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Posted: Sun Nov 25, 2007 1:53 pm Subject: Caught in payday loan trap

My car broke down recently and now I'm caught in the payday loan trap. I currently have 5 payday loans with the following online companies: Cashnetusa.com, unitedcashloans.com, B.I.G., oneclickcash.com, and paychecktoday.com. I don't know what to do anymore to get out of this. I am struggling just to pay my bills and the renewal fees for these loans. When the renewal periods are over and they have to be paid then I end up having to take out another loan just to make it through. I've tried talking to the companies to see if there were any other options for me, but there are none. I currently live in Oregon and I know there have been some laws put in place recently. Does anyone have any information or suggestions that might help me.

Thanks!!!

Posted: Sun Nov 25, 2007 4:22 pm Subject:

Hi desertrose. Trust me, you are not alone in this trap. Here are the state laws for Oregon:

Posted: Sun Nov 25, 2007 4:24 pm Subject:

If you would, please let us know how much you borrowed from each of the companies and how much you have repaid to date. I would be willing to bet that none of the pdls that you mentioned are licensed in you state.

Posted: Sun Nov 25, 2007 5:46 pm Subject:

Goudah also has Oregon listed in her "Payday Loan laws made simple" Stciky at the top of the page. Here is what she has in the summary:

What does it mean?

They can only charge you 10% origination fee, and 36% interest. The origination fee can only be charged at the start of the loan.

The loan can be rolled over twice.

There is a 7 day waiting period between loans.

Loan terms must be at least 31 days.

Internet lenders must be licensed by OR to lend legally.
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You iwll have to check with the AG site to make sure none of them are licensed lenders. You can also PM Goudah if you need extensive help. She is excellent at the laws and lso resides in OR. I believe.

Desertroses0918 · Posted: Sun Nov 25, 2007 6:27 pm Subject: payday loans

The amounts I borrowed and paid back are listed below. I think cashnetusa is the only one licensed in Oregon, they have the document right on their site. I haven't been able to find proof that any of the others are licensed here. Cashnetusa only charged me the $10 per $100 with 31 day loan, all the others are charging me way over that ($80,$80 $90, and $90) and they are doing it every two weeks. If the loan terms are supposed to be 31 days in Oregon then I think they should only be charging me every 31 days if I decide to rollover.

BIG - $200
Cashnetusa - $300 (have to pay in full next payday)
unitedcashloans - $250 paid back $50
oneclickcash - $300
paychecktoday - $300

I haven't been able to pay hardly anything back because it's $340 out of every single paycheck just to cover the fees, I just can't afford it cause I also have to pay my rent, utilities, ect. Thank you all for the advice!

Posted: Mon Nov 26, 2007 6:10 am Subject:

Desert. so all you have paid back so far is 50.00 to United Cash Loans? We need to know how much you have paid back.Did you pay anything at all to the others. Fees?? ALL that you have paid back. Yiy mention you paid money back from each pay check. To who and how much?

Posted: Mon Nov 26, 2007 7:57 am Subject:

I'm from Oregon - And I can tell you right off that all the companies you are dealing with but Cash Net USA are ILLEGAL. They must be licensed, and they must follow Oregon laws. Period.

You need to close your bank account asap. Read the stickyabout important info you need to know before you close the account.

Once you have the account closed and protected, you need to file complaints against these companies. Call Mike at 503-378-4140. He is Charles Donalds replacement. He will help you file the complaints, and will send some letters to these companies telling them that they must cease all collections on these illegal loans.

You will have to pay Cash Net USA back. They are legal in Oregon. But make sure they are charging you correctly.