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I have three loans currently outstanding and I live in Illinois
(1) Payday Max $300 PD $275
(2) Payday One $1000 $406 due per month for 8 months
(3) ameriloan $ 200 $60 due per month
My Net income per month is $1868. How do I find out if these lenders are legal in Illinois? Also who is responsible when the law in Illinois is a maximum of 2 loans at one time and a maximum of 1000 or 25% of my gross income? I want to work out a payment plan with these lenders but don't know my options.
info
only paydayone is legal as a CSO.ameriloan is tribal,and paydaymax is in canada meaning most illegal.now how much was debited by ameriloan?you only owe pdm 25.00,and you deduct all 60.00 debits from the 200.00 principle from ameriloan.btw it is up to the lender to follow the laws.so they are responsible.
Both Payday Max and Ameriloan are illegal lenders. You owe them nothing more than the principal balance. No interest, no fees. Simply close down your old bank account and open a new one to stop debiting money from your account. As far as Payday One is concerned, they are licensed lender and you owe them both the principal and interest. In this case you may try to set up a payment arrangement with your licensed lender.