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 Posted: Fri Nov 23, 2007 2:40 pm
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I have 4 online pdls. Can you tell me if they are legal or illegal?
SSM, INSTANT LOANS NOW, USFASTCASH, CROWN LENDING.
I took them out in October 2007. Have only paid the interest. Thank you
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bjpetersen2
Joined: 09 Nov 2007
Posts: 71
Debtcc Points: 1471
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Posted: Fri Nov 23, 2007 2:52 pm
Latest Blog Post : Decision |
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Here are the Ohio laws. I believe Ohio is another state that allows internet payday lending as long as they are licensed and following the laws of the state they are in. You will have to check each one. Welcome to our forum!!
| Quote: | Legal Status:
Legal
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)
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
http://www.com.state.oh.us/dfi/ |
_________________
If you think you can, you can...if you think you can't, your probably right...
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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Posted: Fri Nov 23, 2007 3:07 pm
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I know that US Fast Cash is not licensed anywhere.....not sure about the rest but I am sure that someone will come along that can give you that info.
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njl32
Joined: 24 Oct 2007
Posts: 100
Debtcc Points: 2451
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Posted: Fri Nov 23, 2007 3:43 pm
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How much did you take out and how much total have you paid back so far?
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5505
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Posted: Fri Nov 23, 2007 3:45 pm
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SSM is illegal also. It is an overseas company.
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pybasj
Joined: 08 Aug 2007
Posts: 826
Debtcc Points: 5505
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Posted: Fri Nov 23, 2007 4:33 pm
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SSM Loan 300+90=390 paid 270
Instant Loans Now 200+60=260 paid 240
Crown Lending Inc 200+60=260. paid 120
USFastCash 150+45=195. paid 135
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bjpetersen2
Joined: 09 Nov 2007
Posts: 71
Debtcc Points: 1471
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Posted: Fri Nov 23, 2007 4:36 pm
Latest Blog Post : Decision |
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OK...I searched out posts and found this:
Crown Lending Inc.
aka CCMI
55 Frederick Street
cb 13039 Nassau Bahamas
So I will also assume they are not licensed any where in the states. 3 down 1 to go!
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
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Joined: 13 Jun 2007
Posts: 2337
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Posted: Fri Nov 23, 2007 4:44 pm
Latest Blog Post : Decision |
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OK...from what I am able to read...Instant Loans Now is licensed as WhiteSands Ventures LLC. So this may be your only legal one. You will have to call and make arrangements with them.
Have you defaulted on these yet?? Your next step would usually be to close your bank account and open in another bank. Please do not give that info to anyone. The ones that are not legal..you would morally owe the principle and possibly the original interest of one payment as roll overs are not allowed unless the pdl is legal. Please read the following:
http://www.debtconsolidationcare.com/paydayloan/close-account.html
Then please post any other questions.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
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Joined: 13 Jun 2007
Posts: 2337
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Posted: Fri Nov 23, 2007 6:10 pm
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HI everyone, I hope no one cares if I jump in here...White Sands Ventures is not licensed in Ohio and neither is Instant Loans Now. With Ohio, internet pdls have to be licensed in Ohio. So all of them are not going to be licensed. 
_________________
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
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Posted: Fri Nov 23, 2007 6:11 pm
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Morningstar, I have not defaulted yet. I just made payments to all 4 today and the next payment will be due 12/07. It seems kind of scary to close bank account.
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bjpetersen2
Joined: 09 Nov 2007
Posts: 71
Debtcc Points: 1471
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Posted: Fri Nov 23, 2007 6:19 pm
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It is scary, but it is the only way for you to gain control of your money. we have all been throgh ot, and although it is a pain, in the long run ,it is worth the trouble.Please close your account if you can.
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kashzan
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Joined: 11 Jul 2007
Posts: 5466
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Posted: Fri Nov 23, 2007 6:20 pm
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bj, I know it is scary..I waited for four weeks and lost alot of money. You need to do it, it is the only way to stop the pdls from debiting. They will do whatever they can to get their money including send through paper checks, use different names...whatever they can come up with. You have overpaid Instant Loans Now and the other three are close to being paid.
_________________
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
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Joined: 03 Aug 2007
Posts: 3911
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Posted: Fri Nov 23, 2007 6:26 pm
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Thank you Roxy. So what does this all mean. I live in Ohio and an internet payday loan is illegal? What should I say if I contact them that I will repay only what was loaned to me. It is costing me 250. every 2 weeks to pay interest.
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bjpetersen2
Joined: 09 Nov 2007
Posts: 71
Debtcc Points: 1471
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Posted: Fri Nov 23, 2007 6:28 pm
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Please do not tell them anything until your account is closed and your money is safe. If you do tell them anything, they will go in to your account and take everything. These people are relentless.
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kashzan
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Joined: 11 Jul 2007
Posts: 5466
Debtcc Points: 38903
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Posted: Fri Nov 23, 2007 6:35 pm
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bj, kash and roxy are right. Please listen to what they are telling you. None of your internet loans are going to be licensed/legal in your state. You have already overpaid one; however, they will continue to debit your account for an ungodly amount of money. The others you hardly owe any money towards the principle balance; however, they will also continue to hit your bank account and debit. You will need to close your bank account now. Do not contact these pdls until your account is "safe". As kash stated, once they know you are even THINKING of not paying them a million dollars, they will hit your account. I'm going to post something by goudah regarding closing your bank account for you to read. If you have any questions, please just ask!
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cannr
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