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islndluv8 · Posted: Fri Oct 10, 2008 10:55 am Subject: Online Payday loans in california

I'm new and just came across this site today, I'm hoping someon can assist me in what to do. I looked at the Dept of Corporations website for Cali and didnt find any of my lenders listed. not even the ones that have me on a 2 year payment schedule. I'm just not sure how the law works and am tied of paying ridiculous fees that prevent me from ever clearing the principal. here is who I owe

Pay Check Today
Centurian Fund
MTE Financial
PowerLending
Quick Click Loans

Can anyone help me determine 1. If thier legal to lend in Cali? (They all loaned me 300 or more and charged a minimum of $30 per hundred)

I am seriously getting overwhelmed with these guys have paid more in interest than I originally barrowed to 3 of the 5. I need help.. and help does not involve another loan. Do you have any advice?

Posted: Fri Oct 10, 2008 11:13 am Subject:

California requires Internet based pdl's to be licensed by your state. I need to do some research on these companies. Smile

islndluv8 · Posted: Fri Oct 10, 2008 11:18 am Subject:

I signed up with a PDL consolidation company that said to close my account to stop them but, Im nervous to do this because of the contracts they make you sign to get the loans. One of them states I agree to go by the laws of the state where the loan company is located. Can the do this? I can try to keep going the way I have and paying them a little to principal at a time but, I have 8 kids for goodness sakes and this is really starting to crunch into things they really need.

Posted: Fri Oct 10, 2008 11:22 am Subject:

Paycheck Today - illegal/not licensed to lend anywhere.

MTE Financial - illegal/not licensed to lend anywhere.

Centurion Fund - I think they are also known as Sandpoint, and I don't think they're licensed either. (someone correct me if I am wrong)

PowerLending - Unsure but I am leaning towards not legal, please someone else jump in here and give us a little help with this one!

Quick Click Loans - Unsure, but I am also leaning toward illegal also. Keep checking back, I am sure someone else can shed some light on this!

Posted: Fri Oct 10, 2008 11:22 am Subject:

The pdl's have to go by the state you live in, not the other way around. If they aren't licensed to lend in CA, then they are illegal...Shazzers will be able to tell you if any of them are legal.

Posted: Fri Oct 10, 2008 11:26 am Subject:

Islndluv8 · Posted: Fri Oct 10, 2008 11:49 am Subject:

If it too late to stop my direct deposit this cycle, would it help to have the bank block debits to my account and close my account after payday so I dont mess up the rest of my finances?

Posted: Fri Oct 10, 2008 1:08 pm Subject:

You can try, but some of the pdl's are infamous for changing their name or attempting to put through a paper check. You would need to put on a hard debit block on the account to make sure that nothing can get through

guest · Posted: Sat Oct 11, 2008 3:44 pm Subject:

I was afraid that I would not be able to stop my direct deposit as well...but when I called and spoke with payroll at my work and explained the situation...she said that she could do an effective immediately...you just need to talk to them...I am sure it is possible, even if it is not a routine thing.

Posted: Sat Oct 11, 2008 6:28 pm Subject:

Yes, my company was able to stop it asap & direct it to another account

gr · Posted: Sun Oct 12, 2008 8:29 pm Subject: pdl

can you give advice on l+g loan and us fast cash and united cash are they legal in fla.

Posted: Mon Oct 13, 2008 9:45 am Subject:

US Fast Cash and United Cash, I am assuming its United Cash Loans, are not licensed to lend in FL. I will check on the other company.

Posted: Mon Oct 13, 2008 9:49 am Subject:

L&G is also know as Cash Central & from what I read they are legal. You would need to work out some sort of payment arrangement with them.
How much did you borrow and have you paid the other companies?

Posted: Tue Oct 14, 2008 5:36 pm Subject:

I am also in CA and can tell you that if they are not on the Dept of Corporations website, they're not licensed in CA. In this case, all you are on the hook for is your loan principal (what you borrowed). Total up what you have paid these lenders with rollover fees, and chances are it will be more than the original loan. If so, demand a refund and if they pushback (and they will), file complaints with Jerry Brown's office (Attorney General) and the Dept. of Corporations.
So, how I would do it is like this:
Say you borrowed $500 from one lender and you have paid $750 with fees. You are owed a refund of $250 in that case.
You must also close your bank account and open up a new one if you can. It sounds like your employer is willing to work with you and that's a good thing. Finally, put a letter in writing revoking any wage assignments you may have signed to take these loans (which would allow them to garnish wages) and get this to your payroll person ASAP. This helps to cover yourself.

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