Internet PayDay Loans

Do you have internet loans or storefront loans?

they are all internet based

What companies? How much have you borrowed/paid?

You can use the letter on my blog to settle with them.

Here are Nebraska's laws . . .

Quote:

Go through all the payments on the loan accounts. Then you will be able to know if you have paid more than the state laws or there is a balance due.

Your state has specific interest rates charged on the loan. The lenders cannot charge more than the laws. If every thing is justified, you can arrange a payment plan with the pdl on the outstanding balance.

Wow, thanks for the quick reply. This information is rather overwhelming. Can you check my understanding?

After looking at Polly's sample letter and the laws noted above, I'm under the impression that the contracts I entered with these companies may actually be "illegal" and therefore void?

For example, it says the maximum loan amount is $500 in Nebraska, but I have several that are more than that.

Let me know if I am understanding this correctly...
thanks again for your help.

Yes, it would seem that they may not be following your laws . . . . Can you list the companies you have loans with? I know that I'll probably be hated for saying this, but I think it's best to write your own letters, not just use Polly's. While it is a great letter, when PDL's get 30 copies of the same letter from 30 different people what kind of impression does that give? I'd take some time and write things out in your own words. Even paraphrasing Polly's letter is better than just putting your state laws in. When you write your own letter it looks like you actually did your own research, and really know what's going on. When you just copy a letter it looks like you just copied a letter.

There is a ton of information on the http://www.ndbf.org/ website. You can even file a complaint online. I'd look around that website for a bit and gather up all your info, then file complaints against all the pdl's that are breaking the law.

Yes, I just talked with my husband. He seems to think they are all under $500, so I may have been incorrect. Once we sit down tonight and get everything documented, I'll share my findings.

Yes, I agree with the letter. I had already intended to paraphrase, simply because I am not comfortable sending (& signing!) something I did not write myself. Some of the jargon is over my head, so I will need to rewrite it.

I have two other questions, regarding the NE laws noted above.

1) It says only 2 loans at a time; I assume that is per lender, correct? Meaning the lender can only extend me 2 concurrent loans?

2) It says no rollovers are allowed and maximum loan length is 31 days. Does this mean in NE, the lender must have me completely pay off the loan within 31 days? I'm pretty sure some of ours are rolling over regularly. We pay some principal, but mostly interest, every pay day.

If you could help clarify these points, that would be great. Thanks!

1) Two loans at a time means two total loans. The lenders are supposed to ask you on your application how many other payday loans you have and shouldn't lend to you if you have two already.

2) No rollovers means that you have to pay off the loan within that 31 days. Paying interest and leaving the rest for the next payday is a rollover, so they are breaking the law by allowing that.

OK, so I did the math an a loan that is already paid, just to see how it compared to NE law.

Loan Amount: 1030
Interest & fees: 792.16
Total payback: 1822.16
Loan Duration: 53 days (7/10-9/1)

1) the amount of the loan exceeds the $500 in NE
2) If my math is right (which is questionable), the apr on this loan is 530%. Doesn't that also exceed the NE maximum of 459%?

Assuming these terms are outside of the NE laws, do I stand to recoop any of the $, if I file a complaint with the NDBF?

You can request a refund of any overpayment. Many here have been successful with getting refunds. You should also file a complaint with your state's AG office.

So we've started diving into our pay off amounts & next due date for each of our loans.

The total payoff will be somewhere around $2200, spread across 7 (yes, seven) different lenders. Ouch.

I'm so frustrated that we ever got in this boat in the first place. But anyway, the lenders are:
PayDay OK, Ten Dollar Paydays, One Click Cash, PayDay Ave, 500 FastCash, AIP (?), & Xtra Cash.

We also have an inactive (paid) loan through my cash now. The terms of that loan were definitely outside the laws in Nebraska, so I am following up with the Nebrasksa Dept of Banking & Finance.

At this point, we look to shell out over $600 in interest only. I am putting together a game plan to pay one loan off each payday thereafter.

It's going to be a tight holiday, that's for sure.

If anyone has any additional suggestions on how to reduce the interest rate or anything else, please let me know.

thanks again!
Jamie

Watch out for the one with AIP. I have dealt with them and they claim to be "paperless".

Guest, Payday OK tends to be easier to deal with alot of people have had sucess with them. Watch out for TenDollarPayDay they can be difficult. If you try to revoke ach debits, they will send you to a collection agency which claims to be a lawyer's office. Just be tough with them most are operating illegally

TenDollarPayDay is a part of ameriloan and MTE.

i have heard from someone called operation something who are they never heard of them. cashnet usa is legal in all states how will i handle them they will be calling me after friday when they see that they cannot get the money out i need to know what to to do anyone out there have cashnet usa or ever had it. this one also cash transfer center.

Laverne Cashnet is not legal in WV . Payday lending is prohibited. Kyside38

CashNetUsa is NOT Cash Transfer Center. And it was suggested to you in another post laverne that you need to contact them to set up payment arrangements.