(in one payment). This isnt a short term loan where you pay in incriments. It is a PAYDAY loan meaning you pay it off on your next paydate. In your case you decided to pay the RENEWAL fee of $150 to buy you til your next paydate to pay the full $650. Just as if you were to go to a walk in payday lender, you borrow $500 next pay date you can???t afford $650 so you pay them the $650 they must physically put the entire $650 in the drawer shut it and then RELOAN $500. I understand you may be in a financial hardship and it???s hard to pay $650 all at once. Since our loan is ONLINE you keep the $500 and pay only $150 in order to pay us $650 next pay period. If you would have paid the full $650, we could have offered you a $100 increase(if desired) , meaning you would get $600 the next day in your bank account. I understand the interest and fee???s are outstanding. But when it comes down to it you signed a legal document and im just doing my job. I can offer you to pay the $500 in incriments to pay your loan off. Your current full balance is $980($500+$150+$150+$150+$30), and increasing as you have a $150 renewal fee every pay date. This is the best I can offer. If no re-payment plan is made your balance will not be stopped. In which it will increase every pay date until it is sent to a third party collection agency. Please let me know if you would like a copy of your loan agreement and I will send it again. Patrick KToll Free(866)-518-5276 EXT:813Direct Line: (302) 339-8589 [EMAIL="patrick@archerdirectservices.com"]patrick@archerdirectservices.com[/EMAIL]

i was going to post that archway is illegal,but their dumbass email says it all.one IL law prohibits rollovers.the lender must comply with this no if's and's or but's.so they gave you a long winded shpiel that basically said nothing of consequence.proceed as if they are illegal because they are,and the email is again dumbass.