CASHNETUSA isnt licensed yet they advertise that they are

First, let me start by saying how informative this forum has been to me!! I have taken the information learned and am in the process of gaining control over my payday loan fiasco. Thanks for the help!

I have learned that internet payday companies must be licensed in my state of RI in order to do business. I confirmed this with the Dept of Business Regulation, and I (now) understand the laws as they apply to payday loans with respect to the amounts and interest that can be charged.

My questions are...

1) I looked in the recent state list of licensees for CashNetUSA (and for any of their d/b/a's including Cash America) only to find NOTHING!!! HOWEVER, on their website, they list that they ARE licensed in RI.
- HAS ANYONE ENCOUNTERED THIS BEFORE?
- HOW CAN I BE CERTAIN THAT THEY ARE LICENSED IN MY STATE?

2) My loan with them was for $1,100 and I have rolled it over 4 times, yet (RI) law only allows 1 roll over with the max loan amount of $500!!!
- HAS ANYONE DEALT WITH THIS ISSUE BEFORE?
- IF THEY CAN ONLY LOAN FOR $500 AND NOT $1,000, AM I RIGHT TO PAY ONLY THE INTEREST ON $500 FOR 2 LOAN PERIODS? (The original 14 days and the rollover.)

Thanks for your help!

Usually this company uses the license of another that is licensed in the person's state. In OH they use a pawnshop's pdl license. If you look up the license it should pop up under another company's name. At least that is how it is here. You should file a complaint with your AG's office and the dept. responsible for regulating these companies. Also, you are correct, it is $500 pdl loan limit, the consumer can have up to 3 loans at $500 and only one roll over.

They are not licensed in pa either, but they can loan under Nevada law, it is a loophole.

If they are not licensed in PA, how can they loan under NV law? Can you refer me to the law on this or direct me to HOW and WHY they can loan in RI if they are not licensed there?

Also, after speaking with the RI DBR, they stated that the lender MUST be registered in RI to loan. I cannot find any other name that they go by other than Cash America, CashNetUSA, Payday Advance and Cashland - none of them are registered to do business in RI.

If they advertise that they are licensed there and I see no listing for a license, what do I do next?

LIke Steelers said, check your contract, in a box at the top it will have a local business name in your are. My loan came from a pawn shop about 30 minutes away from my house. But at the same time, they also abided by OH state law....

Leah,

I checked the contract and it says Nevada:

Cash America Net of Nevada, LLC
1718 Glendale
Sparks, NV 89431

There is no listing in the RI DBR as them being licensed.

Do they have to abide by my state laws?

Are they committing fraud by advertising that they are licensed in RI and they are not?

In RI, if they are not physically located in RI they can lend under the license from another state. They do not have to be licensed under RI. That's how they are getting away with it.

I just spoke with the RI dept of banking again, to double check things. They told me that in RI, if a company wants to do payday loans, they must also be a check casher. They do not license internet payday loan companies, but the internet payday loan company must be licensed in another state to lend legally to RI consumers. Also, they must be following the laws of the state they are licensed in.

If you want to call them back, ask them specifically about internet payday loan companies that are not physically located in RI.

HI
I searched for Cashnetusa and came up on this thread. It was my understanding that they are legal. My question is They are saying my loan for $700.00 can be paid in full if I pay $1000.00. Can they do this. I live in PA.
Thanks
Cindy