cancel
Showing results for 
Search instead for 
Did you mean: 

No credit check loans

tag
Leele
Established Member

No credit check loans

Can no credit check loans go on your credit, ie payday loans?
Message 1 of 4
3 REPLIES 3
Creditaddict
Legendary Contributor

Re: No credit check loans

I believe more and more of the pay day loan companies are now spending the money to report them to your credit report. I had a friend that took a lot of them out and they ALL showed on his credit report as a 1 time payment loan
Message 2 of 4
fishbjc
Senior Contributor

Re: No credit check loans

I took out one and it appeared on the ChexSystem.  Luckily, I repaid it immediately, nothing on the credit report and nothing on their statement PayDaySelect says anything about reporting to CA.
Message 3 of 4
Leele
Established Member

Re: No credit check loans

Well my problem is this, I took out a couple of payday loans online and they were taking more than they should have out of my checking account so I contacted the Indiana Department of Financial Institutions and the guy told me that there are no payday loan comapanies that are licensed to do business in the state of Indiana and per Indiana law the contacts are null and void.  I then asked him can they contact the CRA and he said if tthey do then I shouldn't have any probelm with getting them removed since it was not legal to begin with,  he also sent the online companies a copy of this letter ( I underlined the main points of the letter):

NOTICE TO UNLICENSED INDIANA LENDERS WHO ARE SOLICITING

BUSINESS IN INDIANA

Investigation by the Indiana Department of Financial Institutions (“Department”) has

determined that your company is among several unlicensed entities making or offering

consumer loans to residents of Indiana via the internet.

Depending on the type of loan being offered, your company is in violation of IC 24-4.5-

3-502 and/or IC 24-4.5-7-102. These statutes reference consumer loans, and/or Small

Loans (commonly referred to as “Payday Loans”) and require a license issued by this

office in order to make these consumer loans.

During the recently concluded session of the Indiana General Assembly, there was a

change to the statute governing the territorial application of the Indiana Uniform

Consumer Credit Code, including the Indiana Small Loan Act. Effective July 1, 2007, IC

24-4.5-1-201 requires internet lenders to be licensed, and to comply with Indiana law,

when making loans to Indiana residents. Additionally, IC 24-4.5-1-201(8) reads “If a

creditor has violated the provisions of this article that apply to the authority to make

consumer loans (IC 24-4.5-3-502), the loan is void and the debtor is not obligated to pay

either the principal or loan finance charge, as set forth in IC 24-4.5-5-202.”

You are advised to Cease and Desist the offering of these types of loans to Indiana

residents unless/until you have obtained the proper Indiana loan license. Consumers will

be advised that these loans are not in compliance with Indiana Statutes and that these

loans are considered null and void, and as a result, uncollectible. Additionally, the

Department may seek injunctive relief under IC 24-4.5-6 in the event of continued noncompliance.

All Financial Institutions operating within the state of Indiana will be advised that

electronic payment and / or paper/check transactions connected with these illegal loans

should be rejected if an entity is unlicensed. Consumers will also be advised on the

procedure to stop electronic debits to their accounts using return codes.

Questions concerning the acquisition of a loan license may be directed to this office.

Information is also available via our website at www.in.gov/dfi

Sincerely,

Mark B. Tarpey

Mark B. Tarpey

Supervisor – Consumer Credit Division

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.