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Darkcoco126 · Posted: Tue Aug 12, 2008 12:21 pm Subject: Legal vs Illegal

I have 8 payday loans outstanding. I am not sure if they are all legal in Maryland, which is where I reside.

Worldwide Cash
Payco
Impact Cash
CashNet USA
United Cash Loans
Cash Advance USA
First National Funds/Discount Cash Advance
Pay Day Loan Yes

I believe Payco and WorldWide are under the same parent company.

Posted: Tue Aug 12, 2008 12:42 pm Subject:

i'm not sure about Maryland Laws but good advice is on its way!

Darkcoco126 · Posted: Tue Aug 12, 2008 12:45 pm Subject:

Thanks!!!!

Posted: Tue Aug 12, 2008 1:07 pm Subject:

In order to get better advice, you should also list whether each one is internet or store front, how much you originally borrowed from each, and how much you have repaid so far on each.

Posted: Tue Aug 12, 2008 1:11 pm Subject:

I will tell you World Wide Cash, Payco, United Cash Loans, and Impact Cash are not licensed in Maryland. They are also ILLEGAL.

Coco126 · Posted: Tue Aug 12, 2008 1:32 pm Subject:

They Are All Internet... Not Sure Of How Much Paid So Far

Worldwide Cash borrowed $200
Payco borrowed $200
Impact Cash borrowed $300
CashNet USA borrowed $550
United Cash Loans borrowed $200 or $300
Cash Advance USA $200
First National Funds/Discount Cash Advance $200 originally but they auto renew and redeposit
Pay Day Loan Yes $300 ?

Posted: Tue Aug 12, 2008 1:33 pm Subject:

i think MD its illegal to issue a pdl

Posted: Tue Aug 12, 2008 1:34 pm Subject:

Legal Status: Prohibited

Citation:
Consumer loan act applies. Md. Code Ann. Com. Law II § 12-301 et seq.

Small Loan Rate Cap
2.75% per month; 33% per year.

Where to Complain, Get Information:
Regulator: Maryland Commissioner of Financial Regulation
Address: 500 North Calvert Street Suite 402 Baltimore MD 21202
Phone: (410) 230-6100
Fax: (410) 333-3866
Regulatory Contact: Michael Jackson Director, Regulatory Policy

Posted: Tue Aug 12, 2008 1:35 pm Subject:

and it would be of help if you could give us how much you have paid so far on each one, and in the meantime you should read the sticky on closing your bank acct and what to do next at the top of the page!

Posted: Tue Aug 12, 2008 1:38 pm Subject:

payday loan yes is extremely illegal and a pain is the ars!!

Posted: Tue Aug 12, 2008 1:48 pm Subject:

Cash Net USA is a legal CSO in Maryland. PDL's are prohibited, but CSO's are legal.

To check and see if the other companies are legal you would have to check and see if any of them are operating as a Credit Service Organization.

Coco126 · Posted: Tue Aug 12, 2008 7:50 pm Subject:

What is a Credit Service Organization and how does it differ from a PDL.

Roughly, Here is what I owe to the PDLs

Payco $299.00
World Wide Cash $289.00
Impact Cash $390... They say $490
CashNet USA $683.00 ?
First National/Discount $530... They say $795
Pay Day Loan Yes $455.00
United Cash $375
Cash Advance USA $250

I believe those figures are accurate. I closed my bank account back on 7/10 so I have not paid any fees, extensions, etc to any PDL... Previously I paid more than half of my paycheck in fees and extensions. I have obtained help from PDL Assistance but I am very curious to know how many are not legal vs illegal

Posted: Tue Aug 12, 2008 9:25 pm Subject:

I don't think any of yours are licensed/legal, unless as Goudah said, they are operating as CSO's.

Posted: Tue Aug 12, 2008 9:32 pm Subject:

Goudah stated that CashNet USA operates as a CSO is possibly the only one unless the others are CSOs

Pachacutec · Posted: Wed Aug 13, 2008 3:55 am Subject:

RE the PDL's; please contact the Maryland Office of Financial Regulation as listed in the above e-mail; they've been a great help to me w/ my PDL's. Good luck!

Posted: Wed Aug 13, 2008 6:53 am Subject:

well yeah cash net is legal, the rest are not, i dont think

i know for sure, illegal are....

pdl-yes, united cash, first national/discount(pdl-yes)

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