Confused about WI PDL Laws

How much was borrowed, how much was paid back? I will look into the laws when I get a chance (or someone better at this might post before me). Hang tight :)

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This is how it works for Internet payday lenders - If the lender isn't licensed ANYwhere, then it isn't a legal lender, this means you only pay back the principal amount you borrowed. On the other hand; if a lender IS licensed in another state, you pay back the loan with interest and fees that the lender is licensed in, ei., if a lender is licensed in Delaware you would follow the Delaware law regarding payday loans.

The tricky part is finding out WHERE the lenders are licensed. The best way is to ask them, but don't take their word for it, go to the state DFI's website and look it up yourself, if you don't find a license for them in the state they claim they are licensed, confront them with the information you researched and request their license number, if they still refuse let the lender know you are filing a complaint against them with the attorney general's office in the state they have an address in.

WI laws are extremely confusing and rediculously lax, that is why it is so important that the people of your state follow through with complaints about these Internet payday lenders, then maybe something will be done to change the laws.

I agree with Cool_Abyss that none of these lenders are probably licensed anywhere, if they are licensed at all it's probably either in Delaware, Nevada or Utah so that's where I would begin my search. Click the link below for all payday lender laws (scroll down):
http://www.paydayloaninfo.org/stateinfo.asp

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sorry i am late coming back :(
it seems that WI laws are too lax.. i tried to look them up but was a bit confused by them.

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oh no, i am glad you did! because i would not have been too much help and had to leave the computer for awhile anyway :)
thanks to both of you.

Thanks for the replies everyone. After going through my bank statements here is what I've paid so far.

USFastCash Borrowed: 400, Paid:240, Balance: 520
500FastCash Borrowed: 400, Paid:480, Balance: 520
MyCashNow Borrowed: 780, Paid: 0, Balance: 968.50 --> Paid this one off, then needed to re-loan again.

I'll do some research as well and see what I can come up with.

Again, thanks so much for the quick replies.

T

Not that these companies will do anything, but since the OP stated that they were not solicited, the state is out of the picture and will not do anything to help. As far as the fees, there is no cap on the fees in WI and it is my understanding that even companies licensed in other states use local rates as opposed to importing rates.

The bottom line is that it really does not matter, until the IPDL gets thier money, they will not leave you alone...

Thanks PDLOwner for the response. I think it will be less headache, since WI doesn't seem to be very friendly in regards to PDL laws, to just pay back what my balance is including fees. Does anyone know how 500FastCash, USFastCash and myCashNow are with long term payment plans? I have two other loans, cashNetUsa, and payDayOne that I also have to pay. I'm hoping if I can stay on course to have everything paid off by June.

Thanks,

T

are you 100% that these loans are legal? if they are not legal, i really would not pay them a penny more than what you borrowed. just because your state might not be much help, it does not mean they can legally do a thing to you. it is a moral obligation to pay back what is borrowed but you are fine other than that. i just am not sure if it is clear wheter or not they are legal.
PDLOwner - I know you said there is no cap, etc. but you also referred to them as IPDL. Are they legal or not? I honestly do not know

I stated IPDL's because I believe that all of hers are internet. Also, most internet lenders are not operating legally and are much more agressive with regards to collecting.

^^ I totally agreed, I just wanted that cleared up. If they are not legal, i do not think the poster should pay a penny more than the amount borrowed.. even if the state will not help, if they are not legal this is easy to do by oneself.

I’m so sorry, everyone if I keep asking the same questions, but I’m still confused about WI PDL laws. Since these companies didn’t solicit me, I checked the license database of each state to see if 500Fast Cash and USFast Cash are licensed anywhere. I can’t find them in any database. They could be under a different name, but just searching for 500 Fast/US Fast Cash doesn’t return anything. So my question is, does that mean they are not legal to lend in WI.

I tried talking with both 500 and US to set up some sort of arrangement to pay the balance I owe and it was like talking to a brick wall. Not only that, but now my balance went from $520 to $655 for each..they added another 120 finance charge, plus a return check charge. Apparently if I don’t set up a payment arrangement with them (the max I could do is 7 payments falling on my payday) then they will continue to add another $120 each payday. If I didn’t have CashnetUSa and Payday One to pay first, I would, but doing the 7 payments in a row just isn’t going to work.

So, now if they really are illegal, then I just need to pay back with I borrowed correct?

Thanks again,

T