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internet payday loans in Minnesota

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I have several payday loans out and being stupid, I got payday loans to pay other payday loans. I live in Minnesota and am curious, Is it legal for me to just stop the ach fees and just make arrangements with them




First we need some more information so we can help you.

Name of PDL companies.
Amount borrowed and paid to date.
Whether they internet or storefront loans.

Sub: #1 posted on Tue, 04/07/2009 - 21:58

Cool_Abyss Cool_Abyss
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(Posts: 2936 | Credits: 173.61)

It IS legal, per the EFTA(Electronic Funds Transfer Act).

Sub: #2 posted on Tue, 04/07/2009 - 22:08

Shazzers Shazzers
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(Posts: 17342 | Credits: 1592.83)

united cash loan- borrowed 400 - paid 411
High country- borrowed 300- paid 180
cashnet usa- borrowed 700 - paid 400
ameriloan - borrowed 300- paid 405
Gov emp credit loan 400- paid 380
Eastside lenders- borrowed 700- paid 360
SSM group llc- borrowed 300 - paid 720!!

none of the payments have paid principal and they were all internet companies. I just need closure and need to pay them somehow.

Sub: #3 posted on Tue, 04/07/2009 - 22:09

mnmetalhed mnmetalhed

(Posts: 8 | Credits: 1.6)

Ameriloan, Eastside, United and SSM are illegal/unlicensed.

CashNet USA is legal.

Not sure about High Country, I never heard of them.

I think Gov Employ is GECC and I would have to look to see if they have a license in MN.

Sub: #4 posted on Tue, 04/07/2009 - 22:24

nohiogal nohiogal

(Posts: 2582 | Credits: 118)

thank you so much! I really appreciate the help. Now, what does it mean for me if they are illegal/unlicensed? And what are the next steps that I should take to repay them but stop the ACH? also.....high country used to be pdl loans? I think. They just changed their name. and gecc is correct.

Sub: #5 posted on Tue, 04/07/2009 - 22:27

mnmetalhed mnmetalhed

(Posts: 8 | Credits: 1.6)

It means that you most likely should close your bank account.

ACH revocation does not work with the illegal lenders. They don't care and will debit the account anyway.

You can go here and read up on the steps to take when dealing with illegal lenders.

You will need to send a letter to each AFTER you close your bank account.

You only owe them the amount you borrowed. All fees or rollover charges you have paid go towards that amount.

Sub: #6 posted on Tue, 04/07/2009 - 22:29

nohiogal nohiogal

(Posts: 2582 | Credits: 118)

How should I deal with the Legal companies? And what should I include in the letter? Sorry to be asking for so much help but I am clueless. Thanks again.

Sub: #7 posted on Tue, 04/07/2009 - 22:41

mnmetalhed mnmetalhed

(Posts: 8 | Credits: 1.6)

With the legals contact them and make payment arragements. Most won't even dicuss it until they can't get the payments and then they work with you. They want the ACH denied first.

You can find the letter here. Scroll down to the 13th post to find it. You need to change it to reflect you state laws and loan information.

Ask all the questions you want. That is what we are here for. :)

Sub: #8 posted on Tue, 04/07/2009 - 23:28

nohiogal nohiogal

(Posts: 2582 | Credits: 118)

I am going to attempt to close my bank account tomorrow and I will keep you posted! Thanks again for all the help!

Sub: #9 posted on Wed, 04/08/2009 - 00:05

mnmetalhed mnmetalhed

(Posts: 8 | Credits: 1.6)

Good luck and keep us updated.

Sub: #10 posted on Wed, 04/08/2009 - 00:23

nohiogal nohiogal

(Posts: 2582 | Credits: 118)

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