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Posted: Sat Oct 06, 2007 9:07 pm Subject: I thought pdls were not legal in GA

Hey! I thought pdls were prohibited in GA:

Georgia State Information

Legal Status: Prohibited

I just ran across an article from American Chronical stating that No Teletrack pdls were easy to get in GA. I am confused. The article is dated 10/7/07, so it isn't old. Take a look and tell me what you think:

http://www.americanchronicle.com/articles/viewArticle.asp?articleID=39 423

BTW...some of the stuff in the article is mind blowing. Especially the part that states that a no teletrack loan is good because it helps those with other loans out of bad history to still be able to get loans!!! They just invite more insanity. Smile

Posted: Sat Oct 06, 2007 9:18 pm Subject:

I'm not familiar at all with PDLs, but to me-it seems like the author was advertising them.

If they are illegal in a state, does that mean you can't get them online either?

Posted: Sat Oct 06, 2007 9:19 pm Subject:

That is just CRAZY!!!!!!!

ladybug

Posted: Sun Oct 07, 2007 10:30 am Subject:

They were advertising them LeeLee. That's what I can't understand. AND they were advertising them specifically for residents of GA.
It is crazy, Ladybug.
I'm not sure if it online pdls are permitted. That's a good question.

Posted: Sun Oct 07, 2007 10:39 am Subject:

PDL's are prohibited in Pennsylvania also, but there is a loophole in the law that allows them to lend if they are licensed in another state. A good example of this is cashnetuse, if you go to their website you will see how the law reads, it is a goofy loophole that lets them lend to our residents even though they are prohibited.

Posted: Sun Oct 07, 2007 10:50 am Subject:

Wow! I think that is awful. This means that they aren't very regulated, doesn't it?

Posted: Sun Oct 07, 2007 5:22 pm Subject:

Interesting Find El!

Posted: Sun Oct 07, 2007 6:01 pm Subject:

Wow Fed! That's crazy!! Too bad the government can't crackdown on this stuff to save us from the nightmare of PDL's.

Posted: Mon Oct 08, 2007 7:05 am Subject:

Lawn, That is the problem.Yes you can get illegal PDLS on line. That is why how most people get them.

Posted: Mon Oct 08, 2007 2:50 pm Subject:

When I first got caught up in the pdl trap I contacted the Pa department of banking, they are the ones that told me about the loophole. I also filed a complaint with the attorney generals office on all of them, good to have everything on record. The more complaints they get, the more they are apt to do something about it.

Posted: Mon Oct 08, 2007 3:45 pm Subject:

Thanks Kash! I never knew they even existed until I came here & was shocked at the stuff they get away with!

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I thought pdls were not legal in GA

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