member profile picture

I sent ACH revocation letters to my lenders today. I assumed they were all "payday loans" because my credit isn't good enough to qualify for anything else! I had one company (lion loans) say they'd honor the revocation but that I still needed to pay per the agreement. Then I had another company (total loan company) call and say I was very mistaken and they are NOT a payday lender, they are an installment lender and that this loan is NOT illegal and they are definitely licensed to lend this amount (it was 800) in my state, SC. Is there any way this is true? That I could be accusing someone of being an "illegal payday lender" and they're really not?? How do I know???




They are installment lenders. They are not payday loan lenders. Total Loan Companu is licensed in Utah, South Carolina, Missouri, and Illinois.

Sub: #1 posted on Tue, 01/30/2018 - 14:21

ditchdebt ditchdebt

(Posts: 667 | Credits: 254.01)

so I still need to pay them per the contract, even with the high interest? What about Lion Loans?

Sub: #2 posted on Tue, 01/30/2018 - 18:44

Unregistered


No, they are not illegal. You are liable to pay off the loan with the interest.

Sub: #3 posted on Tue, 01/30/2018 - 18:59

sanderspatricia29 sanderspatricia29

(Posts: 696 | Credits: 72.88)

Ok thank you - how exactly do we tell the difference?

Sub: #4 posted on Tue, 01/30/2018 - 19:07

Unregistered


I had asked also about Money Lion (Lion Loans) specifically - the original loan amount was $1500 and my payments, twice per month, are $402.67. That's over $800 per month - I can't view the agreement right now (it locked me out of my account) to see how many months this payment would continue, but I know it was many. This is seriously legal? They can charge that high of an interest amount??

Sub: #5 posted on Tue, 01/30/2018 - 19:27

Julie Hodge Julie Hodge

(Posts: 6 | Credits: 0.71)

I checked the pdl laws in SC. The maximum amount they can lend is $550. The APR on 14 day $100 loan is 390%. They have already violated the state laws.

Sub: #6 posted on Wed, 01/31/2018 - 16:05

ditchdebt ditchdebt

(Posts: 667 | Credits: 254.01)

Yes, you can contact them and ask for the contract once, but as dtch debt said, they've already violated the law in your case.

Sub: #7 posted on Wed, 01/31/2018 - 17:17

tiarajoseph11 tiarajoseph11

(Posts: 326 | Credits: 45.18)

I'm sorry but I'm still confused. So in the first response you said they were not payday loan lenders - they were installment lenders. But then you said they violated the pdl (payday loan?) laws because of the high interest rate. But if they are not payday lenders, then do the payday loan laws apply to them?? Just trying to understand :)

Sub: #8 posted on Fri, 02/02/2018 - 00:37

Julie Hodge Julie Hodge

(Posts: 6 | Credits: 0.71)

They are different. If you can't pay off your installment loan, then they can garnish your wage, However, they have to validate the debt first.

Sub: #9 posted on Fri, 02/02/2018 - 18:51

sanderspatricia29 sanderspatricia29

(Posts: 696 | Credits: 72.88)

I received this today from Bridge Lending Solutions. I assume it is a bogus claim?
Julie,

Please be advised that federal laws supersedes state laws. You are being extended alternative payment options. It is my responsibility to make you aware that your alternative payment option must be received before your scheduled due date. “If” we have not received your alternative payment (cashier’s check or money order) before your scheduled due date, the required payment will process from the account on file. We are working within the terms of the contract below. I have included a link for your own review.
As stated in your loan agreement, upon your signature and acceptance of the Loan Agreement, you entered into a Loan Agreement with a Federally Recognized American Indian Tribe and as such, the laws of the state where you reside are not applicable to this loan agreement. Bridge Lending Services is a legal tribal lending entity offering installment loans to consumers and is not violating tribal or applicable federal laws. Therefore, you are obligated to perform to the terms you agreed to under the loan agreement. Our corporate offices are in fact located in Lac du Flambeau Wisconsin, specifically 597 Peace Pipe Rd.

Regards,

Sub: #10 posted on Mon, 02/05/2018 - 23:16

Julie Hodge Julie Hodge

(Posts: 6 | Credits: 0.71)

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.

Share post

Page loaded in 0.915 seconds.