Ameriloan is illegal and can't sue you even if you live in New York.

I am based in New York City and I borrowed from Ameriloan about $750. I have not paid them anything yet. I realize their illegal in my state and sent them a letter of ACH revocation letter. I reported them to my AG, and the US Banking Institutions. I know i will be recieving phone calls from them. But since their illegal do I have the right to pay them back only the principal. I'm going thru alot of economic hardships and I can't afford the whole amount. My question is should I have the right to pay them back monthly whatever I can afford?

2 Answers
Votes: 
-1 vote
+
Vote up!
-
Vote down!

I have also borrowe from them but they keep changing my due date and adding more interest i am just about to pay them back but when i call they need it my debit number instead to collect from my bank like we agree something is not right I am calling my bank and untill i find out more i wont paid them  any suggestions?

Votes: 
-5 votes
+
Vote up!
-
Vote down!

The loan is illegal and therefore the loan contract is non-binding. You can repay whatever you want, in whichever way it might be, and whenever you choose. That might be even be a dollar a year. It's all up to you.


Ask Question

Waterfall approach to debt free ™

Legal debt relief methodology that works based on your financial conditions. Learn more »

BBB-A--Rating