Internet Payday Lenders
Date: Wed, 10/22/2008 - 16:32
Help! I currently have 5 internet payday loans;
1. Geneva Roth
2. 3. 4.MTE Financial - Paycheck to Paycheck, Internetcashusa, & Cash Advance Netowrk
5. Northway
At least these are the names they have used when making their deposits.
I live in the state of TN and the payday loan rate for storefont is 15% or $30.00. Of course, these are all charging much more.
Do I have any options? I have closed my checking account and I have sent registered letters stating I revoke their right to ACH from the account and to revoke the voluntary wage garnishment. I also requested they CEASE & DESIST phone contact. They have had time to receive the letters yet. HELP! Any advise you have would be much apprciated
1. Geneva Roth
2. 3. 4.MTE Financial - Paycheck to Paycheck, Internetcashusa, & Cash Advance Netowrk
5. Northway
At least these are the names they have used when making their deposits.
I live in the state of TN and the payday loan rate for storefont is 15% or $30.00. Of course, these are all charging much more.
Do I have any options? I have closed my checking account and I have sent registered letters stating I revoke their right to ACH from the account and to revoke the voluntary wage garnishment. I also requested they CEASE & DESIST phone contact. They have had time to receive the letters yet. HELP! Any advise you have would be much apprciated
Tennessee allows an Internet based payday loan company to lend l
Tennessee allows an Internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in. Could you please list the amounts you borrowed and paid back? Thanks!
Quote:
Tennessee State Information Legal Status: Legal Citation: Tenn. Code Ann. ????45-17-101 et seq. Loan Terms: Maximum Loan Amount: $500 Loan Term: Max: 31 days Maximum Finance Rate and Fees: the lesser of 15% of the check or $30 Finance Charge for 14-day $100 loan: $17.65 apr for 14-day $100 loan: 459% Debt Limits: Maximum Number of Outstanding Loans at One Time: 3 (2 per licensee) Rollovers Permitted: None (cannot renew or otherwise consolidate) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: One $30 NSF Fee; Court Costs Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Tennessee Department of Financial Institutions Address: 511 Union Street, Suite 400 Nashville TN 37219 Phone: (615) 741-2236 Fax: (615) 532-1018 Regulatory Contact: Bart Daughdrill, |
