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 Posted: Thu Feb 07, 2008 10:27 am Subject: In Ohio-Internet Payday Loans
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When I was out on leave last fall I fell into the internet payday loan trap. Want to pay to get out of it, but can't pay it all at once. My checking account is closed (by bank, not me b/c of NSFs)
I am in Ohio. I have a couple of storefronts but I think I have those worked out. The internet ones are the problem.
I have loans from:
Zip 19 - 12/27/07 $500.00 No payments made
PowerFunding $200.00 unknown..can't find them in my deposits
ameriloan - 10/25 Financed $300 FC $90 Rolled over 5 times
Geneva Roth 12/4 $300 FC $90 rolled 2 times
Cashnetusa 12/27 $350 No payments made
Impact Cash - Original date 11/1/07 rolled over 3 times. They want $475 and said they would split that into 4 payments
Little Loan Shoppe: unsure who this is
Paycheck Today - 12/11/07 for $400 FC of $120; 1 payment made for $120
My Quik Loan - 12/12/07 for $400 FC of $120 due on 12/21/07. Can't find a payment that came out but I have now received a letter stating I owe $1000.
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MomOfThree
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Posted: Thu Feb 07, 2008 10:51 am Subject:
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I am not sure of the legality of the others but Cashnet USA is operating legally in Ohio so that is the first one that you need to handle. They can be nasty and can take you to court. Make payment arrangements with them asap but only what you can afford. They will not want extended arrangements but they will apply anything that you send them to your account!
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Sassnlucy
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Shazzers
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Posted: Thu Feb 07, 2008 10:59 am Subject:
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I'm pretty sure that unlicensed internet PDLs are illegal in Ohio. Rollovers are definitely not allowed--any money you paid as a rollover would have to be applied toward the principal.
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cdollar
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Posted: Thu Feb 07, 2008 11:01 am Subject:
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Nope, they aren't permitted, I thought so. 
| Quote: | Ohio State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Ohio Rev. Code Ann. ยงยง 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
Regulator Website
http://www.com.state.oh.us/dfi/ |
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Shazzers
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Posted: Thu Feb 07, 2008 11:02 am Subject:
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Shazzers and cdollar you guys are both right. No rollovers permitted and the unlicensed ones are illegal. The AG's office really helped me with getting several of the illegal ones off my back but none that are listed here. I think they are all illegal though. I have never heard of Zip 19 but that definitely sounds illegal!!!!!
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Sassnlucy
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Shazzers
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Posted: Thu Feb 07, 2008 11:03 am Subject:
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So basically, all that momofthree is LEGALLY (not ethically) responsible for is the Cashnet loan--is that right?
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cdollar
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Posted: Thu Feb 07, 2008 11:04 am Subject:
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How does Cashnet operate legally if they are an internet lender?
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cdollar
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Shazzers
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Posted: Thu Feb 07, 2008 11:10 am Subject:
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Not all internet lenders are illegal....only the ones that don't have a license. Internet loans are legal in Ohio IF they have a license, which Cashnet does. Yes, if none of the others are licensed, then the only one mom would be LEGALLY responsible for is Cashnet. 
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He is your friend, your partner, your defender, your dog. You are his life, his love, his leader. He will be yours, faithful and true, to the last beat of his heart.
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Sassnlucy
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Posted: Thu Feb 07, 2008 11:10 am Subject:
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I searched all of the names, and none of them except Cashnetusa are legally oprating in your state--so breathe easy. You should try to pay back what you borrowed from them, but they can't do anything to do.
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cdollar
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Posted: Thu Feb 07, 2008 11:12 am Subject:
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I just wonder why they would license an internet lender at all if they law applies to check cashers only, which cashnet is not, as far as I can tell--I live in KY, and the PDL laws are similar except they don't license internet lending under any circumstances.
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cdollar
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Shazzers
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Posted: Thu Feb 07, 2008 11:20 am Subject:
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Yeah it is possible......but I'm willing to bet they are all illegal. I am sure someone that knows for sure will come along and tell us. Cdollar, that's just the way Ohio laws are. They will license the internet lenders but the laws are pretty strict.
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He is your friend, your partner, your defender, your dog. You are his life, his love, his leader. He will be yours, faithful and true, to the last beat of his heart.
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Sassnlucy
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Posted: Thu Feb 07, 2008 11:26 am Subject:
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Thanks everyone! I feel somewhat relieved! I will follow what I have read in other posts about keeping these guys off of my back. I have also sent an email to my payroll department to revoke and make them aware of wage assignment in case that happens. Thanks again!
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MomOfThree
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