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Palm

Hello everyone.
I found this site when I was looking for a personal loan to pay off my payday loans. I read lot of the posts, and have to say, that I am surprised how many people just like myself fell so deep into payday loan traps. I thought I had the worst money management problem from all people in the USA. Now I feel a little better to see, that it is not THE worst, just AMONG the worst Wink

On a serious note - I am in a very deep mess. I did the usual - borrowed some money, then borrowed more to make the payment on the first loan.... and now I have too many of them to handle. Here is the list:
USFastcash.com - $300 (paying $90/biweekly)
UnitedCashLoans.com - $300 ($90 biweekly)
SonicCash.com - $200 ($40 biweekly)
PayDayOne.com - $800 (started with $300, then kept increasing Sad

($220 biweekly)
PayDayYes.com - $500 ($150 biweekly)
500FastCash.com - $300 ($90 biweekly)
ThinkCash.com - $500 ($80 biweekly)

I live in Pennsylvania, and none of the lenders seem to have any problem with it, so I guess they are licensed here.
I already made some payments, although in most cases not enough to amount to the principals borrowed (for example for UnitedCash loans I paid total of $180 so far, thinkcash $320 etc). In most cases I borrowed money from these lenders several times before, paid off, then re-borrowed..... it truly is a circle. My next payment is due 8/8.
As I mentioned, I tried to get a personal loan with more reasonable interest to pay off my payday loans, but I just could not find a lender (BTW, it seems that most lenders now call payday loans personal loans). I kind of hate not to pay off my debt as I originally agreed, since no one put a gun to my head to make me take the loans. But I just can't make the payments, it became impossible, no matter how I stretch my budget.
Obviously, I'd like to get out of this vicious circle of paying with no end in sight. The burden is unbearable, it effect everything I do, at work as well as home. All I can think of is where to get money for the next payment..... The irony of the whole thing is, that had I not have to pay these loans, I would have extra money left at the end of the month. Yet, instead I am falling behind my regular bills now.....
After reading some of the posts, I have a basic idea what will need to be done, but still, a personalized advice based on the info I provided would be very appreciated. And I mean VERY APPRECIATED!
BTW, I suppose the pay advance companies monitor sites like these - does that mean they may be a step ahead of me (us) before we even take any action? I mean, if they know what can be done, I'm sure they are somehow trying to keep some back door open, so to speak, to get all the money they can, aren't they? I mean, is there REALLY something that we, as customers can do, without paying all the interest at the end anyway, and on top of that risk some legal problems? I guess I'm just too pessimistic....or scared. Well, most likely both. HELP please!!!!

Posted: Thu Jul 31, 2008 11:15 am Subject:

how much have you paid "each"company?

Posted: Thu Jul 31, 2008 11:16 am Subject:

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

Posted: Thu Jul 31, 2008 11:18 am Subject:

great news for you, payday loans in your state are illegal "prohibited" so that means that they are not supposed to be lending at all! what you need to do is figure out what you paid who and when you paid them, then go and talk with your bank about closing your account, and read the sticky at the top of the page, then start your letters!

Palm · Posted: Thu Jul 31, 2008 11:26 am Subject:

What (who) is a 'check casher'? I didn't hear this term before.
All these companies are online companies, everything was done over the Internet, with electronic signature (with the exception of PayDayYes.com, where everything was done over the phone - they have a web site, but all loans are processed over the phone only).
The biweekly payments are indicated in the parenthesis. Basically, most of them are $30 per $100 borrowed.

Palm · Posted: Thu Jul 31, 2008 11:37 am Subject:

So far I paid as follows:
USFastcash.com - $300 (paid $180)
UnitedCashLoans.com - $300 ($180)
SonicCash.com - $200 ($80)
PayDayOne.com - $800 ($660)
PayDayYes.com - $500 (no payment yet)
500FastCash.com - $300 ($180)
ThinkCash.com - $500 ($320)

Posted: Thu Jul 31, 2008 11:37 am Subject:

Pa. has a loophole, they can lend to Pa residents as long as they are licensed SOMEwhere. Unfortunately, you are bound to follow the laws of the state they are licensed in, so if they were licensed in Utah, those are the interest rates and pdl laws you must follow. Confused

Posted: Thu Jul 31, 2008 11:39 am Subject:

A check casher applies to an actual store that you walk into and write a check for an advance on your pay, those are illegal in your state, Internet pdl's aren't illegal as long as they're licensed SOMEwhere. Confused

Posted: Thu Jul 31, 2008 11:40 am Subject:

PayDayYes.com - $500 (no payment yet)
500FastCash.com - $300 ($180)

Those above are not licensed to lend anywhere, they are lending to people illegally.

Guest · Posted: Thu Jul 31, 2008 11:41 am Subject:

You say the are illegal, but do you know what loophole they are using to offer loans in PA? I found that there is over 400 payday lending centers in PA. In fact, there is one "store" lending center next to where I live. I just don't understand how they operate.....

Posted: Thu Jul 31, 2008 11:44 am Subject:

They aren't illegal - Just regulated in such a way as to make it unattractive to lenders.

The loophole mentioned is the way PA interpretes it's laws - It interpretes them to mean that they only apply to businesses located in PA, so internet lenders do not have to follow the law.

Payday One and Think Cash are legally operating companies.

Posted: Thu Jul 31, 2008 11:44 am Subject:

Posted: Thu Jul 31, 2008 11:48 am Subject:

Posted: Thu Jul 31, 2008 11:51 am Subject:

That's why I don't use paydayloaninfo.org at all . . . . Just about all the info posted there is misleading or flat out wrong.

Palm · Posted: Thu Jul 31, 2008 11:55 am Subject:

Thanks for all the replies guys. I checked the 500fastcash.com web site, and they have 'certified lender' logo on their home page (it is not clickable). How can I find out which pay day companies are certified and which are not?