There are many illegal or unlicensed payday lenders on the Internet, and they have gained a lot of people because they don’t know that they are illegally operating in the state or don’t know how to deal with them.
If you become a victim of these illegal payday lenders, be prepared to squeeze them out. They will get you into trouble, even if you know they don't get permission to operate in your state, they will let you pay them over and over again. But because they know you don't know, they continue to spend a good day on your money.
Many reported that they paid thousands of dollars in three hundred dollars to these illegal payday lenders, but they did not know that they should only repay the principal they received. That's right! If you borrow money from an illegal or unlicensed payday lender, you only need to repay the principal you borrowed – no interest on it. So if you are already on the payday credit network, the following information will help you avoid being taken to the cleaner.
Find out if they are licensed in your state
Contact your State Attorney's Office. You can search its website online on Google and get a payday loan law from your state to confirm that the lender you are dealing with is licensed to operate in your state. For Florida and Massachusetts, all Internet payday lenders operate illegally. If you find that the payday credit is illegal or undocumented, take the following steps immediately:
Close your account
Close your account now. However, please note that their reputation is not to execute the revocation order, so it may not be possible to close the account, so please go to your bank and tell the manager that you want to place a hard debit card on your account immediately.
Let them know that you are revoking the ACH authorization from an illegal company, and that you need to do this to protect your money from being withdrawn by them, because you know that even if you have closed the account with them, these companies will not revoke. command. You can print out a copy of your state's payday loan law and hand it over to the manager.
Make sure your bank pays attention to this request
For security reasons, it's a good idea to close the bank account to prevent payday lenders from trying to debit your account later because they already have your bank account details. Also, tell your employer what action you have taken on the payday lender so that they do not fulfill any request for a payday to send you a payday.
Send emails and letters to payday lenders
You will need to research the email and physical address of the payday credit online – enter the name of the payday credit in Google Search. Send them an email and a letter to their actual address [this is useful for your documentation].
Let them know that you have researched and found that they are illegally operating in your state, so you will only repay the principal, even if their payday loan has a license to operate anywhere in the US, you should repay the principal. . Tell them that you have revoked all your salary assignments that you may have signed with them, so they are prohibited from getting any part of your salary or their employer to contact your employer to collect your salary.
A statement that you have revoked the ACH authorization for any personal account and that you have closed your bank account and that the bank knows that these accounts can protect your interests. Let them know that you will complain to the Business Improvement Board, the Federal Trade Commission and your State Attorney General's Office.
Finally, tell them that you want them to get a response no later than five days, and that the response must be by email and/or letter – no calls.
File a complaint
You can file a complaint with the Federal Trade Commission, the Business Improvement Board, and your State Attorney General's Office online for payday loans. The following is a link to a complaint from the following agency: Business Improvement Board. Now, be prepared to receive a threatening call after the payday lender finds the action you have taken against them.
But don't worry, because they are unlicensed and illegal, so this is the best thing they can do. Just hang up, don't reply or reply, but continue to send certified letters to them, you will stand directly at the top of the show and solve it in your own way.
Pay with your own terms
If you have not yet cleared the principal drawn from the illegal/unlicensed payday lender, please enter into a written agreement with them on how to liquidate the loan and ensure that payment is made only through the draft or not through the prepaid card. They usually ask you to send a payment via a prepaid card, but this will cost you some money, so stick to the draft and send it to their physical address.
If you pay more than the principal you paid for unlicensed and illegal payday credits, you should request a refund and a letter or receipt stating that you have paid the full amount from them. You may get one of these two at the same time.