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eddiemill · Posted: Mon Sep 10, 2007 6:11 pm Subject: PDL lie??

I have been digging deeper in to each of these loans, reading their fine print etc. What I am finding is they are all saying. For example, usually Delaware, this transaction took place in Delaware, you took this loan in Delaware you are subject to the laws of Delaware. Legally you are responsible for this loan because it is legal in Delaware. Before I really stick to my guns I want to make sure I'm legit to hold them to my Michigan laws...Goudah, or anyone else that knows this stuff well??

Posted: Mon Sep 10, 2007 6:20 pm Subject: reply

Eddie, Delaware is a state with very lax pdl law. That's why there are a lot of pdl's using Delaware as their address. Now to be absolutely positively sure, as you so want to be, which pdl are you talking about? That "paragraph" that all pdl's put in their paperwork is almost 100% hogwash. However, to put your mind at ease and also to be 100% positive, tell me which pdl it is.

Posted: Mon Sep 10, 2007 6:35 pm Subject:

I know you've seen this before but:

Guest · Posted: Mon Sep 10, 2007 6:36 pm Subject:

Magnum Cash Advance and Zipcash d/b/a netcashusa

Posted: Mon Sep 10, 2007 6:37 pm Subject: reply

Magnum and Zip Cash are not licensed. So, in other words, they're full of crap. You go by your state law. They're not even licensed. So, go for it. Very Happy

Guest · Posted: Mon Sep 10, 2007 6:38 pm Subject:

thank you so much..I love you guys your awesome!!! Very Happy

this site and the people on this board ahve saved my family and I!

Posted: Mon Sep 10, 2007 6:39 pm Subject: reply

Zip Cash d/b/a NetCash? Wait a minute. I know I could never find anything on Zip Cash. However, NetCash? Hang on.

Posted: Mon Sep 10, 2007 6:44 pm Subject:

Is netcash another name for cahsnet usa. I know in some places their license is under netcashusa.

Posted: Mon Sep 10, 2007 6:49 pm Subject: reply

eddie, okay. I feel better now. I did a search and they came up with two different addresses. One in Delaware and one in New Mexico. I checked both licensee databases and found NOTHING. So, you're safe. Go for it (again!) Very Happy

Posted: Mon Sep 10, 2007 6:51 pm Subject: reply

According to eddie's documents Zip Cash is a d/b/a of NetCashUSA. Did a search in both Delaware and New Mexico for Zip Cash and NetCashUSA. Nothing.

Posted: Tue Sep 11, 2007 6:51 am Subject:

Net Cash USA is different from Cash Net USA.

And Eddie, Cannr is right. In MI they must follow MI law . . . . . There are a few states where they can be licensed in another state, but MI isn't one of them. All pdl's put that clause into their contract, but "choice of law" contracts don't hold up in court. Can you really chose which laws you are going to follow? No! You have to follow the laws that govern the transaction. You cannot pick and chose which ones will benefit you the most and chose to follow them.

But it doesn't matter if they aren't a licensed company. If they are not licenesed anywhere they are 100% illegal.

Posted: Tue Sep 11, 2007 6:54 am Subject:

Eddie - MI law states pretty clearly that any company doing business in Michigan as a lender must have a Michigan license. It also goes on to say that their interest rate must comply to MI law and the rate must be clearly posted in their physical location (storefront). It's a little hard for an online lender to post an interest rate at a physical location that doesn't exist. Twisted Evil

Posted: Tue Sep 11, 2007 7:23 am Subject:

Here is the info that I have for Zip Cash
info(at)zipcash.com
Zipcash-SFT LLC
314 North Riverside Drive
Espanola, NM 87532
(866) 320-2947
I have dealt with them--they're not too bad. No threatening phone calls or anthing, just some stern e-mails. Hope this helps.

Posted: Sun Sep 16, 2007 12:18 pm Subject:

This thread brings up an excellent point which I think might even head to the Supreme Court at one time.
Case in point: IPDL's all say that A. since they are in Delaware, or whatever state they are in, their customers are bound by those laws, irregardless if they have never even set foot in that state. B. Educated customers are now saying that since they live, do business and took the loans out in their home state, those laws apply.
There is going to be a huge court fight on this one, you mark my words.

Posted: Sun Sep 16, 2007 1:00 pm Subject:

I think you are soooooo right!!!

And doesn't that Zip Cash address look the same as Nationwide???? I have both and don't think I ever made that connection...Duh

Posted: Sun Sep 16, 2007 5:52 pm Subject:

And Ambassador uses that same address too.

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