online payday loans

Date: Wed, 12/20/2006 - 08:29

Submitted by mwise8
on Wed, 12/20/2006 - 08:29

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Total Replies: 4

I have had very threatening calls from U.S. National bank stating that they have a tentative case number against me and good luck. I am willing to pay them back, but they will let me do this via Western Union or Money Gram and it needs to be the full amount, no payment arrangement possible. I asked for a copy of the online document and they won't provide that either. The are threatening me with arrest for internet fraud, malious conversion, and I can't remember what else. Does anyone know if they can have me arrested in the state of MI? I'm scared to death! I will gladly make an arrangement, but I can't pay in full right now. Any suggestions, or has anyone else dealt with them or a similar situation?

Welcome to the Community :D Here is some info., state by state

Welcome to the Community :D Here is some info., state by state on pay day loans at http://www.debtconsolidationcare.com/getting-loan/about15730.html Most, is not all of the internet ones are illegal. They cannot arrest you, there are no debtors prisons anymore! Do not give them any personal info, bank,etc. If you have any questions, please ask. Calm down, we are here to help!!..Karen

lrhall41

Submitted by Bossy4455 on Wed, 12/20/2006 - 08:39

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Thanks Karen...it was just such shocking converstion, that I did

Thanks Karen...it was just such shocking converstion, that I didn't know what to do next. Should I call this guy back and try to talk to him again or what?

lrhall41

Submitted by mwise8 on Wed, 12/20/2006 - 08:48

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You need to find out about you licensing info for your state. Yo

You need to find out about you licensing info for your state. You are obligated to pay back what was loaned, not all the interest, if I am not mistaken. Check out the link and see what is says for your state..Karen

lrhall41

Submitted by Bossy4455 on Wed, 12/20/2006 - 08:53

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Well this should ease ur mind

Well this should ease ur mind a lil you cant go to jail and your state even encourages payment plans

Quote:

Legal Status: Legal

Citation:
Public Act 244 of 2005

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing, MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
Regulatory Contact: ,
Regulator Website

lrhall41

Submitted by TASHA_MOSELEY on Wed, 12/20/2006 - 08:54

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