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Help with internet payday loans

Date: Tue, 03/16/2010 - 12:31

Submitted by Stefamoe Edmands
on Tue, 03/16/2010 - 12:31

Posts: 6 Credits: [Donate]

Total Replies: 11


I currenltly have 3 payday loans and am wondering what my options may be for trying to pay them off. I have not defaulted on these loans currently.

#1,
Paydayone.com
I currently have an EPP set up and only 2 payments left. They have eliminated all interest and fees and have been easy to work with.....

#2
Loanshoponline.com
1-800-757-0122
2207 Concord Pike #505
Wilmington, DE 19803
Loan amount $500
$0 paid so far (new loan to help pay another loan) Vicous cycle :(

#3
500fastcash.com
1-888-919-6669
loan amount $400
paid $360- $0 applied to principle.
told me they were licensed in OK but I am not sure how to verify this.

I do not know if these lenders are even legal or what my options are in Tennessee.
Thanks


None of those lenders are licensed anywhere in the U.S. If I were you, I would close my account and send them payments via the mail, but only pay them the original amount you borrowed less and payments you have already made. These companies are illegal and nothing more than criminals, they can not be trusted with your personal account information. CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Tue, 03/16/2010 - 13:33

( Posts: 17344 | Credits: )


Thank you! I have already contacted my bank and opened a new account. I will follow any and all advice. This is my second loan with LoanShopOnline....should I request refund from vast overpayment from previous loan. I am also wondering since they are not legal if they can report to Teletrack or Veritrack and if that could prevent me from obtaining a legal loan in the future. Thanks for all of your help.


lrhall41

Submitted by Stefamoe Edmands on Tue, 03/16/2010 - 14:35

( Posts: 6 | Credits: )


I'm not sure if they have been known to report to teletrack or not, however, if it were me I I wouldn't care because all it does is prevent you from obtaining a payday loan and you would be much better off staying away from them. You can try demanding a refund, just read the thread about how to deal with illegal lenders, a lot of members have been successful recouping some of their money but you have to be persistent.


lrhall41

Submitted by Shazzers on Tue, 03/16/2010 - 16:04

( Posts: 17344 | Credits: )


Thanks for your help. I have to say that for a payday loan....Paydayone has been easy to work with. They were willing to work out an EPP the first time that I called and asked. I will ask them if I can send money orders to prevent giving out my new account #. I will begin working on this today!!!! Thanks again!!!


lrhall41

Submitted by Stefamoe Edmands on Wed, 03/17/2010 - 05:51

( Posts: 6 | Credits: )


I checked out 500fastcash.com on the BBB and found this info:

"500 FastCash is located at the same address as MTE Financial Services, Cash Advance Network, & Instant Cash USA. A subsequent BBB investigation determined that this address is the address for a Casino and Smoke Shop operated by the Modoc Indian Tribe. During its investigation of these companies, BBB employees visited the locations as well as sent a certified letter to the Chief of the Tribe asking for further information regarding these companies. Employees of the smoke shop and/or casino informed a BBB employee that they were unaware of any details regarding these companies. BBB has not received a response from the Chief concerning this matter. At the present time, BBB does not know if these companies are operated by the Tribe, by employees or other people using the Tribe's addresses, or is a joint venture between the Tribe and a for-profit company.

The complaints against this company and others located at the same address generally allege the inability to pay off the requested loan, charges to the consumer's checking or credit card account despite never receiving the requested loan, or continued unauthorized charges to the consumer's credit card or checking account once the loan has been paid off.

BBB has determined that this company is not licensed in the state of Oklahoma to provide loans to consumers and does not appeare to be licensed in any of the states from which consumers have filed complaints with BBB. However, if the Modoc Indian Tribe actually operates this business, it may not be subject to state laws regulating this industry."

What does the last part mean?
"However, if the Modoc Indian Tribe actually operates this business, it may not be subject to state laws regulating this industry."


lrhall41

Submitted by Stefamoe Edmands on Wed, 03/17/2010 - 11:17

( Posts: 6 | Credits: )


Quote:

Originally Posted by Stefamoe Edmands

What does the last part mean?
"However, if the Modoc Indian Tribe actually operates this business, it may not be subject to state laws regulating this industry."

Yes, there are lot's of payday lenders who offer payday loans on the Internet and claim they aren't subject to state laws due to the fact they are located on tribal land, that's how they get away with not ever being sued for charging ridiculous interest rates and basically stealing money from peoples accounts, even after the loan is paid off. However, the good news is; while they may not be subject to our state laws, nor are we subject to their tribal laws, soooooooooo, they can't sue us either, unless of course they want to forfeit their tribal laws and walk into our courts to do so, but then again, if they did that the judge would throw them in jail for usury and lord knows what else.


lrhall41

Submitted by Shazzers on Wed, 03/17/2010 - 11:51

( Posts: 17344 | Credits: )