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I live in Minnesota and have 3 PDL's with MyCashNow, Honest Payday and USA Payday. Are these 3 operating legally?

Minnesota allows an Internet based payday loan company to lend legally as long as it is licensed in any US State. They would need to follow the laws of the state they are licensed out of, not the state the consumer is in.

Minnesota State Information

Legal Status: Legal

Minn. Stat. ???? 47.60 et seq.

Loan Terms:
Maximum Loan Amount: $350
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
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: Not Specified
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: $30 NSF fee
Criminal Action:

Where to Complain, Get Information:
Regulator: Minnesota Department of Commerce
Address: Division of Financial Examinations, 85 7th Place East, Suite 500 St. Paul MN 55101
Phone: (651) 296-2135
Fax: (651) 296-8591
Regulatory Contact: Kevin Murphy,, Deputy Commissioner

Sub: #1 posted on Thu, 10/09/2008 - 01:50

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Are all of these Internet based loans?

Sub: #2 posted on Thu, 10/09/2008 - 01:51

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Yes they are

Sub: #3 posted on Thu, 10/09/2008 - 01:54

tammyk922 tammyk922

(Posts: 3 | Credits: 0.97)

How do I know which states they operate in? I doesn't look like it is listed on their websites......

Sub: #4 posted on Thu, 10/09/2008 - 02:17

tammyk922 tammyk922

(Posts: 3 | Credits: 0.97)

Looks like MyCashNow is in Canada or Grenada, therefore making it totally illegal for you or any other state in the U.S. Only pay them the principal amount you borrowed. Please CLICK HERE to read more about them. I am researching the other pdl's you have. Hang tight and keep checking back! Meanwhile, I am going to post some info on how to deal with this. I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

[quote]What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Sub: #5 posted on Thu, 10/09/2008 - 03:50

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Posted by: PDLInvestigator
[quote]my cash now is offshore and can be found in St. George's, Grenada. Ladybug, they are not based out of Canada. Trust me. I have done my investigations.

In a previous post, I have this information for you:

William S. Reed, Pres., Treas., Secretary, and Director.
Credit Protection Depot, Inc.,
4601 West Sahara Ave., Suite 1
Las Vegas, Nevada 89102

Acting as a debt collector for, Inc. (apparently chartered in Grenada - the independent country in the Carribean, not the town in N.Y.) [/quote]

Sub: #6 posted on Thu, 10/09/2008 - 03:51

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

I'm not finding any info on Honest Payday, I do have a suggestion though, check your loan agreement thoroughly to see if they have an address somewhere located on it, otherwise continue to check back every now and then, perhaps someone else can shine some light on this. I find it quite interesting the name: "Honest Payday", almost makes me want to choke. :lol:

Sub: #7 posted on Thu, 10/09/2008 - 03:55

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

Ho hum and drat! I can't seem to find any info on USA Payday either, sorry! Perhaps someone else will have some info for you!

Sub: #8 posted on Thu, 10/09/2008 - 03:57

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

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