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Unfortunately I got involved with some quick cash loans on the internet. As a single mom I succumbed to desperate measures.

I had a creditor freeze my checking account & I block any debits to the account forthwith.

I'm in the process of negotiating with other credits & seeking a road to financial recovery. When I realized how much my payments were for the fast cash loans it was too late. The interest rates are off the charts. I called the NYS Banking Dept. & they advised that internet loans are exempt from usury laws. Yet, when I called the Attorney Generals office, they indicated that those companies are not legally authorized to do business in NY.

Also what I've learned is you apply for the loan with one company, but they have various other names/corps.
Cash Advance Paychecktoday ameriloan 500fastcash Nationwide are the companies.

If anyone has information, knowledge, etc. on how to proceed with this in the State of NY, please please I would appreciate any imput.

I cannot afford to pay the interest on these loans.

Please let me know
P

Posted: Wed Aug 15, 2007 12:13 pm Subject:

Pdl lending is prohibited in New York. The IPDL companies that you are dealing with are not allowed to lend money in your state since they are online lenders. The first thing you need to do is find out how much you have paid on each of the accounts. I believe that you are liable to pay only the principal amount to the pdl companies.

Posted: Wed Aug 15, 2007 12:22 pm Subject: ny

We have some New York memebers who are going through the same thing & have a lot of knowledge regarding the AG, pdl's, and New York. One is mperez and the other is jen. Hang on & hopefully one will be along and help out with their experience! Very Happy

Posted: Wed Aug 15, 2007 12:23 pm Subject:

There may be a loophole in NY's law . . . . You are not the only one that has been told that internet companies are different. If they are licensed in another state then it may be legal for them to lend to NY residents . . . . But that is not fact. You talk to one person and are told one thing, then another person at the same dept will tell you something completely different.

I would recommend you doing a search on this site for New York. There are several other NY members here and if you read through those threads you will get some good information.

Posted: Wed Aug 15, 2007 12:28 pm Subject:

I'm in NY as well Bellavita. I could tell you right off the bat that paychecktoday, 500 Fast Cash, and ameriloan are all NOT licensed (in NY or anywhere else) and therefore illegal.

As for the others, hopefully someone will come along with more info, but I would highly doubt that they are licensed either. In order for them to be able to lend to NY residents, they company would have to be a licensed lender.

Posted: Wed Aug 15, 2007 12:36 pm Subject:

Jen
Licensed in New York, or licensed anywhere. If a pdl is licensed, but ONLY for a particular state, is it still a legal pdl

Posted: Wed Aug 15, 2007 12:39 pm Subject:

From what Mperez found out from the NY AG office, if they are licensed in THEIR state, then it could be considered a valid contract. For instance, if ameriloan was located in Nevada, and licensed in Nevada, and you received a loan from them, then it COULD be considered a valid loan.

Of course, none of that is written in stone. As Goudah stated, there seem to be many different ways to interpret the laws here in NY.

Posted: Wed Aug 15, 2007 12:45 pm Subject:

It is confusing. Especially since New York was the state that was fighting against these types of the the hardest. Too much mixed info regarding the new york laws. Personally i chose to believe they are not legal in New york.I sleep better thinking that

Posted: Wed Aug 15, 2007 12:46 pm Subject:

I'm with you Kash, that's how I'm looking at it also. It's really so confusing.

Posted: Wed Aug 15, 2007 12:50 pm Subject:

I am at the point where what ever calms me down and lets me sleep is what i am believing. I cant keep allowing these companies to rule my life. No more panic attacks. Today I got a bit thrown about that collection call, but now even that seems like a joke to me.Idle threats because they can not do much else.

Posted: Wed Aug 15, 2007 12:54 pm Subject: jen and kash

jen and kash, one good thing - to make yourselves be better able to sleep (LOL!) is regardless, the majority of your pdl's will probably not even be licensed in their own state. I mean, my gosh, look at how many we've already come across that aren't even licensed in their OWN state, let alone another state! Just trying to make you feel better! Very Happy

Posted: Wed Aug 15, 2007 12:57 pm Subject:

Thanks Cannr
You always do find the way to make me feel better. Lets all meet in The Grenadines for a picnic

Posted: Wed Aug 15, 2007 1:02 pm Subject: kash

Yes. And, you know, the governor is SIR FREDERICK BALLANTYNE. With any luck, we can have him join our picnic and discuss St. Vincent's "motto" - which is PEACE AND JUSTICE. Can you believe it? LOL!

Posted: Wed Aug 15, 2007 1:07 pm Subject:

OK - real quick here but I'll post more later. List your loan amount, what you've paid (including fees) and what company. From your previous post most of yours fall under the MTE dba and as far as I know they are NOT licensed anywhere. Go online to the NY AG site and choose complaint - there is an Internet complaint only option that will download a PDF form that you fill out and either fax or mail in. Also go online and file with the BBB - I'll have most of the addresses for you when I can come back. I just received 2 flat out paid in fulls today from 2 MTE lenders and the 3rd one will be PIF when we agree on a payment date for the outstanding principle. 1st step is get control of your paycheck and we are all here to help you through the rest. I'll be back later -

Posted: Wed Aug 15, 2007 1:13 pm Subject:

Ill be on the first picnic blanket to the right of the Statue of Sir Ballentyne.
I did calll his office and asked if he could join our picnic, but they can not locate him. Seems he went off to count the islands to see if there were infact 600, and he hasnt been heard of since.

Posted: Wed Aug 15, 2007 1:38 pm Subject:

Hi guys
Just a question that I cant find an answer to. All the state laws that I have seen have a mention of criminal action either being permitted or prohibited.
What about New york. I cant find it anywhere. I am trying to determine if criminal action is allowed on closed accounts

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Multiple quick cash loans, I reside in NY

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