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Need payday loan help please

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I wish i had seen this website before i made the mistake of taking out payday loans.I have taken some advice off this website, by freezing my bank account.I'm not sure what to do next.my payday loans have wiped out my bank account. I honestly thought i could handle them.I'm not sure what to do.It's going to take me a couple checks just to get caught up on the bills that haven't been paid.Can someone here help me please?I live in Oklahoma.These are the loans I have.
MagnumZ borrowed 200 paid 720
Ucfinancial borrowed 500 paid 0
Discount Advance borrowed 400 paid 0
Ezpaydayloans borrowed 500 paid 150
EastsideLenders borrowed 400 paid 120
All of them are internet based.




Hi there smitty and welcome to the community! :) First I am going to post your laws, then we can try to figure out a good course of action. Oklahoma requires Internet based pdl's to be licensed by your state. CLICK HERE for a list of licensed lenders.

Quote:
Oklahoma State Information

Legal Status: Legal

Citation:
Okla. Stat. Tit. 59 ???? 3101 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 12-45 days
Maximum Finance Rate and Fees: $15 per $100: $0- $300; $10 per $100: $301-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew; a loan made within 13 days after a previous one was entered into shall be considered a renewal and shall not be made)
Cooling-off Period: Second business day after the 5th consecutive loan repaid
Repayment Plan: Yes

Collection Limits:
Collection Fees: $25 NSF fee (if disclosed) unless dishonored due to theft or forgery
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Oklahoma Department of Consumer Credit
Address: 4545 North Lincoln Boulevard, Suite 104 Oklahoma City OK 73105
Phone: (405) 521-3653
Fax: (405) 521-6740
Regulatory Contact: Jack Stone,, Deputy Administrator
Regulator Website

Sub: #1 posted on Sat, 08/23/2008 - 14:33

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

I hope the information below will help you. :)
[quote]You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Sub: #2 posted on Sat, 08/23/2008 - 14:40

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

I can only find one in my list that has a license in my state.I have had no luck finding licences for the others. I am working on letters to send each company, hopefully will be able to e-mail and mail on monday. Unfortunately this has been going on for a couple of months.I wish that i would have known what to do a month ago.I would have saved myself a lot of overdraft fees.Just curious i have been trying to work out a budget to try and figure
out how much i can afford to pay these companies each month,but i'm so behind on bills i'm not sure what to do.I'm afraid not to pay them something,but i can't let my other bills go any longer.Any ideas?

Sub: #3 posted on Sat, 08/23/2008 - 17:14

smittylpn99 smittylpn99

(Posts: 5 | Credits: )

If I were you I would take care of the legal ones first! Always make sure you have enough money for food, housing and utilities, those ALWAYS come first!! What is left is what you can afford to pay to the illegal lenders. I need to research some of these and see what I can come up with. Hang tight.

Sub: #4 posted on Sat, 08/23/2008 - 18:09

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

Eastside Lenders Illegal/ Unlicensed
9218 Metcalf Ave #112
Overland Park, KS 66210
Telephone: (866) 569-6636
Fax: (180) 058-1429 ext. 6
eastsidelenders.com

EZPayDayCash??? (They go by several different names)
4760 South Highland Drive
Suite 654
Salt Lake City, Utah 84117

Discount Advances
aka Credit Protection Depot
1.800.446.8482. Their fax number is 1.866.729.3376

Sub: #5 posted on Sat, 08/23/2008 - 18:24

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

I spoke to a lady today at Ezpaydaycash. She said that they don't have to be licensed in oklahoma, because in their fine print it states that if you apply for a loan it's like you were putting the application in in person, and that they didn't have to be licensed in the state of oklahoma. Is this true?

Sub: #6 posted on Sun, 08/24/2008 - 18:26

smittylpn99 smittylpn99

(Posts: 5 | Credits: )

They have to be licensed in Oklahoma to have a payday loan business for internet lending. They are incorrect.

Sub: #7 posted on Sun, 08/24/2008 - 18:43

ladybug ladybug

(Posts: 2757 | Credits: )

Quote:
I spoke to a lady today at Ezpaydaycash. She said that they don't have to be licensed in oklahoma, because in their fine print it states that if you apply for a loan it's like you were putting the application in in person, and that they didn't have to be licensed in the state of oklahoma. Is this true?


They always try that trick on people, tell her to contact the Oklahoma Department of Consumer Credit at (405) 521-3653 and educate herself on the laws. :D

Sub: #8 posted on Sun, 08/24/2008 - 19:01

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

Unfortunately the Oklahoma authorities have yet to take any action to enforce any of the cease-and-desist orders they sent out to internet lenders. As far as I know no court in Oklahoma has ever decided the issue, so unless someone can point out a case where one has, the legal advice here is based on our collective ability to read various state's statutes. A few people will bring up Quick Payday v. Kansas as some sort of mantra, but all that case says is that the state has the right to enforce its laws if it chooses to do so. It doesn't say one way or another what rights a consumer has.

Sorry to be so negative, but I've been communicating with a someone that got taken to arbitration by Internet Funding Corp. out of Delaware. Even though he argued the loan was illegal in his state, the NAF awarded IFC five times what the loan contract said and now a local attorney told him a court will have to enforce the arbitration award because of the Federal Arbitration Act. Now he's just waiting to see if IFC will try to enforce the award. Pretty depressing stuff.

Sub: #9 posted on Sun, 08/24/2008 - 19:05

FreakyFriday FreakyFriday

(Posts: 490 | Credits: )

I have currently 9 payday loans. I am trying to research this for my state. I am currently paying 90 dollars for 300 borrowed. Is that illegal? I am closing my checking account and trying to pay them directly. Any advice to RI laws? I have never defaulted one one of them. I just can't seem to pay them off. 5 are almost done.

Sub: #10 posted on Sun, 08/24/2008 - 22:54

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