FCBA and EFTA laws: Protection from loss of credit cards

Thank you for contacting us to inquire about how you can pay off your balance. The payment plan we can offer per your request is below. By the way, we DO NOT do business by mail. This is an online based payday loan company. Our business is done by either phone or via email. Your may send a money gram, western union payment, or credit/debit card. Please confirm payment method. Thank you.

*PAYMENT ARRANGEMENT CANNOT BE ALTERED OR CANCELED*

$164.84 ON 10/17/08
$164.84 ON 10/31/08
$164.83 ON 10/14/08

To confirm your agreement to this payment plan, please reply to this email stating that the terms are acceptable. You must include the original email with the terms to which you are agreeing in your response and specify your payment method.

PAYMENT METHOD
- Bank Account
- Credit/Debit Card
- MoneyGram
- Western Union

If you are paying via credit card, you will need to call our Collections Department at(88801-9078 to set up payment arrangements.

Collection procedures will continue until an acceptable payment arrangement has been made.

If you have any questions or concerns, our collections team is available seven days a week via phone and email.

CashNetUSA Collections Department(88801-9078 Direct Line(866)350-0110 Fax www.cashnetusa.com
Mon-Fri: 6am to 11pm CST
Sat-Sun: 8am to 8pm CST

Venecia J

I am willing to accept these terms but I thought I could pay it back in 4 payments according the CFSA. Is this true?

I guess I am going to have to accept these terms seeing that I just called CFSA and found out that they did not renew there contract with CFSA for 2008 so CFSA does not consider them to be members anymore. The logo on their website is last years logo.

So, so far, they are not members of the BBB and they are not members of the CFSA. So all who have loans with this company I suggest you pay them ASAP because it looks like everything on their site is a lie!

I would get one of those prepaid debit cards, don't give them your credit card or debit card number, no way! Also, insist on a confirmation number be sent to your email as soon as you make a payment, get the name and ext. # of the person taking your payment.

CashnetUSA offers payday loans in most states they do business in and yes they are licensed. They also offer CSO loans in states where payday loans arent available like TX and MD in these states your funds are received through a 3rd party bank in your state. So your funds go from their bank to a bank in your state (the CSO lender) and then to your bank. On your bank statement NCP will appear and not CashnetUSA. There are no state mandated payment plans or CFSA payment plans available for customers with CSO loans they usually default then work out a payment arrangment with collections. Most of the states they service are offered CFSA payment plans except those that already have their own existing state mandated payment plan like IL and CO. Note that installment loan customers are not eiligible for payment plans as most payday loan customers are. In IL a customer can elect to go into a deferred payment plan agreement before or after defaulting on their payday loan. However, the customer will still be debited on their scheduled due date, an NSF fee will be added onto the balance then a payment plan offer letter will be sent to the customer outlining 4 equal payments to be made on the customers next 4 paydays must be signed and returned. CFSAs work almost the same way except the customer must request prior to their due date and sign and return offer letter, if so the 4 equal payment start on the scheduled due date. Because IL, for example, has its own state payment plan CFSAs are not offered to IL customers.