Help with five payday loans. I live in RI.

Rhode Island is another state where if the company is licensed in another state they are legal to lend to RI residents.

But that said - Only Cash Net USA is going to be licensed in any state. They are the only legal loan you have. Pay them off first, then deal with the illegal guys.

You did the right thing by taking control of the situation. Do not take any threats they make seriously and send them a letter revoking any wage assignment agreements you have made

Thank you. I assume I am bound to pay the entire $300 to Cash Net USA because I've paid them nothing.

But for, say, ameriloan to whom I've paid $1310 on a $500 loan. What's my obligation to them?

ameriloan owes you a refund of the overpaid
amount,but since they are MTE they will fight
you to pay more much less refund anything.so to answer the question.you owe them nothing further.

Thanks.

I have not made any wage assignment agreements with any of them.

Question about the ameriloan, though. Of the $1310 that I've paid them, only $200 was toward the principle, the rest being 'finance charges'. Am I really owed a refund?

What's "MTE"?

How does one determine if a lender is licensed in Rhode Island. I'm still a little unclear on what makes a loan illegal and the implications of that.

Thanks in advance. I've been reading this site all day. Good stuff.

MTE is one of the biggest and most illegal pdl companies out there.they have almost 30 d/b/a's.
ameriloan is one of them,they cannot charge interest,therefore every cent you paid should go toward the principal.that means you should get that money refunded.

A lender would not need to be licensed by RI to be legal - They would only need to be licensed in any state in the US.

But Goudah, you said in an earlier post that all of my loans are illegal except one.

that is right,that means only CASHNET USA is licensed at all.the others are not licensed period.therefore you are only obligated to pay the principal,that means all monies paid to the other loans go toward the principal.

Nice! Armed with this information I am confident and happier.

Does it make sense to try to get my money back from ameriloan and United Cash Loans?

Worst case, I should settle with them for $0, right?

Please be aware that some of them can get pretty nasty and threatening as they have little or no legal recourse. Hold your ground and make them deal on your terms. They can't have you arrested or garnish your pay or anything eles they will say.

they will also try to tell you that because it was internet, licensing doesn't apply,or you are governed by there state laws not yours.you have three MTE loans.USFASTCASH,ameriloan,and UNITED CASH LOANS.they will fight,even though they are totally illegal.

Does anyone have a link to the law that prohibits unlicensed lenders from collecting interest?

I am the original poster. Signing up!