I have several payday loans that are out. The fol

I have several payday loans that are out. The following are the details on these loans:
PlainGreen (online) 2400 with a biweekly interest of $130
Eastside Lenders (online) $700 with a biweekly interest of $210
500 Fast Cash (online) $700 with a biweekly interest of $210
Advantage (online) $500 with a biweekly interest of $150
Integrity (online) $700 with a biweekly interest of $168
American Web Loan (online) $700 with a biweekly interest of $199
EZ Go (storefront) $600
Advance Cash (storefront) $575

I live in Michigan. With the interest rates and my wife recently losing her job, I am in a bind and cannot afford payments. What will happen if I close my bank account so they don't electronically debit my account causing overdraft fees and inability to pay my other bills.

2 Answers

You can contact with the Michigan Office of Financial and Insurance Services to know whether or not pdl companies are licensed in your state. You will be responsible for the principal and interest if the lenders are licensed in your state. Otherwise, you will have to pay only the principal amount. If you have already paid more than the principal amount to the illegal lenders, then ask them for the refund. Licensed payday lenders can file a lawsuit against you because of non-payment of debt. That’s why if you are in a financial hardship, then explain your financial condition to your lenders. You may try to arrange a better repayment plan with them. 


If you close your account and default on the legal loans, then the lenders can sue you. But are these loans even legal? 


Write Your Answer

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
What is the sum of 11 and 7


Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV


Page loaded in 0.171 seconds.