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Phyl · Posted: Wed Aug 15, 2007 7:38 am Subject: Fash cash internet loans

As a single mom, I was at wit's end & got involved in the fash cash online sites. Unfortunately, I made the first two payments on the accounts, but have been unable to pay because I didn't realize the payments would be so high due to the interest rates.

I spoke with NYS Banking Department and they indicated that I have no recourse under NY Laws for the excessive interest rate these companies have charged me. They're excluded from NYS Usery Laws????

Is there anyone in NY experiencing this dilemma? How are you handling the situation? any resolutions?

Please please let me know.

Posted: Wed Aug 15, 2007 5:08 pm Subject:

You have come to the right place Phyl. Just about everyone on this site has or had a payday loan of some sort. Relax and someone will be with you shortly.

thanks

Posted: Wed Aug 15, 2007 6:01 pm Subject:

I'm from NY and working my payday loans as we speak. Who are your lenders, how much did you borrow and how much have you paid (including all fees)? There are a fews of us NY'ers around - I'll be back after you post the info. Hang in there - there is lots of help here.

Posted: Thu Aug 16, 2007 5:13 am Subject:

I am getting more confused every day regarding the NYS laws. Is the info in the above post about usery
laws correct.
I wish I could just find out for sure if infact these loans are legal or illegal in New York
MPEREZ what do you think ?
As soon as my fears subside I read these posts regarding NY and get scared all over .

Posted: Thu Aug 16, 2007 7:35 am Subject:

I haven't been able to get a concrete answer either. Depending on who you talk to you hear either all pdl's are illegal, or that internet pdl's licensed in another state are legal.

I would continue to fight these loans as if they were illegal for right now. The internet issue would only come into play if the pdl was licensed by another state, and most internet pdl's aren't licensed anywhere.

Posted: Thu Aug 16, 2007 7:38 am Subject:

Thats pretty much the path that I am taking.I am fighting them as if they were illegal, and until I hear otherwise I believe they are illegal.

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