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I live in Mississippi and i currently have a loan with Mobiloan and I was reading this thread and was wondering if Mobiloan is illegal in Mississippi? I currently have recieved 1183.42 from them with payments of 943.89 with a principle balance of 1012.04. I would like to legally get out of this very high interest loan.

Online lenders must be licensed in Mississippi

You can check here to see if they are - I am sure they will have a website you can look up on...

Regulator - Mississippi Department of Banking and Consumer Finance

Address - 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201

Phone - (601) 359-1031

I am betting not since, Mobiloan is a tribal lender - I would recommend following the steps in this link on how to deal with an unlicensed lender - http://www.debtconsolidationcare.com/paydayloan/dealingwi th-illegallende...

If you borrowed $1183.42 from them and repaid already $943.89 - you only are obligated to repay principal only at your convenience. So I would say that means you still owe them $239.53 only.

Sub: #1 posted on Tue, 03/12/2013 - 23:45

HelpinAZ HelpinAZ
(Posts: 1873 | Credits: 288.09)

Mississippi Payday Loan Laws

State Legal Status

Lending of payday loan is considered legal (applicable for check cashiers only) in the State of Mississippi. but Online lenders must be licensed in Mississippi.

Loan Specifications

Maximun Amount of Loan - $400

Term of Loan - Maximum 30 days

Maximum Rate of Finance and Fees- 18% of check

Finance Charge on $100 loan for a 14 day period - $22

APR for $100 loan for a 14 day period - 572%

Debt Limits

Maximum Number of outstanding loans permitted at a time - Not Specified

Permissible number of Rollovers - None (cannot be repaid or otherwise extended)

Limits of Collection

Collection Fees Amount - NSF fee; Court fees (if disclosed)

Criminal Action - Prohibited (when check is retuned due to NSF)

Sub: #2 posted on Tue, 03/12/2013 - 23:46

HelpinAZ HelpinAZ
(Posts: 1873 | Credits: 288.09)

Yes I did post this twice, but I wasnt sure that I actually did, then I posted under the other one and it seems to be deleted. Does this happen often? I have more questions about this situation and I dont want to double post.

Sub: #3 posted on Wed, 03/13/2013 - 09:27

utfan utfan

(Posts: 4 | Credits: 0.58)

Mobiloan is illegal all over the state of US. You owe nothing more than the principal. No interest, no fees. Close down your old bank account and open a new one to stop debiting money from your account. Ask them for a refund, if you have overpaid them.

Sub: #4 posted on Wed, 03/13/2013 - 10:57


@utfan - just post your questions here we can help you... if they are all under one thread easier to answer and easier for you to find the answers. As I stated they are tribal illegal and follow the link in the post above. when you close down your account make sure not linked in any way to the new and give copies of the revocation letters to the bank.. The only way they will get your new account information is if you give it to them .

Sub: #5 posted on Wed, 03/13/2013 - 18:56

HelpinAZ HelpinAZ
(Posts: 1873 | Credits: 288.09)

I have read on here that some people closed their account and opened another one but mobiloans still was able to get to the new one. also, do I need to send the revocation letter first or close the account first? I am worried that if I send the letter first then they will go in my account and try to get what they can.

Sub: #6 posted on Wed, 03/13/2013 - 20:48

utfan utfan

(Posts: 4 | Credits: 0.58)

Lenders are NOT able to get to a new opened account....can you show me a post showing us where this happened?? They have no authorization to take from the new account. This is more than likely the bank pushing the debit to the new account,

Send the revocation letter and immediately got to your bank and talk to a branch manager....give them a copy of the revocation.

Sub: #7 posted on Wed, 03/13/2013 - 21:19

Moderators Cum Industry Expert
(Posts: 17209 | Credits: 4746.14)

It happened to me I closed my account opened a new one and they still debited my account!!! Not sure if it was the banks fault but I sent out revocation emails and they ignored it!!!

Sub: #8 posted on Thu, 03/14/2013 - 01:15


If you gave copies of the ACH revocations to your bank and they allowed them to go through any way then your bank is liable.. Fed Law!!!!

Sub: #9 posted on Thu, 03/14/2013 - 03:08

HelpinAZ HelpinAZ
(Posts: 1873 | Credits: 288.09)

when you sent out the revocations did you give them to your bank?if not then do so,but if you didn't give copies of the lettter to your bank then they are not liable.

Sub: #10 posted on Thu, 03/14/2013 - 03:36

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

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