FYI
Date: Fri, 04/25/2008 - 07:41
Thank you for your recent email regarding the status of your loan. Respectfully, we disagree with your claim that our short term installment loan is not valid in your state.
Pursuant to the agreement you signed with our company your loan is governed by the laws of the state of Utah. You requested and accepted funds from a Utah company which were wired to your bank account. We consider our contract for your short term installment loan to be legally binding.
Please contact us to make arrangements for repayment of your loan in accordance with your contract.
Sincerely,
Resolution Department
Little Loan Shoppe
Phone: 1-866-223-7549
Email: resolution (@) littleloanshoppe.com
So I sent an e-mail to the DFI of Utah and this is what they sent me-
(my e-mail) To whom it may concern:
If an internet payday loan company based out of Utah lends money to person that is living in another state does the payday loan company have to abide by the payday loan laws of where the consumer lives or does the consumer have to abide by the payday loan laws of the state where the payday loan company is located?
(the dfi response) The lender must abide by the consumer loan laws where the borrower resides.
I suggest you contact your state banking department if an out of state internet payday lender is making payday loans to residents of your state in contravention of state law.
Jerry Jaramillo
Supervisor
Now I will go after them full force-It's nice to actually hear those words from the"horses mouth."
Wish me luck!!
Reba
There may be a need for pdl..I'm all for legal, operating within
There may be a need for pdl..I'm all for legal, operating within the laws of each state they are licensed in, pdl offering their services for a fair fee with affordable repayment plans. I know there are people out there without family, friends or other options for borrowing a few extra dolloars so a legit pdl could be a valuable resource.
But these illegal, unlicensed pdls have got to go...people turn to pdl when in a crisis; to take advantage of another's misfortunate is so wrong.
Each and every owner, partner, employee of an pdl needs to know that what goes around, comes around. You, pdl owner, partner, employee, will get your just reward and you will suffer for the hardship you created for other people. I've lived 50+ yrs & I know from experience it is coming to you...laugh if you want...its just a matter of time. Even openly legit companies that become involved in illegal business practices for the sake of profits fall, and they fall hard. Remember Eron. (I know pdls have to read this forum..I just gotta say this to them)
sk in NC
I agree. I just wrote a very long article today about just that
I agree. I just wrote a very long article today about just that on my site. You can click the www below to see it. Feel free to bring it over to this forum to discuss if you feel it's worthwhile. I'll be around later
Hey James. . .your article on your site is great as is your post
Hey James. . .your article on your site is great as is your post here. I can tell you I have spoken with ACH Commerce (now Moneygram) and they were extremely kind and helpful. Actually, they provided me with information over and above what I called for. They were prompt in returning my calls as has the financial institutions that my own bank has put me in contact with, after doing research on the originators and processors. I have taken the time to apply what info I have gathered from them and am hopeful that my last two PDLs will be resolved ASAP. Thanks again for all your help.