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questions regarding Zocaloans + possible illegal pdl debt collection

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Hi,

I am currently helping out a friend who has taken out a couple loans and is in a bit of trouble due to unforeseen circumstances. We currently reside in Tennessee, and my friend has taken out loans with Zocaloans aka Rosebud Lending and Speedy Cash. After doing some research, I have found that Zocaloans/Rosebud is a tribal lender and does not have a license per the TN Dept. of Financial Institutions, and I believe because of that it means that they are operating illegally. Does this mean that there is no financial obligation to pay anything other than the principal, and is there anything that needs to be done legality-wise or should we simply follow the guide stickied to this forum?

As for Speedy Cash, I'm still in the process of verifying that they are a legal lender. According to my friend, the loaner has already sent the debt to collections and is currently dealing with that mess. If Speedy Cash turns out to be an illegal lender, what steps should we take to deal with the collectors?

Thank you.




First, let me reply you regarding Zoca Loans. They are an illegal lender. So, you have no financial obligation to pay anything than the principal amount. Revoke the ACH authorization with the lender and follow the guidelines given in the sticky thread. If Speedy Cash turns out to be an illegal lender, then also you have to take the same steps.

Sub: #1 posted on Wed, 09/18/2019 - 23:17

Nick Jonas Nick Jonas

(Posts: 425 | Credits: )

They are not legal. If you have paid the amount you owe, then Revoke the ACH auhorization

Sub: #2 posted on Fri, 09/20/2019 - 05:06

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )


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