what do i do about my payday loans in minnesota

Someone will be along shortly to list the state laws on payday loans from MN. You can close your account and still pay for your loans with a money order, even though they say they will not accept it. Many here have done that. Also to get you started, please list what loans they are with and how much you have paid, and if they are in default. I would also click on the "free consultation" button that is to the right of my post where they can do an in depth look at your situation and get you started in the right direction. Welcome to the site, you have come to the right place.


all the best,
Luke

Your state laws:

The rules and regulations issuers of payday loans must abide by in the state of Minnesota (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Please list your loan names, amount borrowed, amount paid back (include all debits from your account)

I listed some info on your other post.

well our 1st loan we borrowed 300 from emerald marketing and paid 630. the 2nd one is at payday one we borrowed 500 and have paid them 662.50 and still owe them 367.50 the 3rd one is with loan shop the loan amount is for 300 and we have paid 540 and they are all internet pdls.

Internet loans in Minnesota are not covered under MN laws. Per the MN Dept of Banking:

You will want to close your bank account that these places have access to. Please read this thread:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Before going to the bank. It has some important information that you need to know.

so after we close our account what do i do? I have read so many stories of people being threatened. how do I know if any of these loan places are illegal? have we overpaid?

Payday One is licensed in many states, so it would be legal. The other two are most likely not licensed anywhere and are operating illegally. We need to check their home state to see if they have a license there, but I doubt they do.

This means you would have overpaid on the two illegal ones, but Payday One is probably operating using it's DE license, meaning there are no interest rate caps. So that one you would legally owe what they say, unfortunatly. But the other two I would not pay another dime to if they are indeed unlicensed.

thanks for the info, we closed our account today. so what do we do now? we will be contacting payday one and work something out with them, but how do we find out if the other two are illegal or not? also could someone help us with the letters we need to send to these companies.')

To find out if the other 2 are legal or not, I would first call their customer service line. Ask them under what state license are they operating. If they don't know, then they probably don't have one.

Yay! Your account is closed! That is the first step. Now, you need to send the letters to them. I know the Cannr has a good example letter, I would suggest PMing her and asking for a copy.

I'm still a l little confused about the MN laws with Pay Day Loans. From what I understand the maximum loan amount you can get is $350 with no roll overs and is to be paid within 30 days. Does that apply to only MN Pay Day Loan compainies, or anyone that resides in the state of MN, but received the loan over the internet?

That applys to all payday loans given to residents of MN.

The companies must also have a license to lend in MN.