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 Posted: Fri Aug 10, 2007 10:16 am Subject: Interest rates charged by Cashnetusa
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HI
I know Cashnet usa is legal but how about the interest rates. I'm in Philadelphia and it's 9.50 per 100.00. Now there asking $1200.00 for a 750.00 loan plus I already paid $175.00 in interest. Do I have to pay the $1200.00 or fight for the right amount?
Thanks
Cindy
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cynthiaw4
Joined: 23 Jul 2007
Posts: 90
Debtcc Points: 1712
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Posted: Fri Aug 10, 2007 10:44 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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I would try fighting it but be warned they are extremely difficut to deal with. First you have to freeze your account or close it. They will not stop hitting it no matter how many certified letters you send them. They just ignore everything they receive. Eventually they will start sending you settlement offers that are usually valid for about 24 hours by the time you get it in the mail. If you call they will often deny sending you anything and start threatening because the person that answers the phone smells commision. Good luck. Out of all the PDLs I had they are the last one left. I have written them and tried to work with them but they are their own worst enemy.
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frogpatch
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Joined: 09 Apr 2007
Posts: 3767
Debtcc Points: 31152
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Posted: Fri Aug 10, 2007 10:55 am Subject:
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HI
thanks, Yes I my account is frozen and They call about 6 times a day on my cell,my work phone and at home. When I ask them how it got so high when I'm only a week in default they hang up on me. I asked them to keep it at $750.00 and I will pay monthy and they say no. I'm just afraid they will come after me by suing me or something since there legal.
Thanks for your help.
Cindy
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cynthiaw4
Joined: 23 Jul 2007
Posts: 90
Debtcc Points: 1712
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Posted: Fri Aug 10, 2007 11:25 am Subject: frog
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frog, I hate PA laws, which I'm posting just so the member can see (which means nothing, but I'm doing it anway!). Does this mean this member HAS to pay what CashNet is saying since the member is in PA and PA has such "gray" areas regarding internet lending? Apparently they don't have any "maximum limits" or anything. So is this member stuck with paying what the CashNet wants - according to PA law (which is yucky)????
| Quote: | Legal Status: Prohibited
Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, § 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. § 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year
Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions
Regulator’s Website
http://www.banking.state.pa.us/banking/site/default.asp |
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cannr
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Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
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Posted: Fri Aug 10, 2007 12:36 pm Subject:
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Technically, they are operating legally in PA. But I would still at least try to fight them and get a PIF or reduced rate.
I would give it a try and see if it works. Just be aware that they can take steps to collect, so don't let it go for months and months. But it's absolutly worth the try!
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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Posted: Fri Aug 10, 2007 12:44 pm Subject:
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Ok thanks for the info. I'm only a week in default right now but would like some kind of payment arrangement by the end of the month because I can't take htere calls anymore...
Thanks for the info
Cindy
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cynthiaw4
Joined: 23 Jul 2007
Posts: 90
Debtcc Points: 1712
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Posted: Sat Aug 11, 2007 5:24 am Subject:
Latest Blog Post : Groceries....How to Save $$! |
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I can't wait to see PA get on the bandwagon with the other states that have started cracking down on payday lenders! Their state law is very consumer UN-friendly...so is Utah's. I hope and pray that these states wake up and smell the coffee soon!
Speaking of coffee...think I'll go get some! LOL
_________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
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Joined: 12 Oct 2006
Posts: 4390
Debtcc Points: 61073
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Posted: Mon Aug 13, 2007 7:06 am Subject:
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Yeah, they need to get their act together. Their banking dept tells any company asking that they can pretty much do whatever they want to PA consumers as long as they are licensed in another state.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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