Hi... so I stupidly have taken out payday loans on two separate occasions now this year, with the first set of about $2,500 being paid off and now the second set totaling about $3,000.
I have now read up on Minnesota's payday loan laws and have not been able to find a single lender that I've used among the legal lenders here. I had no idea that internet lenders had to be licensed in each state and that any loans they provided to me would be illegal if they were not licensed.
I am hopeful someone can confirm this for me and advise on the next steps so I can stop the endless cycle of payments with no end.
Here's a list of my current payday loans and lenders:
CashCure (cashcure.com) - $800 principal + $176 interest (paid $528 with no principal reduction)
Integrity Payday Loans (IPLToday.com) - $400 principal + $120 interest (paid $198 with no principal reduction)
United Cash Loans (unitedcashloans.com) - $250 principal + $75 interest (paid $150 with no principal reduction)
AdvanceMeToday (advancemetoday.com) - $700 principal + $168 interest (no payments made yet)
Magnum Cash Advance (magnumcashadvance.com) - $549 principal (paid $511, still owe $361)
247GreenStreet (247greenstreet.com) - $650 principal (pay total balance of $779 back each payday to zero account out)
Plain Green Loans (plaingreenloans.com) - $800 principal (paid $1326, still owe $497)
I am planning on calling my bank tomorrow to see what I can do to stop the ACH payments to these lenders as I cannot see that a single one is legal. Hopefully, I may be able to recoup some or all of the money I've paid over and above the principal balance and I also plan on filing complaints against each of them with my Attorney General.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.