Unsure of lenders and laws
Date: Sun, 05/12/2013 - 17:57
Hi, I have a few online loans out that I need to get some information on. Please correct any of these if I am wrong.
Golden valley- illegal- loaned 1000
Netcash123- illegal- loaned 450
Bayside loans- illegal- loaned 400
Castle payday- illegal- loaned 550
Net cash USA- illegal- loaned 500
I am from South Dakota and am unsure of the max interest rate for an online loan in the state. I'm pretty sure these are all illegal either because they are an tribal lender or not licensed to loan in South Dakota. Also all the interest rates were 600%APR on up to 2100%.
Also, prior to the 1000 from golden valley, I had a loan out with them earlier this year I paid off in February. The loan was 800 and I believe after everything I ended up paying them about 1600-2000. Am I able to let them know they owe me or am I out of luck on that one?
Golden valley- illegal- loaned 1000
Netcash123- illegal- loaned 450
Bayside loans- illegal- loaned 400
Castle payday- illegal- loaned 550
Net cash USA- illegal- loaned 500
I am from South Dakota and am unsure of the max interest rate for an online loan in the state. I'm pretty sure these are all illegal either because they are an tribal lender or not licensed to loan in South Dakota. Also all the interest rates were 600%APR on up to 2100%.
Also, prior to the 1000 from golden valley, I had a loan out with them earlier this year I paid off in February. The loan was 800 and I believe after everything I ended up paying them about 1600-2000. Am I able to let them know they owe me or am I out of luck on that one?
Since all of your lenders are
Since all of your lenders are illegal, so you owe nothing more than the principal. Just pay back them the principal and get out of this cycle. Close down your old bank account and open a new one. Don’t worry, they can’t do anything.
On this site click on sticky
On this site click on sticky on how to deal with unlicensed lenders, follow every step. As far as golden valley goes, yes, you can take the money you have overpaid on the previous loan and apply that towards the loan you now have. Keep us posted on your progress.
