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Posted: Fri Jul 20, 2007 5:42 pm Subject:

Hi! Welcome Very Happy

We can help you figure this stuff out, but can you tell us what companies you're dealing with, and what state is this info for?

Posted: Fri Jul 20, 2007 5:42 pm Subject:

I'm not a pro but it looks like: Lenders are legal (generally as long as they are licensed)They can not loan you more than $1000. or 25% of your gross monthly income (not to exceed the $1000. The loan can be for a term up to 45 days. Max interest they can charge in fees is $15.50 per $100. not to exceed 402% apr. The loan can not be held for roll overs and fees added. If you pay the loan off you can not borrow again for a min. of 7 days. They are required to make a repayment plan with you. They can not present your check or debit more than 2x after it is refused and can only charge you 1 $25 nsf fee.
They can not put you in jail,arrest you, etc. No criminal charges can be filed.

Posted: Fri Jul 20, 2007 5:47 pm Subject:

Thanks Morningstarr,

So in other words a PDL that was rolled over was illegal? And if the same company did another PDL say the next day is illegal as well?

Sorry, I'm just trying to understand all this.

Posted: Fri Jul 20, 2007 5:50 pm Subject:

And what exactly is a rollover? Is that like an extension?

Posted: Fri Jul 20, 2007 5:51 pm Subject:

Where in the world do I go to find out if a PDL company is licensed?

Posted: Fri Jul 20, 2007 5:51 pm Subject:

Most internet payday loans are illegal if not licensed in your state. If you go to your attorney generals web page you will find a link for the DFI for Illinois. There you can look up info on payday loans and also check to see if they are licensed in your state. Many pdls pretend like they are reloaning the money to you even though you didn't pay it off. That's how they try to get around the roll over thing.

Posted: Fri Jul 20, 2007 7:13 pm Subject:

I'm like so confused here! I'm trying to find what of my PDL's if any are licensed and can't find a 1 of them any where!

Posted: Fri Jul 20, 2007 7:22 pm Subject:

What pdls do you have Litlee?? Like I said before most of them if not all are not licensed.

Posted: Fri Jul 20, 2007 7:23 pm Subject: answer

If you're putting in the names and doing a search and nothing comes up, then they are not licensed. If they were licensed in your state, they would show up. So more than likely (not surprising) none of them are licensed to do business in your state. None of mine were and I had 12 to begin with. Not one. Was I surprised? Absolutely not. They are lending illegally. And a rollover is when you just pay the "finance charge" or "fee" rather than the entire loan amount. So if they're doing that, which I'm sure they are doing, then yes, that is also illegal. Can you tell now that you're doing business with illegal companies? LOL! I know it's confusing, but that's how they want us to be. Confused. First of all, they shouldn't be lending to residents in your state. They are. Second, they shouldn't be "extending" your loan by just paying the "fees". They are.

Posted: Fri Jul 20, 2007 7:27 pm Subject:

I have the following PDL's

CashNetUSA
NetCashUSA
CMG Group
One Click Cash
SGQ
National Opportunity
and PayDay4U2day

I'm sorry to be such a bug about all this.

Posted: Fri Jul 20, 2007 7:28 pm Subject:

and some Westbury Ventures called me too, but I have no clue who they are, but they say I owe them money too!

Posted: Fri Jul 20, 2007 7:29 pm Subject:

Oh and I live in PA, not IL. I was just trying to understand IL's paw there as that's where CashNetUSA is

Posted: Fri Jul 20, 2007 7:30 pm Subject:

ok...now can you tell us how much you borrowed and how much you have paid so far on each one?? Are they are internet loans??

Posted: Fri Jul 20, 2007 7:31 pm Subject:

You will follow PA's laws not Illinois. You follow the law of where you live not where the lender is.

Posted: Fri Jul 20, 2007 7:33 pm Subject: litlee

litlee - you're not a bother. We are all here together to help each other out. First of all, is CashNetUSA licensed? I believe I read somewhere (maybe sassnlucy?) saying they are licensed to do business. Some of the others, I can tell you right now are soooo not licensed or legal. I'm concerned with CashNetUSA, as I believe they may be. I'm not for sure though. One Click Cash is MTE Financial - nightmare. Cash2Day4U is Cash Today & so illegal it's unbearable. Westbury Ventures - I recall reading something on the forum regarding them. They must use a d/b/a so who knows what pdl it is unless someone comes along and knows. If anyone knows if CashNetUSA is licensed and who Westbury Ventures is, could you please help us out??

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