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 Posted: Tue Jun 10, 2008 8:15 am Subject: Need help with PDL in Pa |
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I have loans with the following lenders all are internet loans and I live in Pennsylvania
Cashnet Usa 200 loan paid 100
STCAdvance 200 loan paid 0
GRC funding 400 loan paid 220
loan shop 300 loan paid 90
paydayloanyes 350 loan paid 205
WWC 200 loan paid 0
National Cash 350 paid 0
rapid cash 200 loan paid 0
fast cash 300 loan paid 0Can anyone tell me if these are legal companies and how to get them to stop bothering me. I have paid some and not paid others, I have already closed my bank account and sent out several cease and desist letter via e-mail (they won't give me the addresses to send a certified letter) I have also sent out revocation to debit my account or assign wages, I need to get them to stop once and for all, possibly sue for harassment on some
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sfittingoff
Joined: 10 Jun 2008
Posts: 1
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| Posted: Sun Jun 15, 2008 4:20 am Subject: |
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As you can see by your state laws, pdl's are prohibited in your state.
| 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 |
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Shazzers
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Shazzers
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Shazzers
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| Posted: Sun Jun 15, 2008 6:04 am Subject: |
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If a pay day loan is licensed anywhere it is a legal loan in Pa, Wrong advice can get someone in worse trouble.
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| Posted: Sun Jun 15, 2008 6:43 am Subject: |
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This is correct - you have to be VERY careful in PA when dealing with PDL's.
PA is one of few states that have a little loophole in their PDL law that states a lender can lend into their state provided they are licensed in their own state.
Please be careful to do some research before going ballistic on these lenders - attacking them as operating illegally in your state if they are actually legal could really get you into hot water.
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SUEBEEHONEY70
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| Posted: Sun Jun 15, 2008 6:51 am Subject: |
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| Quote: | Can anyone tell me if these are legal companies and how to get them to stop bothering me. I have paid some and not paid others, I have already closed my bank account and sent out several cease and desist letter via e-mail (they won't give me the addresses to send a certified letter) I have also sent out revocation to debit my account or assign wages, I need to get them to stop once and for all, possibly sue for harassment on some
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It looks like you have quite a few loans out here - and have not completely paid the principal on any of them - and haven't paid anything on most of them.
(please note what follows is merely my personal opinion, based on my own moral standpoint on these types of loans - so before the firestorm starts, let me state that very clearly - this is ONLY my opinion, and I know that others here would disagree with me. What you do and what you can live with doing personally is your own choice.)
You should at least pay back the principal on these loans - whether the companies that gave you the loans are illegal or not, you took out a loan from them, and kept the money. Yes, there are illegally-operating companies out there that will loan you $300 and then expect you to pay back much more, simply because they think they can get away with it - and that is in itself wrong. But to borrow money from someone - anyone - and not at least repay what you borrowed is also wrong, IMHO.
I'm sorry if my opinion offends anyone, but I hate to see our advice here used to get out of paying loans that were taken out, the money used for whatever it was needed for at the time, and then repayment not made. I simply feel that to do that is morally wrong.
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SUEBEEHONEY70
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| Posted: Sun Jun 15, 2008 7:24 am Subject: |
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suebee. . .I agree. I know when folks ask about the "legality" of a PDL I always deter to another who can interpret them. I also an careful with suggesting to close one's bank account. I will, however, advise on using processors as part of the package and even then there could be some technicalities involved. Your opinion is just that but I think the majority of us on here would echo the same. I repaid what I owed and was forgiven $30 on one and $293 on another but that was from the PDL themselves, not my unwillingness to repay what they deposited into my account. Chin up all. . .things will get better.
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llw1995
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| Posted: Sun Jun 15, 2008 8:22 am Subject: |
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SUEBEEHONEY70 wrote:
| Quote: | This is correct - you have to be VERY careful in PA when dealing with PDL's.
PA is one of few states that have a little loophole in their PDL law that states a lender can lend into their state provided they are licensed in their own state.
Please be careful to do some research before going ballistic on these lenders - attacking them as operating illegally in your state if they are actually legal could really get you into hot water.
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Yes, you're right Sue, I shot off an email to the Dept. Of Finance and was researching this, I should have specified that before I was called away so quickly. My apologies for leaving this post as it was, my intentions were to get back to this immediately and state that I was doing further research on the matter, but got called away abruptly. My bad, will be more careful about that the next time. 
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Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
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Shazzers
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| Posted: Sun Jun 15, 2008 8:47 am Subject: need help with PDL in PA |
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I also live in PA and am working on numerous PDL's. All are illegal as best as I've ascertained except one - so I'm paying that one down. The rest I faxed/e-mailed/US mailed (depending on contact info I had), stating they were illegal and that I had paid original amount (except one and I owe $30 - let me know how to pay etc.). ACH revoke, Cease and desist etc was in those letters.
MTE came back with a long letter telling me about how their legal dept says they are legal and quoting the law. I replied by asking for verification of license in ANY state and I would then review that law and talk. Don't think they will but if they send me to collections then I can send a validation letter.
My advice would be determine your legals and illegals (people here can help), then pay 1) your legals (or work out a plan with them) 2)pay illegals back what you borrowed in a format other than ACH and then 3)deal with getting PIFs
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eghartranft
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| Posted: Mon Jun 16, 2008 7:06 am Subject: |
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Shaz - You know this information is listed under the Payday Loan Laws Made Simple thread? It's got all the reasearch and info there too . . . .
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goudah2424
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