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TN Lending Laws

Date: Fri, 06/08/2012 - 00:13

Submitted by anonymous
on Fri, 06/08/2012 - 00:13

Posts: 202330 Credits: [Donate]

Total Replies: 1


I've been lurking on these forums for a few weeks now and I've looked through old threads pertaining to lending laws in Tennessee but I'm still very confused about them. I have 3 outstanding loans:
Payday Loan Today: 200 (first payment isn't due yet) owe $260
Pepper Cash: 500 (paid $175) balance owed 675
Global Group: 200 (paid $60) owe 260
My main problem is not with Payday Loan Today or Global Group. Call me naive, but I feel like they are going to be fine to work with as they send statements and so far have had decent communication.
My problem is with Pepper Cash. When I applied for the loan, someone called the next day wanting me to do a three-way call with them and my bank to get the loan approved. I was skeptical about it so I said no and hung up. The next day I got an email saying I was approved and they were depositing the funds. They did and I needed the money so I said screw it. Aside from that, they have never sent anything else and when I log into my account, I can't view my loan documents or anything. All I can see is when the next payment is due and how much I owe. If I want to make an early payment, I can't do it there. They are taking a whopping $175 from my account every two weeks and not giving me the option to pay down so I would like to revoke the ACH authorization on them, but I'm not sure about how to present this information to my bank.
I know they are tribal and from what I am understanding, all tribal loans are illegal? Even in TN? One thread I read said that to lend to TN residents an internet lender only needs to be licensed in any state and then a later thread I read, if I understood correctly, said that a lender had to be licensed in TN. If they do need to be licensed, I thought I had seen a link that took me to a website that I could check to make sure that the lender was licensed in my state, but I can't find that now.
I understand to follow Ohiogal's step-by-step procedures once I have determined that they are illegal, I just need to know if they are first. ;) Thanks in advance!