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Posted: Sat Jan 12, 2008 2:08 am Subject: Thinkcash.com help

I just received a loan from my mom to pay off all my PDL (sigh) but 1 loan... It's from ThinkCash.com, it's a little different than most PDL, but I feel like I'm paying WAY too much. My husband has a loan with them as well, together we are paying close to $400 a month on 2 loans equaling $2500 ($1000 mine, $1500 his)

1. List the companies you have the loans with and whether it is a store front operation or an internet operation.
THINKCASH.COM X2

2. List the original amount of the loan for each account
$1000 - MY LOAN
$1500 - HUBBY'S LOAN

3. List what you have paid so far for each loan.
MY LOAN - EVERY 2 WEEKS I PAY $96.68 FOR A TOTAL OF $676.76, ONLY $158.30 HAS GONE TO PRINCIPAL
MY HUBBY - EVERY 10TH & 25TH HE PAYS $96.11 FOR A TOTAL OF $961.10, ONLY $226.74 HAS GONE TO PRINCIPAL

We live in Anchorage, ALASKA.

Any help would be appreciated. Confused

~a

Posted: Sat Jan 12, 2008 6:48 am Subject:

They are violating your state law. I'll have more for you in a moment.

Posted: Sat Jan 12, 2008 7:19 am Subject:

Alaska's general usury law which caps rates at
10.25% is not enforced by public officials to protect consumers. The Alaska Small Loan Act which
caps rates charged by licensed lenders at 36% APR does not apply to loans of $500 or
less.

However it obviously does in your case.

Posted: Sat Jan 12, 2008 7:22 am Subject:

The attachment has exaclty what the think cah webite says inclding the link to that page. Under that are the statutes you need to look at.

Posted: Sat Jan 12, 2008 7:26 am Subject:

There's more more coming.

Posted: Sat Jan 12, 2008 7:35 am Subject:

Here's the other statuets you'll need.

Posted: Sat Jan 12, 2008 9:19 am Subject:

Go to their website to see their "disclosures". thinkcash.com/modules/Disclosure/default.aspx
It does say that the offers are void in some states howeverit dosen't tell you which states.

Posted: Sat Jan 12, 2008 9:26 am Subject:

Thinkcash is an installment loan like cash call, not a payday loan. They are just importing their states interest rate rules for the purpose of the loan. The loans are written by the First Bank of Deleware so they are allowed to do this under federal law. They are not breaking any laws, so if you can possibly pay a little extra towards your principal every month that would be good.

By the way, I think that the APR is ridiculous for these installment loans from the First Bank of Deleware. They earn my award for worst bank in the nation when it comes to this stuff.

Posted: Sat Jan 12, 2008 9:55 am Subject:

According to: commerce.state.ak.us/bsc/pub/mfb08.pdf
First Bank of Delaware (actually where your loans came from) is not even registered to do business in Alaska.

ThinkCash Loan Service, LLC IS Pay Day One and they were licensed. Pay day One is re-licensing now. When did you 1st take out the loans?

Reguardless of what Think Cash (Pay Day One) wants to call your type of loan they are violating your state laws and I would let them know, you know.

This is also interesting. myalaska.state.ak.us/business/Imaging/20755466.pdf

Posted: Sat Jan 12, 2008 12:22 pm Subject:

I'm kind of lost as of what I should do... Also now when I sign into my account, it says

Congratulations! You are eligible to get more money and lower your interest rate!*

Refinancing only takes a minute. To get started, click 'Refinance Options'.

* If you refinance your loan, proceeds from your new loan will be used to pay off your current loan. The remaining proceeds will be deposited into your bank account.

A lower interest rate woudl be bad, but I don't make more money!

~a

Posted: Sat Jan 12, 2008 2:43 pm Subject:

Someone with more knowledge in this area will come along, but what I have gotten from reading most posts on this site is that FDIC Banks would not have to have a lending license in Alaska to lend money there. Federal law allows banks to lend money to anyone in every state and they only have to follow their own state laws. This is why most banks are incorporated in places like Delaware because they do not cap interest rates at all. Thinkcash seems to operate exactly the same as cash call so maybe reading up on the sticky regarding that will give you more information, and unfortunately it does matter whether a loan is considered a short term payday loan or an installment loan. I highly doubt that First Bank of Delaware would be operating in any kind of an illegal way, it is immoral to charge that much interest but legal.

Guest · Posted: Sat Jan 12, 2008 4:06 pm Subject:

First Bank of Delaware is not REGISTERED. According to state law they must be registered.

Guest · Posted: Sat Jan 12, 2008 4:20 pm Subject:

Any sugguestions as to what I should do... Paying $386 per month hurts...

Posted: Sat Jan 12, 2008 4:34 pm Subject:

p.s. I forgot to sign in... Also we don't make monthly payments, $96.68 comes out of my bank EVERY PAY DAY and $96.11 each pay day for my hubby's loan. If it's a "bank" loan rather than PDL wouldn't I have a "monthly" payment ONCE a month????

Posted: Sat Jan 12, 2008 4:58 pm Subject:

First Bank of Delaware is an FDIC bank, no difference between them and Bank of America, same type of company. I will guarantee you that they would not be lending money in Alaska if it were illegal. Yes, they charge way too much interest on their loans, but they can if they want to, there is no interest cap in Delaware and FDIC banks are allowed under federal law to "import" those rates to the consumers states. I assume that you can set up payments on installment loans however you want. Think Cash is just marketing the loans for them. Are they changing the name and nature of the loan to basically make a payday loan? Yes, they are but unfortunately they can do this. Read up on Cash Call, same exact type of company as Thinkcash, in fact they use First Bank of Deleware as well.

Since this loan isn't illegal in any way you will have to pay the loan off for it to go away. These installment loans are worst than payday loans because you end up paying back a ton of money. How long before the loans are paid off in full just making the minimum payments?

Posted: Sat Jan 12, 2008 5:08 pm Subject:

Mine should be pay off in June and my husband's in October. Yes, we only make the minimun payments. Only very little goes towards the principal, we can't afford more with already paying $385 total each month. I've recently been given the option to refinance for a lower rate and more money... lower rate would be nice but I don't want more money.

~a

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