Waukegan Loan Management LLC / ispeedyloans.com
Do you have copies of what
Do you have copies of what was sent to them originally by Loan Reverse? You may just need to resend to them, however it looks like Loan Reverse may have given you some bad info. Are you in Illinois - You might want to double check - this lender may be licensed to lend in Illinois. Since they are in Illinois themselves and only lend in Illinois. If they are licensed to lend in the state - you will need to work out a payment arrangement with them.
You will want to check with Illinois Division of Financial Institutions to see if they are a licensed lender.
Here are some guidelines for Illinois:
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%
Debt Limits
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
Limits of Collection
Collection Fees Amount - One NSF fee of $25 (Presentment limit is equal to 2)
Criminal Action - Prohibited