Internet Payday Loan questions....

Here is a link for RI state pay day loan laws at http://www.paydayloaninfo.org/state_detail.cfm?id=RI You can go through your loans and see if you have already paid what you borrowed, plus the stat's legal interest, alao if they are legal. There are also contact numbers to complain, and numbers. If you have any questions, please ask--Karen :D .

Hi Karen:

I've been to this link before, but still confused because:

Legal Status: Legal (Applies to check cashers only)

do the same laws apply to internet payday loans?

xjetx- you know, I am not sure, but would think so. But don't take my word, someone will know that answer and come along here! Karen

In my state, when the pdl law says "check cashers only", it means internet lending is illegal. However, I contacted my state DFI to be sure of this. I would assume it means store fronts are legal/internet are not. BUT I would double check and be sure anyway! Anyway, on the bright side of all this, none of your pdl's are licensed to lend. Good news? :D I've dealt with GECC and MTE. Lordy, Lordy.

State laws regarding pdl's confuse me. Does this mean that if you have a complaint in your state, that you have to take it up with the state the pdl is in? Someone help me decipher this!

Complaints regarding brokers or lenders not licensed in the State of Rhode Island should be directed to the state in which the entity is located. Information regarding individual states may be obtained through the Conference of State Bank Supervisors (CSBS) at http://www.CSBS.org

Cannr...I think this means what we were talking about the other day...if they are not licensed in your state then they must be licensed and/or follow the laws of... in the state where they originate??

cannr:

Not sure what you mean by "Anyway, on the bright side of all this, none of your pdl's are licensed to lend"...

Also, what does " state DFI " mean? who should I contact? :oops:

I'm new to all of this......

Also, can anyone give me contact information i.e address and phone numbers for
GECC
ameriloan
MTE
GFS
I can't find it on any of my paperwork.....

I'm so sorry! I'm just so used to using the initials of the agencies! The DFI is your state's Department of Financial Institutions. I went there to see if your pdl's were licensed in Rhode Island. They are not. This is normally a good thing because if your pdl law is "check cashers only", it more than likely means internet lending is illegal in your state. However, I came upon the quote I posted regarding complaints, because we tell everyone to file complaints with the BBB, the FTC, and the state AG.
The BBB is Better Business Bureau www.bbb.org. The FTC is the Federal Trade Commission www.ftc.gov. And the state AG is your state Attorney General. That quote is throwing me off because are they saying that filing complaints with the Rhode Island government agencies will be fruitless since they're only going to refer you to the state in which the pdl is located? Doesn't matter anyway since they're not licensed in their own state. This means (when I said it's a bright side) that they are not lending legally. They're not licensed in your state and they're not licensed in their own state. Illegal. I'm sorry I wasn't too clear!

MTE Financial
515 G S.E.
Miami, OK. 74355

Global Financial Service
1005 Terminal Way Suite 110
Reno, Nevada 89502

cannr....
no need for "sorry".... if they are not legal in either state, it seems to me that if i pay the original amounts back, then they should just stop bothering me and go away.... That would be a good thing!!!!! :D
thank you!

morningstarr430:

thank you!

ameriloan
198 South Eight Tribes Trail
P.O. Box 111
Miami, OK. 74355

morningstarr gave you contact information for MTE Financial (ameriloan is part of MTE Financial) and GFS. Here is contact information for GECC:
GECC LOAN
300 CREEK VIEW ROAD
SUITE 204
NEWARK, DE 19702
And if they try to give you a hard way to go, contact:
Tracy L. Callaway
1-302-737-0926 ext. 302
tcallaway(at)geccloan.com
This is one of the supervisors that I worked with.
:D

:D :D :D
Thank you again.... I'll contact them.....

Do not use the address provided for ameriloan. (Sorry morningstarr!) That is a bad address. They already moved from there. I had all my mail returned as "moved/left no address". They are a d/b/a (doing business as) of MTE Financial. Use the MTE Financial address when referring to Ameriloan. Or you'll go around in a circle!

GFS
phone:877-280-3359
fax: 877-280-2337

MTE
Returns(at)invcity.com
phone:866-873-0386

ameriloan
phone:800-362-9090
fax:800-803-9176

Oh, morningstarr! You know if you want to get a response from MTE (my buddy) you have to use the compliance department email! That usually gets a response pretty darn quick! And more than likely not a "nice" response! But it'll be a response! It's
compliancedepartment(at)mtefs.com
:D

I forgot about that one Cannr!!

Usually when there are laws regarding check cashers it means just that - The laws apply to check cashers. That sometimes creates a loophole for internet companies to lend.

Rhode Island allows internet pdl's that aren't physically located in RI to be licensed in another state.

Just spoke with the RI dept of banking again, to double check things. They told me that in RI, if a company wants to do payday loans, they must also be a check casher. They do not license internet payday loan companies, but the internet payday loan company must be licensed in another state to lend legally to RI consumers. Also, they must be following the laws of the state they are licensed in.

Sometimes, you have to just stop the madness. that's what i had to do. i had 7 payday loans and was taking home $300 from a $1547 check every two weeks. One day, I just said nomore and emailed every one of them and told them they wee not licensed, they were breaking the laws in my states, it was usurious and go away or i would turn them in to the AG, Dept of financial inst. and fereral trade commissions. A few of them tried to fight with me, but i stayed firm and they all went away. All 7 of them.