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I am trying to find out if this company VIP Cash or Qloot is legal as an internet payday loan in the State of Tn and also the Company by the name of PayDay Loan? I currently have 2 loans with both of these and have more than paid back what I borrowed from them but they are continuously deducting fees every 2 weeks from my checking account ! Thanks for any help or advice you can give!
VIP Cash is an illegal lender. Do you mean Payday Loan or Payday One? If it is Payday One, then it’s definitely a licensed lender. In this case you are liable for both the principal and interest. As far as the illegal loan is concerned, you owe them nothing more than the principal balance. Just close down your old bank account and open a new one to stop debiting money from your account.
Speaking about the licensed lenders, it is important that you inform them about your financial hardship and your inability to pay as per the current interest rates. So, if possible, then ask them to either defer payments for sometime or lower the interest rates on your loans so that it becomes easier for you to make the monthly payments and get back in the black soon.
Adam....wrong answer. With legal lenders you call the corporate office and ask for an EPP...an extended payment plan. Please learn correct answers before giving the wrong advise. You should know better...you have been around long enough.
Illegal loans mean there's nothing more than the principal owned. You could close down the bank account and open a new one of course.