Online Lenders, TN Borrower
Date: Tue, 10/09/2012 - 08:19
Unfortunately, a few years ago, I made some poor fiscal choices that snowballed into a financially irresponsible lifestyle. I took steps to correct these mistakes of lack of budgeting, overborrowing, etc. However, I had fallen into the payday lending trap and couldn't get out. I almost climbed to the top of that hole but was then laid off and simultaneously had a major car repair. Fortunately, I had another job lined up but make significantly less $ than before....payday loans are eating away my paycheck and have snowballed into a huge debt. I have a second job now to help and have a few loans in a consolidation program...but cannot get on top of this beast without a plan and help...My question to you all is if the following lenders are legal in TN and if they have to follow TN laws:
Onlineadvance.com:borrowed $400, pay $103 for loan extension
American Web Loan: borrowed $400, pay $120 for loan extension
CashNetUSA: borrowed $400, pay $60 in interest
OneClickCash: borrowed $500, pay $150
Thank your for your help! :confused:
Onlineadvance, OneClickCash
Onlineadvance, OneClickCash and American Web Loan are both illegal
lenders, one based in DE and the others are tribal. You repay nothing
more than the principal which would be $297 towards OA, $350 towards OCC
and another $280 towards AWL. Send copies of ACH revocation letters to
your bank and to the lenders immediately. You are not legally bound to
repay the loan so you can basically take the time and repay as and when
you please. Only use a prepaid debit card or a money order when you pay.
Never give out your banking or credit card information.
As for
CashNetUSA, you can call their corporate office and ask for the EPP.
That would freeze the interest and split the loan balance over 3-5 pay
periods.
