Internet loan

Date: Thu, 05/20/2010 - 08:46

Submitted by anonymous
on Thu, 05/20/2010 - 08:46

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Total Replies: 3

I had a pay day loan through paydayone.com. Their computer accidentally debited me for almost two hundred dollars and that cleaned out my account. Due to this, I closed my account and switched banks because they handled the matter very slowly and I had to assist them to do it correctly. My question is this, can a person pay back a payday loan over time without the interest? I don't know what my next step should be, I just know I'm not giving them my account info again and having them screw it up. I live in TN if that info helps.

Shoot them an email and ask them if you can get on the EPP (exte

Shoot them an email and ask them if you can get on the EPP (extended payment plan), explain that you were forced to close your bank account due to fraudulant activity but are willing to make payments to them, via the mail with money orders. That's what I would do. :)

lrhall41

Submitted by Shazzers on Thu, 05/20/2010 - 09:07

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Also, the loan amount is $1000 and I was told the maximum amount

Also, the loan amount is $1000 and I was told the maximum amount allowed in TN is $500. Is this true and if so what should I do?

lrhall41

Submitted by tn mom on Thu, 05/20/2010 - 09:11

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Well, unfortunately, an Internet payday lender is legal in the s

Well, unfortunately, an Internet payday lender is legal in the state of TN as long as they are licensed SOMEwhere in the U.S., so, whatever state they have on your contract as their licensing state for that particular loan you will be required to follow those state laws. For example, if the loan contract states Delaware you are required to follow Delaware laws. Another thing, Payday one is known for extending installment type of loans, so they may have extended that loan to you as a registered credit service organization, which means they wouldn't be required to follow payday loan laws, CSO's or credit service organizations aren't regulated, and only required to register with the secretary of state.

lrhall41

Submitted by Shazzers on Thu, 05/20/2010 - 09:16

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