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JamesDwll

Ive got four of them... ameriloan, PayDayOne (those two are on line), First Cash Advance, and I think the last one is PayDay Advance... Ill have to check that. I couldnt tell you how much each was for and how much Ive paid without looking back at each one. But I owe more than $200 on each one as things stand right now. I live in Texas... I have an appt tomorrow with a credit counseling service here but I suspect they may not be able to offer me any alternatives re these loans and Im searching for a resolution. I cant really continue these payments and Im seeking resolution to this mess... can someone tell me if I can find it thru this site or ... not? Thanks!!!

Posted: Tue Oct 14, 2008 6:48 am Subject:

Hi James and welcome to the forum. I need to do a little research on these pdl's to find out if they are lending legally in your state, so keep checking back for replies. Smile

Posted: Tue Oct 14, 2008 6:50 am Subject: reply

your in good hands my friend.shazz will give you the good info on these pdl's.

Posted: Tue Oct 14, 2008 6:51 am Subject:

I am posting your state laws. Texas requires Internet based pdl's to be licensed by your state, but keep in mind that Texas is known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge. That's why we need to distinguish which are payday loans, and which are CSO's. Do you happen to know?

JamesDwll · Posted: Tue Oct 14, 2008 7:02 am Subject: CSO

I know absolutely nothing about that... as far as I know they are all PayDay Loan companies not CSO's... Boy this was a pretty quick response... unfortunately thats what I need... let me thank you in advance for your assistance!

Posted: Tue Oct 14, 2008 7:05 am Subject:

ameriloan is affiliated with MTE and is not licensed to lend anywhere. All you are morally obligated to pay back an illegal lender is the principal amount borrowed, so this is why it's important that you calculate what you have paid Ameriloan. I wil post information shortly about how to deal with illegal Internet lenders. Smile

Paydayone is legal, you will need to contact them and try to set up payment arrangements.

First Cash Advance? Would that be just "Cash Advance"? Is that an Internet or store front?

PayDay Advance? This might be another affiliate of MTE, but I'm not finding any clear cut answers on this one. These Internet payday lenders change their names more often than I change socks, making it nearly impossible to distinguish one from the other. Keep checking back, perhaps someone else can fill you in on "First Cash Advance" & "Payday Advance".

Posted: Tue Oct 14, 2008 7:07 am Subject:

I hope the information below will help you. Smile

You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender. This doesn't apply to CSO's.

JamesDwll · Posted: Tue Oct 14, 2008 7:17 am Subject: How to Make Arrangements

How do I make 'arrangements' with them? The only way I can imagine doing that is to close the account. I can do that if I have to... is that something I will have to do? It is First Cash Advance... in their paperwork I also see their name as perhaps First Cash Credit and whenever I make out a check to them its to TLC followed by a number. TLC is I believe Texas Loan Corporation. Thanks!!

JamesDwll · Posted: Tue Oct 14, 2008 7:19 am Subject: Storefronts

Pay Day Advance and First Cash Advance are storefronts. The other two are on line...

Posted: Tue Oct 14, 2008 7:26 am Subject:

If you haven't defaulted on the two store fronts, you could ask for the EPP (Extended payment plan), I would say those are the ones you need to take care of first, I wouldn't worry too much about ameriloan right now since they are illegal, as long as you follow the steps above Ameriloan can't do much about it. You just need to secure your account before you send Ameriloan a letter stating you are closing your account. Let me do some quick checking on your two store fronts to see if I can find out whether they are members of the CFSA.

Posted: Tue Oct 14, 2008 7:34 am Subject:

Well, I can't seem to locate them anywhere, the names of these companies doesn't bring up any particular store in Texas, they are too similar. My suggestion would be for you to call the stores anonymously and ask if they are members of the CFSA (Community Financial Services Association ), if they are, that means you are entitled to requesting the extended payment plan, how that works is, you will pay off the loan in four seperate payments on each payday. But you must ask for this plan at least one day prior to the due date of your next payment.

Posted: Tue Oct 14, 2008 7:36 am Subject:

Texas Loan Corporation, is that for student loans?

Posted: Tue Oct 14, 2008 7:42 am Subject:

Ah hah, First Fast Credit IS a member of the CFSA! Link below.
"http://www.firstcash.com/about_first_cash/"

JamesDwll · Posted: Tue Oct 14, 2008 8:47 am Subject: Texas Loan Corporation

I know nothing more about this company- its name appears on the paperwork associated with the loan.

As for the extended arrangement... I dont know how much help that would be to me anyway... I mean those payments would include their interest charge... Im still stuck... especially if I only have 4 installments.

What I have thought about doing is consolidating all of this into one- maybe with the exception of ameriloan I guess- a debt consolidation loan. What are the chances of my being able to do something like that... Thanks!

JamesDwll · Posted: Tue Oct 14, 2008 9:36 am Subject: Debt Consolidation Care

All of this information you have given me is good. I want to resolve this as quickly as possible. ameriloan's original amount was $250- thats what I 'borrowed'- I have paid over $280 as of today.

They dont keep a complete record on their site as far as I can tell so I cant really see all my payments. How convenient!

The other three I think are legal. If I can make arrangements with them it will be much the same as the arrangements I already have- isnt that so? I may get a few extra installments but Im still going to end up paying mucho money back...

Even once all of this is resolved until I can bring myself to a more credit worthy status I will be in the same bind. If I need a loan for anything at all about the only place I know to turn are these payday loans... are there other alternatives?

Your information has been worth quite a lot to me... Im not sure how its going to change my decisions on how to handle my predicament yet but I know that it will. I plan on looking a little more deeply into your site to find out what else is on it... thanks shazzers for your assistance!

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