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Posted: Thu Aug 02, 2007 11:38 am Subject: Cash Tree

Okay...I have a loan with Cash Tree that I actually forgot about. To date, I have paid them $225 on a $300.00 loan. I cannot see where they are licensed in Florida (where I live) and I also do not know where to look to see if they are licensed in their state (Utah). Legally I owe them $75.00 on a $300.00 loan. Has anyone dealt with them at all? I want to make sure I do my research before I send them "the letter". Thanks for your help!

Posted: Thu Aug 02, 2007 12:48 pm Subject:

Did you take the loan in Florida? If so, they are bound to follow the laws in Florida. They must be first licensed in your state before they can add interests and other legal charges on your account. Check with your AG's office and the Dept of Financial Institution. You will be sure if they are licensed in your state. If not, you are supposed to pay only the balance amount.

Posted: Thu Aug 02, 2007 1:09 pm Subject:

They are not licensed here. They are in Utah and I have not been able to find where they are licensed even in Utah.

Posted: Thu Aug 02, 2007 4:42 pm Subject:

Bubble...did you got to the Attorney General's site for Utah...there should be some link from there to the licensed lenders?? Internet pdl correct?? If so and there is no license then I would just pay the balance of what I borrowed.

Posted: Fri Aug 03, 2007 1:53 pm Subject:

I tried looking for them and I couldn't find anything on them. They originally sent me to a collection agency, but I never paid the collection agency because I was still doing my research and they were saying I still owed them $390.00. I guess as time went on and I never heard anything else, I just forgot about it. Then I received an email stating that I tried to apply for another loan with them (which I didn't) and that I still owed them a balance and I needed to pay that off first.

Posted: Fri Aug 03, 2007 1:57 pm Subject:

I even went to paydayinfo.org and tried looking for a link to the lender database but couldn't find one.

Posted: Fri Aug 03, 2007 3:34 pm Subject:

One more suggestion...go to the BBB for Utah and look them up...see if you can find any info that way. Sometimes there will be other complaints and you can get a feel for how they reacted or didn't. If you can't find anything...go ahead with your letter...

Posted: Tue Aug 07, 2007 9:45 am Subject:

I received a copy of my loan documents via email and it says that they are licensed under Utah's Check Cashing Registration Act and regulated by the Utah Department of FInancial Institutions. So am I screwed into paying them the full amount that they say I owe?