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 Posted: Mon Oct 22, 2007 12:29 pm
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I live in PA and I have 11 Payday loans. One of them is MTE Financial, and they just called me at work today to ask for $325.00 by this Friday. I have paid 4 refinance fees of 90.00, and a $50.00 pay down and $90.00 refinance fee. What do I do? Do I pay them, are they even legal in PA? What about my other payday loans. Help with MTE first. Thanks
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a_mollohan
Joined: 15 Oct 2007
Posts: 24
Debtcc Points: 944
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Posted: Mon Oct 22, 2007 6:30 pm
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Can you list who all you have loans with and list if they are internet or storefront, how much you borrowed and how much you have paid so far.
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BikerGirl
Joined: 05 Sep 2007
Posts: 89
Debtcc Points: 2643
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Posted: Mon Oct 22, 2007 6:40 pm
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Here are your state laws.
| Quote: | 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: |
Pennyslvania does allow for IPDLs to follow their own state laws IF they are licensed in another state. Once you get us the information that Bikergirl asked then we can help you further.
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5505
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Posted: Mon Oct 22, 2007 6:49 pm
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Okay, hang on. PDLs are prohibited in PA unless they are licensed SOMEWHERE. If they are licensed SOMEWHERE, PA will allow the pdl. Our friend would like help with MTE  first. It would be my pleasure! MTE Financial is NOT licensed/legal in any state in the United States. So do not worry about them being legal for you. I'm showing you've paid them $500 so far? Is this correct? What is the amount that you borrowed? I'm sure far less than this.
Sorry, pyb. Just saw where you posted that about PA law!  Repeated it! Whoops!
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9335
Debtcc Points: 123837
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Posted: Tue Oct 23, 2007 6:07 am
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I have the following payday loans, all internet:
Geneva Roth: Loan amount $400.00, paid 4 refinance fees of 120.00.
MTE Financial: Loan amount $300.00, paid 4 refinance fees of $90.00, and one paydown of 50.00, plus the refinance of 90.00
CashNet USA: Loan amount $500.00, paid 4 refinance fees of 125.00.
Crown Lending: Loan amount $300.00, paid 4 refinance fees of 90.00.
Ameriloan: $300.00 Loan, paid 4 refinance fees of 90.00, 50.00 paydown and 90.00 refinance, plus additional 50.00 and 75.00 refinance fee.
2 Power funding: Same as Ameriloan
One Click Cash: $300.00 loan, Same as Ameriloan
CashNet USA: $350.00 loan, paid 3 refinance fees of 105.00
Paycheck today: $300.00 loan, paid 3 refinance fees of 90.00
Fast Cash/Payday Two: $350.00 loan, paid 2 refinance fees of 105.00
National Payday: $350.00 loan, paid 2 refinance fees of 105.00
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a_mollohan
Joined: 15 Oct 2007
Posts: 24
Debtcc Points: 944
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Posted: Tue Oct 23, 2007 6:10 am
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You have come to the right place for help. please let us know what state you live in.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5466
Debtcc Points: 38903
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Posted: Tue Oct 23, 2007 6:13 am
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MTe and ameriloan are illegal. Mte you have overpaid by $200. Ameriloan you have overpaid $325.00. You have 2 loans out with Cashnet USa? They are legal and tend to operate as a CSO which allows them to charge the higher rates because they are "fees" not interest. They other ones need to research not sure if they are licensed somewhere else.
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5505
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Posted: Tue Oct 23, 2007 6:16 am
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OOPs, I am sorry. I see that the laws have already been posted.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5466
Debtcc Points: 38903
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Posted: Tue Oct 23, 2007 6:34 am
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Paycheck Today and One click cash are MTE...as Cannr stated will not be licensed and illegal.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 3903
Debtcc Points: 11752
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Posted: Tue Oct 23, 2007 6:47 am
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What do I do about Ameriloan and the ones funded by MTE? Since you stated that they are illegal. What makes them illegal? One of the loans is CashNet USA and the other one is Cash Net. What do I do about the legal one from Cash Net USA?
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a_mollohan
Joined: 15 Oct 2007
Posts: 24
Debtcc Points: 944
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Posted: Tue Oct 23, 2007 7:00 am
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What do I say to them if they call me again, and what do I do about the $325.00 they want by this Friday? I haven't closed my account yet, and I don't have the money to pay them.
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a_mollohan
Joined: 15 Oct 2007
Posts: 24
Debtcc Points: 944
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Posted: Tue Oct 23, 2007 7:02 am
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Cash Net USA only operates as a CSO in a few states, Florida, Texas, and I think 1 other that doesn't come to mind right now.
As far as PA is concerned, Cash Net USA is operating under it's Nevada license, which allows them to charge whatever they want.
_________________
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I earn at least $20 extra every month doing offers.
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goudah2424
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Joined: 31 Oct 2006
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Posted: Tue Oct 23, 2007 7:09 am
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A, You need to close your account first thing. Please read this about closing your account.
http://www.debtconsolidationcare.com/paydayloan/close-account.html
You want to keep them from getting any more money from you. Do not worry about the $325.00...you have way overpaid them. Do not take their call any more if possible. You want to communicate only in writing with them. You need to do a letter revoking any wage assignment you may have signed. You also want to revoke your permission for them to debit your account. If you need help with this letter ask and I will send you a sample of one I have.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 3903
Debtcc Points: 11752
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Posted: Tue Oct 23, 2007 7:12 am
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A, you will have to make arrangements with Cash Net USA, since they are legal and are licensed however, do not give them your new account information. Any of yours that are licensed, you will have to make arrangements with. The ones that are not licensed, you will handle the same way you handle MTE. We will all help you get through this. It can be stressful and confusing. Just post any questions you have and we will help you as quickly as possible.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 3903
Debtcc Points: 11752
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Posted: Tue Oct 23, 2007 7:14 am
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Yes, please send me a sample letter, and to which companies would i be sending this letter to? Would you have the current addresses on these companies?
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a_mollohan
Joined: 15 Oct 2007
Posts: 24
Debtcc Points: 944
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