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I live in Illinois and have the following loans; Check n go, green trust cash, Great Eagle Lending, American Web Loan, Spotloan, Ispeedy loan. I can't afford to keep paying, what can I do?




Illinois Payday Loan Laws - State Legal Status

Lending of payday loan is considered legal in the State of Illinois.However, Online lenders must be licensed in Illinois.


Loan Specifications

Maximun Amount of Loan - Less than $1000 or 25% monthly gross income

Term of Loan - 13-45 days

Maximum Rate of Finance and Fees- $15.50 per $100

Finance Charge on $100 loan for a 14 day period - $15.50

APR for $100 loan for a 14 day period - 403%


Debt Limits

Maximum Number of outstanding loans permitted at a time - 2

Permissible number of Rollovers - None (Rollover cannot be done)

Cooling-off Period - 7 days after a period of 45 consecutive loan days

Repayment Plan - Yes


Limits of Collection

Collection Fees Amount - One NSF fee of $25 (Presentment limit is equal to 2)

Criminal Action - Prohibited


File your Complaint and get Information

Regulator - Illinois Division of Financial Institutions - Here - is where you check to see if they are licensed - http://www.idfpr.com/dfidefau lt.asp

Address - Consumer Credit Section, 320 W. Washington Springfield IL 62701


Check n go - More than likely licensed to lend in IL


Green trust cash - Tribal - Illegal - Unlicensed


Great Eagle Lending - Tribal - Illegal - Unlicensed


American Web Loan - Tribal - Illegal - Unlicensed


Spotloan - Tribal - Illegal - Unlicensed


Ispeedy loan - More than likely licensed to lend in IL, since that is were the corp office is.


On the two that are legal - you can call their corp offices and see if you can work out an extended payment plan, some times you have to let go to collections to do so. I would still revoke their ACH authorizations, after bank account is secure.


On the three that are tribal - follow the link below in my signature on how to deal - with all steps in order.. if you have questions ask. On these three how much originally borrowed and how much repaid to date? You are only morally obligated to repay principal borrowed on these three minus anything already paid.


Sub: #1 posted on Sun, 08/04/2013 - 03:35

HelpinAZ HelpinAZ
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