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 Posted: Fri Jun 20, 2008 5:01 am Subject: i m scared |
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im from ri and i have 6 payday loans i need to close my bank account.i owe first bank of delaware 1450,cashnetusa500,loanpoint 400,magnum cash 611,ameriloan300,one clickcash 300 this is just the principle i dont know what to do
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tinamarshall35
Joined: 20 Jun 2008
Posts: 11
Debtcc Points: 216
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| Posted: Fri Jun 20, 2008 6:04 am Subject: reply |
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first thing,welcome.second thing how much paid
to each total?i know cashnet usa is legal,ameriloan is not legal.please try to recall how much
paid to each total.we can then further advise.
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paulmergel
Debt Samaritan
Joined: 24 Jun 2007
Posts: 2832
Debtcc Points: 10492
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| Posted: Fri Jun 20, 2008 7:31 am Subject: |
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1ST Bank of DE is an installement loan.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111523
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| Posted: Fri Jun 20, 2008 7:34 am Subject: |
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Welcome,
You've come to the right place. I'm terrified as well aver my payday loans, but this forum is full of great advice on how to handle them.
If I may be so bold as to offer my unsolicited advice. Remember you are not alone in this. There are plenty of people here who can help you out. If nothing else, I've found it a gret place to vent.
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ryanb_84054
Joined: 06 Jun 2008
Posts: 30
Debtcc Points: 429
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| Posted: Fri Jun 20, 2008 7:49 am Subject: |
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Tina, first, be aware that RI has liberal PDL laws, meaning that the state allows any PDL to loan to RI residents AS LONG AS THE PDL IS LICENSED SOMEWHERE and they abide by their states laws. That being said, you need to find out which ones are licensed and which ones are not.
I know that CashnetUSA and Bk of DE ARE licensed, so I would focus on them first. Try to work something out and get them paid.
As for LoanPoint, I am not sure if they are. I think Magnum, Ameriloan & OneClick are not. (If I am wrong, someone PLEASE correct me.) If they are not licensed, then legally, you do not have to pay them anything. Morally, you should pay them back the amount that you borrowed. The benefit here to you is that you can focus on these loans later, AFTER you have resolved the legal ones. The PDL's that are illegal have no recourse to collect from you and won't be able to sue you because our courts won't acknowledge their illegal presence.
Second, please list the principal amounts borrowed and the total amounts paid to date.
This will help us help you.
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desperatelyseekingsanity
Joined: 09 Jun 2007
Posts: 610
Debtcc Points: 2641
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| Posted: Fri Jun 20, 2008 8:30 am Subject: |
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Loan Point USA is licensed in Utah. One Click Cash and Ameriloan are also known as MTE financial and they are not licensed in any State so therefore they are illegal.
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mjwalton
Joined: 17 Jun 2008
Posts: 54
Debtcc Points: 568
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| Posted: Fri Jun 20, 2008 8:31 am Subject: |
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Loan Point USA is also known as Geneva Roth
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mjwalton
Joined: 17 Jun 2008
Posts: 54
Debtcc Points: 568
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| Posted: Fri Jun 20, 2008 8:37 am Subject: |
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Loan Point/ Geneva Roth is evil. Pure evil. That said, don't be scared. I am going through this, too. I was so terrified. But thanks to this board, it really did work out. You'll be fine.
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bea2ls
Joined: 27 Mar 2008
Posts: 642
Debtcc Points: 5237
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| Posted: Fri Jun 20, 2008 8:58 am Subject: |
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| Quote: | Rhode Island State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
R.I. Stat. Ann. ยงยง 19-14.4-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Min: 13 days
Maximum Finance Rate and Fees: 15%
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: 3/$500
Rollovers Permitted: One (rollover)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Rhode Island Department of Business Regulation
Address: Division of Banking, 233 Richmond Street, Suite 231 Providence RI 02903
Phone: (401) 222-2405
Fax: (401) 222-5628
Regulatory Contact: Dennis F. Ziroli,, Assoc. Director & Supt. |
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cannr
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Posts: 9375
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| Posted: Fri Jun 20, 2008 9:02 am Subject: |
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Does anybody know if Magnum is licensed or not?
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desperatelyseekingsanity
Joined: 09 Jun 2007
Posts: 610
Debtcc Points: 2641
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| Posted: Fri Jun 20, 2008 9:10 am Subject: |
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LoanPoint (Geneva Roth) is licensed in Utah. I'm looking for Magnum Cash. Do they go by any other name?
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cannr
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Posts: 9375
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| Posted: Fri Jun 20, 2008 9:16 am Subject: |
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Cannr...I don't know. I tried looking at other threads. It appears they may be licensed in DE. Not 100% sure.
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desperatelyseekingsanity
Joined: 09 Jun 2007
Posts: 610
Debtcc Points: 2641
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| Posted: Fri Jun 20, 2008 9:16 am Subject: |
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I'm showing Magnum Cash Advance with a license in Delaware.
Magnum Cash Advance, Inc.
7036
1403 Foulk Road Suite 203
Wilmington
DE
19803
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cannr
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| Posted: Tue Jun 24, 2008 2:17 pm Subject: im taking action |
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i have paid 460 to geneva roth on a 400 loan 500 to cashnetusa on a 500 loan thats just roll over fees.i have paid 240 to magnumcash advance theres 4 payments of 240 i made one havent paid anything to one click cash or ameriloan yet.i closed my account and im going to give first bank of delawre my new account because thats my biggest loan and im afraid of all the interest if i miss payments.i sent certified letters today to the rest for no telephone contact im hoping for the best thank you tina
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tinamarshall35
Joined: 20 Jun 2008
Posts: 11
Debtcc Points: 216
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