Regular Contributor
johnsj21
Posts: 179
Registered: ‎09-23-2008
Re: PayDay Loans--Help!

Certain states require that a payday lender be licensed in the state that they are doing business in but some states only require that the lender be licensed in the state where their physical address is.  Minnesota never used to require states to be licensed in MN, but now they do as of Oct 1.  Check out this website...it's VERY helpful to find out if you loans were legal or not.  If they weren't legal than the contract would be null and void!  Do your research.  All of mine were legal so-called "reputiable" companies so I do have to pay back the $ but for the most part they have been very good to work with. 

 

http://www.paydayloaninfo.org/chelp.cfm

 

I'm just telling you this....no matter how "nice" they are to work with they WILL still take out the $ from your account even if you ask them not to take out the scheduled payment.  Call them and tell them you can't make the payment, but if they say they can't stop the payment from coming out try to at the minimum freeze your account for deposits only.

 

 

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