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 Posted: Tue Feb 05, 2008 7:08 am Subject: Question re: state payday loan laws
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I have the laws for Texas already but was curious about something. If a payday loan company operates out of, let's say Nevada, and they provide a loan to a customer in Texas, do they have to obey the Texas payday loan laws?
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soxfan
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Posted: Tue Feb 05, 2008 7:10 am Subject:
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Your state laws are the ones that the pdl has to go by. They need to hold a license in your state if they lend there.
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kashzan
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Posted: Tue Feb 05, 2008 5:36 pm Subject: thank you so much
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I am currently dealing with a PDL company called ImpactCash and the original amount borrowed was $300 and I have already paid back $450. They kept sending me e-mails telling me I owe over $300 in all sorts of fees. I finally e-mailed them back with a nice long e-mail stating the laws in my state. They quickly responded and said that they are based in Nevada and only have to follow state laws there, but the funny thing is, they said I could just pay them $90 and the account would be marked as paid in full. It's so funny that they discounted what I owed by a considerable amount when I brought up the laws in my state.
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soxfan
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Posted: Wed Feb 06, 2008 1:02 am Subject:
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soxfan, they know you're on to them and probably want to get what they can. I would only pay what is legal by your state laws. As kashzan says, they need to licenced in your state to lend there. They will tell you anything though, just to get you to pay more. money.
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annie340
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Posted: Wed Feb 06, 2008 4:15 am Subject:
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Sox, you are done with them. I hope your account is closed so they can not go in and take it all.
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kashzan
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Posted: Wed Feb 06, 2008 8:19 am Subject:
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One thing to watch for in Texas - Some payday loan companies hide behind CSO's . . . That means it's a different set of laws that could apply.
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goudah2424
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