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Payday Loans I can't Pay

Date: Thu, 07/01/2010 - 11:25

Submitted by donnamara
on Thu, 07/01/2010 - 11:25

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Total Replies: 10


I have 3 payday loans and can't keep up the interest payments. One is with PLS, one with NorthStar, and the last is with National Fast Cash. I've read many different things to do such as close checking account, to put a stop payment on the checks, or to do a debt consolidation program. I don't know what to do - any advice? Can they keep charging me interest if my check bounces, etc.? This is in Milwaukee, WI. Please help.


Wisconsin has kinda loophole payday loan laws, an Internet lender is can lend legally to your state residents as long as they are licensed somewhere in the U.S., but, if the payday lender solicited you, then they must be licensed by your state.
What are the names of the payday loan companies?
Internet or store front?
How much have you paid them so far?
How much did you borrow.


lrhall41

Submitted by Shazzers on Thu, 07/01/2010 - 11:32

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Where PLS and National Fast Cash internet or storefront loans? I cannot find either company listed on the State of Wisconsin's licensee database, though Northstar is listed. If these lenders are unlicensed in your state then you only owe them the principal. If they are illegal, there are several posts here on how to deal with illegal lenders, just do a search.
I would not recommend closing your account or canceling any checks involved with Northstar as they are licensed to lend in your state until/unless you make some kind of alternate payment arrangement with them.


lrhall41

Submitted by OVLG Attorney on Thu, 07/01/2010 - 11:39

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Quote:

Originally Posted by OVLG Attorney
Where PLS and National Fast Cash internet or storefront loans? I cannot find either company listed on the State of Wisconsin's licensee database, though Northstar is listed. If these lenders are unlicensed in your state then you only owe them the principal. If they are illegal, there are several posts here on how to deal with illegal lenders, just do a search.
I would not recommend closing your account or canceling any checks involved with Northstar as they are licensed to lend in your state until/unless you make some kind of alternate payment arrangement with them.

They don't need to be licensed in the state of Wisconsin unless they solicited the customer, Internet payday lenders are only required to be licensed somewhere in the U.S.


lrhall41

Submitted by Shazzers on Thu, 07/01/2010 - 11:45

( Posts: 17344 | Credits: )


Quote:

Originally Posted by OVLG Attorney
Where PLS and National Fast Cash internet or storefront loans? I cannot find either company listed on the State of Wisconsin's licensee database, though Northstar is listed. If these lenders are unlicensed in your state then you only owe them the principal. If they are illegal, there are several posts here on how to deal with illegal lenders, just do a search.
I would not recommend closing your account or canceling any checks involved with Northstar as they are licensed to lend in your state until/unless you make some kind of alternate payment arrangement with them.


Please be sure that you are providing correct advice. PLS is licensed in WI and will aggressively go after OP if they do not pay.


lrhall41

Submitted by PDLOwner on Thu, 07/01/2010 - 11:58

( Posts: 1049 | Credits: )


Quote:

Originally Posted by OVLG Attorney
I apologize. Do you happen to know how the Wisconsin court defines solicitation?


No, but I would guess it would be if they sent them a form of advertising. In reality, there would be no challenge in court because the IPDL's do not do anything more than call to harrass delinquent customers.


lrhall41

Submitted by PDLOwner on Thu, 07/01/2010 - 12:06

( Posts: 1049 | Credits: )


Since posting the above, I did some more research online and found an article where a citizen of Wisconsin sued Arrowhead, an internet payday loan lender, and the State barred them from lending in the state for 5 years because they did not have the required license in Wisconsin. I will be more than happy to provide the link to the article to anyone who pms me and requests it. The new law, soon to be enacted in Wisconsin will require all internet lenders to prominently post their Wisconsin license on the lender website.

Wisconsin statute (138.09(1m)(a)) currently does state that any lender charging more than 18% must have a license to lend. If I am wrong, I would appreciate a citation to the statute so I can read it and learn more to give better help in the future.


lrhall41

Submitted by OVLG Attorney on Thu, 07/01/2010 - 12:44

( Posts: 511 | Credits: )


Quote:

Originally Posted by OVLG Attorney
Since posting the above, I did some more research online and found an article where a citizen of Wisconsin sued Arrowhead, an internet payday loan lender, and the State barred them from lending in the state for 5 years because they did not have the required license in Wisconsin. I will be more than happy to provide the link to the article to anyone who pms me and requests it. The new law, soon to be enacted in Wisconsin will require all internet lenders to prominently post their Wisconsin license on the lender website.

Wisconsin statute (138.09(1m)(a)) currently does state that any lender charging more than 18% must have a license to lend. If I am wrong, I would appreciate a citation to the statute so I can read it and learn more to give better help in the future.

Thank you for taking the time to research this, and posting this information.


lrhall41

Submitted by Shazzers on Sun, 07/04/2010 - 17:44

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