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Posted: Thu Aug 02, 2007 4:08 pm Subject: Too many pay day loans

I have been reading this site and i think it is great. I have pay day loans from hell... However, i have about $3000.00. I had to close out my checking account because of all the fees. I am in such debt with these payday loans.. They where not worth it. I am in worse condition now then when i started... I do not know how to get these down. And they are all internet payday loans.

Posted: Thu Aug 02, 2007 4:14 pm Subject:

Welcome to the Community anna Very Happy

Don't feel as if you are alone! Many of us got caught up in the trap of pdls. Can you tell us what state you are in, the companies names, how much the loan was for and what you have paid? The reason I am asking is, in most states, the internet pay day loans are illegal, and operate illegally. We can direct you in the right direction with a lieelt more info-no personal info please-Keep us posted..Karen

Posted: Thu Aug 02, 2007 4:15 pm Subject:

oops! Forgot to say that I deleted your duplicate posts for you..KAren Very Happy

Posted: Thu Aug 02, 2007 4:39 pm Subject:

Anna...as soon as we have your info we can start pointing you in the right direction. With internet pdls..most of us had multiples and found that we had overpaid on many of them. You will feel so much better when you are able to gain some knowledge and take control of your finances again. Smile

Posted: Thu Aug 02, 2007 5:31 pm Subject:

SURE, I live in PHILADELPHIA, PA

WHO I OWE -
CASHNETUSA - 960.00 - paid = $360.00

CASH CENTRAL - 375.00 - PAID = $150.00

ONECLICK CASH - 390.00 - PAID $180.00

NET CASH USA - 390.00 - PAID $90.00

UNITED CASH - 350.00 - paid $105.00

Crown lending - 325.00 paid $0

SORRY, IT TOOK ME SO LONG I HAD TO FIGURE IT ALL OUT, HOWEVER, THE AMOUT I OWE IS WITH THE INTEREST. I NEED HELP

THANKS

Posted: Thu Aug 02, 2007 9:33 pm Subject: anna

anna, just by glancing, I see you are in PA. From what I understand, PA has some kind of funky "loophole" regarding internet pdl's. However, I can tell you that two, right off the bat, are illegal. But also just by glancing, I see you haven't paid the principle on any of them. Am I correct in seeing this? Do not worry. You are in the right place and everyone can help you here. I'm not a PA expert. I just know there's something funky about PA and internet lending. But we do need to see which of your pdl's are licensed and/or legal. Like I said, just by glancing, two are not. We can help you with this. Don't feel alone. Someone with PA knowledge can tell you more, but I can also at least look up who's licensed and try to help some more. You already closed your bank account?

Posted: Thu Aug 02, 2007 9:35 pm Subject: anna

anna, you posted the amount borrowed and included the interest in it? Just post the amount borrowed (principle only) for each one. The amount they actually deposited into your bank account. Works better that way! Very Happy

Posted: Thu Aug 02, 2007 11:07 pm Subject:

Yes, I already closed my account. However, I was worried until I found this web-site and realized I am not alone and there is a way out. I have know idea how to start putting a dent in this whole mess. How do I find out who is and who is not legal? Thanks for all the help And yes I included the intersted not knowing. sorry

Posted: Fri Aug 03, 2007 4:38 am Subject: anna

Okay, they're all internet loans and you are in PA. You've already closed your bank account. Okay. Now go back and for each one of the pdl's list only what the borrowed amount was (what actually was deposited into your account) and then what you've paid on them so far. We can find your state law (PA is kind of funky) and also we can check to see if these pdl's are licensed. Please post the borrowed amount only for each one though. Thanks! Very Happy

Posted: Fri Aug 03, 2007 7:06 am Subject:

Yeah, in PA there is a bit of a disagreement going on between the Banking Dept that regulates these companies, and the Attorney General's office. One says internet companies are legal as long as they are licensed in their home state, and the other seems to say they aren't.

I would make sure to file complaints against these companies and see what kind of response you get. I know it has gone both ways . . . .

Also, did you end up owing money to the bank? Are you reported to Chexsystems?

Posted: Fri Aug 03, 2007 7:48 am Subject:

This is what was deposited in to my account from each pdl company.....

CASHNETUSA - 800.00 - paid = $360.00

CASH CENTRAL - 300.00 - PAID = $150.00

ONECLICK CASH - 300.00 - PAID $180.00

NET CASH USA - 300.00 - PAID $90.00

UNITED CASH - 350.00 - paid $105.00

Crown lending - 250.00 - paid $0

Sorry about the miss understanding, however, no I am not in check systems because I closed out my checking account before they could hit it again. I also opened up a new checking account with a diffrent bank and NO ONE IS GETTING THE CHECKING ACCOUNT NUMBER except my regular bills.... I just want to do the right thing a pay these people. So, do I pay in payments or do I pay one pdl company at a time... I can't want until I have this under control... Thanks again.

Posted: Fri Aug 03, 2007 8:40 am Subject:

It's really up to you how you want to pay them. I think it may be better to pay a bit to each company every month. At least that way you won't have as terrible calls from them.

Posted: Fri Aug 03, 2007 8:43 am Subject: anna

anna, I checked for PA licenses and didn't see any for the pdl's that you have. Someone may, please, go behind me and double check, just to be on the positive side. However, goudah, does anna need to check the state where the pdl is located to see if they are licensed in their state? PA laws are confusing. Obviously PA prohibits pay day lending. However, if there is some funky "loophole" regarding internet pay day lending, we need to cover all our angles. So, if goudah could let us know if you need to check the state the pdl is actually in, we'll know more. I can tell you right off that One Click Cash and United Cash Loans (that is the correct pdl, right?) are not licensed. I'm wondering if it's safe to assume since pay day lending is prohibited in your state, that you would only have to pay the principle? Someone help me on that one? If that's the case, you would have:
CashNetUSA owe $440.00
Cash Central owe $150.00
One Click Cash owe $120.00
Net Cash owe $210.00
United Cash Loans owe $245.00
Crown Lending owe $250.00
Here is your PA state law regarding pdl's:

Legal Status: Prohibited
Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, § 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. § 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year
Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions
Regulator’s Website
Complaint Form
Complaint Instructions
Online Resources:

Now if someone can come along and has knowledge of PA internet lending, that would be great. I'm certainly no expert. Just trying to help as much as I can up to this point!

Posted: Fri Aug 03, 2007 8:49 am Subject:

The banking dept says that the company has to be licensed in another state to lend legally, so yes, you would have to check into other states to see if they have a license. PA does not license these companies.

But the AG's office does say different . . . . It's kinda messed up.

But as far as the licensing issue goes - No, you won't find any licenses in PA. They do not give them out. If you go by what the banking dept (the ones that regulate these businesses) says, then you would have to find out what state these places are licensed in, if any, to see if they are legal or not and what they can charge.

Posted: Fri Aug 03, 2007 8:51 am Subject:

FYI - The reasoning behind the banking depts interpretation is that the laws of PA all say "In this commonwealth". Meaning only applying to businesses located in PA.

Posted: Fri Aug 03, 2007 8:52 am Subject: reply

Okay, you got goudah's response. You will need to see where each of these pdl's are located and check in their state to see if they are licensed to do business. Check your documents for addresses. Like I told you, I already know two of them are not licensed even in their own state. But you now need to check and see if the others are licensed in their own state.
THANK YOU GOUDAH!

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