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Internet payday loans in Rhode Island

Date: Mon, 07/16/2012 - 09:09

Submitted by anonymous
on Mon, 07/16/2012 - 09:09

Posts: 202330 Credits: [Donate]

Total Replies: 3


I living in Rhode Island. I have internet loans with Mass Street Group and Seven Group. I took out $300 and have paid apx $360 interest. I also have Dollar Flash. Loan was for 700. I have paid approximately $500. Can the interest be counted as payment of the debt? Do I only need to pay $200 to be paid in full. i also have a PDL with Seaside Cash of $500. Paid $150 in interest so far. Thanks.


Contact with Rhode Island Department of Business Regulation to know whether or not the above mentioned pdl companies are licensed in your state. If they are legal, then you will have to pay both principal and interest. But you can get relief by paying back only the principal, if they are illegal.


lrhall41

Submitted by on Mon, 07/23/2012 - 05:03

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I did contact the DBR in Rhode Island. they indicated that out of state check cashers that operatre by phone and internet lenders are not required to obtain a license in Rhode Island. What does this mean?:(


lrhall41

Submitted by on Wed, 07/25/2012 - 11:54

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In RI, lenders who do not have a physical presence in RI do not have to be licensed in RI or abide by RI laws. However, they do have to be licensed in at least one state in the U.S. and must abide by that state's laws.

Seaside Cash is an offshore lender. They're illegal. You should only repay principal. Anything you've already paid can be subtracted from the principal balance. No fees or interest are payable.

Mass Street Group is also an offshore lender. They're illegal. You should only repay principal. You've overpaid. Ask for a refund. :)

Seven Group is also an offshore lender. They're illegal. You should only repay principal. You've overpaid. Ask for a refund.

Dollar Flash appears to be licensed in Utah. There are no fee/interest or loan amount limits in the state of Utah. You'll probably have to repay this one according to your contract terms.


lrhall41

Submitted by OhioGal1 on Wed, 07/25/2012 - 12:24

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