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 Posted: Sun Jul 13, 2008 2:53 pm Subject: Little confused |
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I live in Texas and have several payday loans. Some are store front and some online. I have loans with Check n go, First Cash Advance, Cash America and the online companies are Payday one, CashNet USA, United Cash Loans, 500 Fast Cash. I have read lots of threads but I am still unsure of a good starting point. These fees are eating me up. I would appreciate any help and suggestions. Thanks.
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tonyasanchez
Joined: 13 Jul 2008
Posts: 2
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| Posted: Sun Jul 13, 2008 3:07 pm Subject: |
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Someone with more knowledge should be along soon to give you some advice. You do need to let us know the original amount borrowed and the amount you've paid so far on each.
Welcome to the forum!
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alias1958
Joined: 31 May 2008
Posts: 1249
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| Posted: Sun Jul 13, 2008 3:12 pm Subject: reply |
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please provide the information alias requested.i can say one thing though. united cash and 500 fastcash are part of MNE.
those two are illegal,and if you paid the principal in fees you
are done with them.the others might be doing buisness as CSO'S.
if so they go under different rules than a pdl.again welcome to
the community and if you could provide the info alias asked for
we can surely help you.  
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paulmergel
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| Posted: Sun Jul 13, 2008 8:39 pm Subject: |
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Please list how much you borrowed and paid back in prinicipal that will give us a start along with what paul and alias stated. Good luck to you, you have come to the right place for help.
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ladybug
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Shazzers
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| Posted: Mon Jul 14, 2008 7:50 am Subject: here they are |
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I live in Texas and here is the list of online PDL:
Payday One: $900, paid $329.40
Cashnet USA: $700, paid $367.43
500 Fast Cash: 450, paid $270
Unite Cash Loans: 350, paid $940 (this one is really upsetting)
In store loans:
Check n go: 800, paid $735 (still have a current balance of $600, due to number of refinance)
Cash America: 600, paid $124
First Cash Advance: 600, paid $0
I am not really sure how I have gotten into this mess but it is so sickening to see how much money I have paid to these people. It is extremely embarrassing. Thanks for any help you can give me.
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ts
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| Posted: Mon Jul 14, 2008 8:08 am Subject: |
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I HAD A LOAN WITH CHECK N GO IN TEXAS, 2 YEARS AGO I DEFAULTED WITH THEM AS I BORROWED 1,000 AND PAID BACK OVER 2,000. THEY OF COURSE DID NOT SUE ME BUT THEY STUCK ME WITH A BAD NAME IN THE CREDIT BEAUREA. I WAS SICK AND TIRED OF PAYING THEM ANYMORE. IS CHECK N GO A CSO??? THEY HAVE STORE FRONTS ALL OVER TEXAS
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| Posted: Mon Jul 14, 2008 8:11 am Subject: |
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| Quote: | What is a CSO Credit Services OrganizationIn essence, a CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code) as an entity or person that provides one of the following services:
Improving a consumer's credit history or rating
Obtaining an extension of consumer credit for the consumer
Providing advice or assistance to a consumer regarding the previous two services
An important aspect of the CSO or Credit Services Organization model is that there IS NO LICENSING required by the state! CSO's are required to "REGISTER" with the Secretary of State, they are NOT licensed, AND THEIR FEES ARE NOT REGULATED.
How does the CSO Credit Services Organization work with payday loans?
The CSO Credit Services Organization operates as a broker, much as they did when partnering with the banks (payday loan bank model). The Texas Credit Services Organization Act (CSOA) allows the payday loan lender to register as a CSO and act as a loan broker. Thus, the CSO, previously a payday loan company, can make loans via consumer lending companies that are UNREGISTERED and UNLICENSED. The CSO Credit Services Organization acts as a broker for the consumer in need of funds by issuing a "letter-of-credit" on behalf of the consumer to a lender. This third-party unregistered lender funds the "loan" brokered by the CSO "broker".
Typically the CSO Credit Services Organization collects 3 fees:
A referral fee for referring the consumer to the unregistered, unregulated lender that actually funds the "loan". This is not stipulated by any law but is currently $20 to $30 per $100
An application fee for filling out the CSO documents; typically $10 per $100
The interest on the "loan"; Texas state law caps this at $10 per $100.
The CSO Credit Services Organization model arises from a U.S. Fifth Circuit Court of Appeals opinion, in Lovick vs. Rite Money, which held that payments to a registered CSO loan broker could not be treated as interest. |
All the storefronts, Cash Net USA, & Payday One are legal CSO's in Texas.
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goudah2424
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