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 Posted: Wed Jan 16, 2008 9:46 am Subject: Are the pdl legal in PA?
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Can anyone tell me if the pdl on legal in pa
Cash net $500 pd $487.50
Payday cash $500 pd $240.00
Paycheck today 300 pd 180.00
If these are licensed how much to i legally owe
And if they are not licnesed how much to i owe
I have rad the laws for pa, but i do not understand them
Thanks
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ILENEBALTICH
Joined: 02 Jan 2008
Posts: 57
Debtcc Points: 1548
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Posted: Wed Jan 16, 2008 9:48 am Subject:
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Someone with more experience than I will be along shortly to advise you what the pdl laws are in your state. I do have one question that they will ask you, are these internet or store fronts?
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2712
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Posted: Wed Jan 16, 2008 9:53 am Subject: PAYDAY LOAN
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THEY ARE INTERNET
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ILENEBALTICH
Joined: 02 Jan 2008
Posts: 57
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Posted: Wed Jan 16, 2008 9:54 am Subject:
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The Cashnet loan that you have....Is that CashnetUSA?
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volleyballmom
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Posted: Wed Jan 16, 2008 9:59 am Subject:
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Here is some info to help you understand PA's laws:
| Quote: | Pennsylvania State Information
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
http://www.banking.state.pa.us/banking/site/default.asp
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Emails to and from PA Banking Dept
Hello,
I have a question about payday loans in Pennsylvania. Does the small loan rate cap of $9.50 per $100 per year discount or 24% per year apply to these loans? I took out a few on the internet and am trying to figure out how much I legally need to pay. For instance on a $200 loan would I be legally responsible for paying back only $248?
Thanks!
Response:
Dear Ms.:
The 9.5 discount and the 24 % simple interest refer to calculations that can be used by companies that are operating in Pennsylvania and are licensed under Pennsylvania’s Consumer Discount Company Act. With a number of exceptions, a lender that is located inside of Pennsylvania and who does not have any special lending authority (i.e., a special license or charter) who is making smaller loans not secured by real estate can only charge interest at a rate of 6% simple.
A lender that does not have a physical presence in Pennsylvania but who has lending authority from some other state can generally charge the interest rate and finance charges allowed by that other state.
The Department may or may not be reviewing this policy and I would not count on this e-mail as an interpretive opinion before starting any lending or business operations.
James Keiser | Administrator Non-Depository Institutions
17 North Second Street, 13th Floor | Hbg PA 17101
Phone: 717.783.8242 | Fax: 717.787.8773
jkeiser(at)state.pa.us | www.banking.state.pa.us
What does this mean?
There are no storefronts in PA. They are illegal.
Internet lenders can lend legally to PA residents as long as they are licensed in another state. They would need to follow the laws of the state in which they are licensed.
_________________
How I make some extra cash
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goudah2424
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Posted: Wed Jan 16, 2008 10:02 am Subject: PAYDAY LOANS
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IT IS CASH NET USA
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ILENEBALTICH
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Posted: Wed Jan 16, 2008 10:05 am Subject:
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Cash Net USA is legal and lending to PA residents under it's Nevada license.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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Posted: Wed Jan 16, 2008 10:08 am Subject: PAYDAY LOAN
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WHAT I DO NOT UNDERSTAND IS HOW MUCH I WOULD LEGALY
HAVE TO PAYTHEM BACK
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ILENEBALTICH
Joined: 02 Jan 2008
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Posted: Wed Jan 16, 2008 10:08 am Subject:
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It would go by Nevada law.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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Posted: Wed Jan 16, 2008 10:09 am Subject:
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| Quote: | Nevada State Information
Legal Status: Legal
Citation:
Nev. Rev. Stat. 604A.010 et seq.
Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)
http://www.fid.state.nv.us/ |
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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Posted: Wed Jan 16, 2008 10:09 am Subject:
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There is no limit to the amount they can charge you.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111523
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Posted: Wed Jan 16, 2008 12:01 pm Subject: PAYDAY LOANS
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i have already talked to these people and they said that there is no repyment plan and that ihave to pay it off all at once. is this true. they were really rude
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ILENEBALTICH
Joined: 02 Jan 2008
Posts: 57
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Posted: Wed Jan 16, 2008 12:20 pm Subject: payday loan
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another question is where do i start, i intend to to pay these loans, i am just not sure what to do, because i cannot pay them off all at once.
i am desperate
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ILENEBALTICH
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Posts: 57
Debtcc Points: 1548
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