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 Posted: Fri Dec 07, 2007 8:28 am |
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Do your payday loans have to be default before you can get help with them such as T&C?
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hope99
Joined: 05 Dec 2007
Posts: 94
Debtcc Points: 2254
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| Posted: Fri Dec 07, 2007 8:34 am |
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I dont believe so, but we can probably help you here.
Please tell us who you have loans with
How much yiu have borrowed
How much in tital you have repaid to each lender
Are yiur loans internet or store front
What state do you live in
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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| Posted: Fri Dec 07, 2007 8:48 am |
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I have 4. $740.00 with Magnum Cash, 700.00 with CashNetUSA, 500.00 with Geneva-Roth Capital and 200.00 with Cashin30minutes. All internet.
Magnum cash breaks it down to 4 payments equaling 284.00 each of which I have made one payment. I have not paid anything on the loan with Geneva-Roth yet but have done several loans with them. Cashin30minutes, I have only made one interest payment of 50.00 and I have paid 140.00 in interest to CashnetUSA whom I have use numerous times always paying back.
Mine are all internet and I live in Nevada.
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hope99
Joined: 05 Dec 2007
Posts: 94
Debtcc Points: 2254
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| Posted: Fri Dec 07, 2007 9:06 am |
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Correction on CashnetUSA. I have paid them 262.00 on the present loan. i have carried it over twice.
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hope99
Joined: 05 Dec 2007
Posts: 94
Debtcc Points: 2254
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| Posted: Fri Dec 07, 2007 9:13 am |
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I have another question? Has anyone ever hearded of Quickclickloans. Can't believe I was stupid enough for this one,(yes, I can. I was desperate!!!
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hope99
Joined: 05 Dec 2007
Posts: 94
Debtcc Points: 2254
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| Posted: Fri Dec 07, 2007 10:09 am |
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| Quote: | Nevada State Information
Legal Status: Legal
Citation:
2005 Nev. Stat. 414 (A.B. 384)
Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)
Where to Complain, Get Information:
Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563
Regulatory Contact: , Supervisory Examiner
Regulator Website
http://www.fid.state.nv.us/ |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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| Posted: Fri Dec 07, 2007 10:17 am |
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Are all these licensed to do business in the state of Nevada, looks like they don't have strict laws.
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hope99
Joined: 05 Dec 2007
Posts: 94
Debtcc Points: 2254
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| Posted: Fri Dec 07, 2007 10:19 am |
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Cashnet usa is licensed
Magnum and geneva I believe are not
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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| Posted: Fri Dec 07, 2007 10:26 am |
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Please excuse my ignorance but if they are not licensed then what is my recourse. Also do you know if quickclick loans is licensed. I borrowed 1500.00 from them 8 months ago and have paid 107.00 a month since and still have 16 months to go. I don't think I added that one but I still believe it falls under payday loans. Also do you know whether cashin30minutes is licensed? I appreciate all the help you are giving me and am in a panic as to what to do. I know I am going to my credit union on Monday to see what can be done and I have credit card debt that I want to consolidate but right now I need to understand these payday loans and do something about them in order to pay my rent.
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hope99
Joined: 05 Dec 2007
Posts: 94
Debtcc Points: 2254
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| Posted: Fri Dec 07, 2007 10:31 am |
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Quick click loans is licensed and is an installment loan, not a payday loan.
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4177
Debtcc Points: 24899
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| Posted: Fri Dec 07, 2007 10:44 am |
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Quick Click Loans is very very similar to Cash Call . . . . They are nasty, and they will sue you if you don't pay them.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Fri Dec 07, 2007 1:17 pm |
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Please explain to me what happens if a payday loan is not licensed.
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hope99
Joined: 05 Dec 2007
Posts: 94
Debtcc Points: 2254
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| Posted: Fri Dec 07, 2007 1:39 pm |
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Depending on your state, if a lender is not licensed by your state the loan is not legal. Some state's allow lenders licensed in other states to lend legally, some don't. But if the lender is not licensed anywhere, then the loan is not legal.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Fri Dec 07, 2007 1:43 pm |
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So if the loan is not legal am I obligated to pay other than morally and if they are not legal in my state then I would assume they are able to sue me.
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hope99
Joined: 05 Dec 2007
Posts: 94
Debtcc Points: 2254
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| Posted: Fri Dec 07, 2007 1:46 pm |
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It depends on the state. It some states the laws specifically says that any illegal loan is null, void, and uncollectable. In other state's the law isn't so clear and it is still possible for the lender to collect. It's not really so black and white.
And it's possible for anyone to sue anyone. So just because it's an illegal loan doesn't mean they won't sue. It has happened several times that I know about where an illegal loan lender has sued someone. The question is more like will they win in court. That also depends on your state's laws.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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