I would like to know the answer too. Anyone here know what is the answer. I'll do some poking around and get back to you if I got an useful answer. You should email the people at Discover Card as they probably could help you..

It's impossible to give you a good answer without knowing what state you are in...

Im in OK and I have tried to search but so many results come up it is impossible sometimes to find the answer..

And being chastised is alot of the reason I refrain from posting!!..

In Oklahoma, the only 3 year statutes are for Oral contracts and Open accounts. A payday loan would not fall under either. That would mean it would be considered either a written contract or a promissary note which are both 5 years..

EDIT:.

As to being chastised, the problem is that all of us started with zero knowledge and, through reading / learning / researching, have managed to gain a little bit of knowledge which we then try to pass on to those who come after us..

The problem is that by giving you the answer instead of pointing you towards the solution is that you have no way of knowing if I'm right..

The simple fact that you did not include enough information in your question to have it properly answered means that you have not read through much of the stuff in the newbie forum..

This post has been edited by.

Jtoast.

: 31 December 2009 - 11:43 AM..

Was the payday loan from a store front? Or one of those Illegal places?.

Illegal places, while they may claim they are legal upside down/inside out, they're not, and would not be considered any kind of contract..

I don't think I've ever heard of a payday loan being called "contract", but I could be wrong. You can clarify with your states department of financial institutions. I've had great success with mine regarding payday loans in general..

I found this doing a quick OK payday loan laws search.

Http://www.paydayloa...m/oklahoma.html.

Seems like they deem it a deferred Deposit Lending..

Usually they require a post dated check..which then bounces. The SOL in Oklahoma for hot checks is also 5 years...

That changes things...what did the agreement state? Online lenders will often specifiy that the transaction will be governed by the laws of a specific state..

This post has been edited by.

Jtoast.

: 31 December 2009 - 11:51 AM..

And often times On-line lenders(if they don't have a store front in the state that they're lending in) are illegal in all 50 states..

Tho I'm having trouble trying to confirm this company. I'm not familiar with this company except for the state of WV. Apparently the company settled into some kind of agreement with WV State's AG. I also did a search on another site that is more geared towards payday laws and helping people get out of the trap of payday loans, and the results were kind-of inconclusive..

My suggestion, contact your states DFI to find out for sure if FSM is licensed to lend in your state before doing anything..

ALL payday lenders need to be licensed in the state of OK, both on-line and store front..

This post has been edited by.

Beli.

: 31 December 2009 - 11:57 AM..

Link to oklahoma deferred lending law faq. still reading through it..

Http://www.ok.gov/okdocc/documents/PaydayL...owersRights.pdf.

EDIT:.

My research indicates that online loans have been illegal in Oklahoma since 2004. The deferred lending law seems to require face to face transactions..

This post has been edited by.

Jtoast.

: 31 December 2009 - 12:15 PM..

Already posted that in a previous post.

(not fromm Ok.gov site tho)..

Typcially, you can make online lenders go away with a well worded letter to your AG..

Granted this is KS, and a different online lender... but hopefully this will give you some ideas on how to tackle them in your state:.

Http://creditboards....howtopic=402765..

Here in WI we have to go through DfI, but yes, I've had great success with getting my state involved w/ illegal payday lenders..

Tho for me, when I started my credit repair, a simple dispute to the Cra's was all that was needed to get the Ca's off my report. (The Oc wasn't reporting in my case)...

Beli does have some great threads on PDLs..

I've used my method for both OCs and CAs.... again, it takes a little homework on the laws in your state..

**off to read the PDF for ideas**..