Is CashNet USA licensed?

Jazzy, I live in Pa too. I had to call the collections dept today, they were easy to deal with did not give me a hard time. However when I was transfer to customer service to make other payment arrangements they were no help at all. I do have a question to anyone out there: do I have to payback just the money I borrowed or the pricipal plus all the fees that have been adding up?

flyers, my friend, unfortunately you are in PA. Actually, I like PA. Just not the pdl law. In PA, they allow the internet pdl's as long as they are licensed SOMEWHERE. If they do not hold a license, you're good. However, if the pdl does hold a license, PA residents have to go by the state law the pdl is in. Bites, doesn't it?

I know our laws suck in Pa parden my french, but I thought I might here something different. Wishful thinking.

I'm sorry, flyers. I could tell you anything you'd like to hear! It just wouldn't be true!

I was reading some of the posts on the forum about CASHNETUSA. I see that there are posts stating that they are legal here in Florida. I got worried, cuz I have a pdl with them. I am currently working with Sandra Smith with the Florida Office of Financial Regulation. I emailed her about them, asking if they are legal here in Florida. Here is her response:

I received your emails and documents this morning and will review them as soon as possible and pass them on to our investigative team.

The answer to your question:
Cashnet USA is not registered/licensed with the Florida Office of Financial Regulation to issue payday loans under Chapter 560, Florida Statutes, or consumer finance loans under Chapter 516, Florida Statutes. I noticed the company did not provide the proof you requested. Additionally, I cannot locate any active registration with the Florida Department of State, Division of Corporations.

We'll be in touch with you soon.
Sandra Y. Smith
Senior Management Analyst II
State of Florida - Office of Financial Regulation
Bureau of Money Transmitter Regulation
200 East Gaines Street
Tallahassee, FL 32399-0378
Phone: 850-410-9815
Fax: 850-410-9748 [/i][/i]

Too bad flyers isn't in Florida.

Yeah, but I think Nutsie, you need to ask Sandy to check the CSO registration. Cash Net USA is not the lender for Florida. They are like a loan broker.

Flyers - One good thing. Once you default on your loan, the fees stop. So at least you will be able to pay that balance and not incur more fees.

Hi goudah,
I am going to call her right now.
I will post the reply .
Thanks guy's,
nutsie

I did call cashnet usa, I was able to set up payment arrangements with the collections dept. Who were alot nicer then the customer service dept.

flyers, good for you! Isn't it amazing? The collection people were nicer than the customer service people. Go figure!

I could have sworn that customer service implied that they are there to serve the customer. Turns out to be the opposite where they are the meanest.

I think I've been talking with the wrong people then, because I get either a woman who says "call us when you can pay us" and hangs up or a man who argues with me reminding me that I've signed a contract. I could have sworn I called the collections department....

I got the letter yesterday that Florida's investigator sent to Cashnet. They say they fall under CH 516. It reiterates that they are not licensed, registered. They also go on to say that anything over 18% interest is not enforcable. When I originally talked to the investigator last week I told her that I thought they were operating in Florida as a CSO and she said it would still be under ch 516 and they could not charge more than 18%. She did not see anything saying they were authorized to operate in Florida as anything.

Interesting . . . . See, when they operate as a CSO federal courts have found that the fees they charge cannot be considered interest. That is how they can get away with charging the high amount. Depending on how they are doing things, they could charge a fee of $25 per $100, and 7% interest and be fine.

Cash Net USA does it's licensing under other names too. They might want to check into some of the other names . . . . This is very interesting . . . .

I found this - It looks like they were registered but may not be now:

goudah, "inactive"? Does this mean CashNetUSA is not licensed?

In fact - This is what it says for Florida on their fees page:

Your Credit Services Organization fee will be $25.00 per $100 borrowed. You will also be charged interest of 18.00% apr by the lender on the principal and CSO fees. The chart below displays the Credit Services Organization fee and the interest combined to determine the Annual Percentage Rate.