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09-09-2009, 09:04 AM

Hi and thanks in advance for your assistance!! I have four internet pdl's and am wondering if they are legal? I am in Texas and the pdls's are:

Ameriloan - borrowed $400.00 / paid $240.00 so far (interest only)

LoanPoint USA - borrowed $600.00 / paid $540.00 so far (interest only)

L & G Finance (Check into Cash) - borrowed $320.00 / paid in full (400.00), borrowed again - no payments yet

Ace Cash Service - borrowed $300.00 / paid $270.00 so far (interest only)

I can't afford the "interest" on these loans, let alone pay them off! Any help or advice would be greatly appreciated...

Thanks!

Shazzers · 09-09-2009, 09:22 AM

I'm not finding any of your lenders listed as CSO's in the state of Texas. The CSO or Credit Services Organization model (unfortunately) IS NO LICENSING required by the state! CSO's are required to "Register" with the Secretary of State, they are NOT licensed, and their fees ARE NOT REGULATED.

Check into Cash is listed as a member of the CFSA (see link below).
http://www.cfsa.net/MemberList.aspx
I don't see Ace Cash Services listed as a member. You can request an EPP from Check into Cash, click the link below to read about the EPP, number 11.
http://www.cfsa.net/industry_best_practices.html
Ace and Check into Cash are legal lenders, it's important that you take care of them FIRST. Request a payment plan from both of them, even though Ace doesn't appear on the members list at the CFSA they still very well could be listed under a different dba, even if they aren't, you still might be able to negotiate a payment plan with them. I wasn't aware that Ace Cash was an Internet lender though.

Shazzers · 09-09-2009, 09:24 AM

Ameriloan and LoanPoint USA are NOT licensed to lend to Texas residents. This means whatever you have already paid them (including interest and fees) should be deducted from the original amount you borrowed from them, all that you owe them is the principal amount you borrowed to begin with. If you have overpaid them, then you are done with them. CLICK HERE to find out how to deal with illegal lenders.

09-09-2009, 10:48 AM

Thanks Shazzers!

09-09-2009, 01:59 PM

Hi Shazzers, Are you sure about Ace Cash Services being legal? There is another thread in this forum titled "Ace Cash Services". It is stated in that thread that Ace Cash Services is not the same as Ace Cash Express (which operates in Texas as a CSO). Are you thinking they are the same? I pulled Ace Cash Services up in the BBB website and they are not BBB Accredited and have an F rating... they are located in Miami, OK. I think they may be illegal, but don't know how to check - can you help?

paulmergel · 09-09-2009, 02:02 PM

ace cash express is legal.ace cash services is not.

09-09-2009, 02:19 PM

Thanks Paul!

Shazzers · 09-09-2009, 02:49 PM

Quote:

Originally Posted by Anonymous

Hi Shazzers, Are you sure about Ace Cash Services being legal? There is another thread in this forum titled "Ace Cash Services". It is stated in that thread that Ace Cash Services is not the same as Ace Cash Express (which operates in Texas as a CSO). Are you thinking they are the same? I pulled Ace Cash Services up in the BBB website and they are not BBB Accredited and have an F rating... they are located in Miami, OK. I think they may be illegal, but don't know how to check - can you help?

Ahhhhhhhhhh, you're right, I was confusing the two! Glad Paul cleared that up. SORRY!!!

paulmergel · 09-09-2009, 02:52 PM

no problemo.

09-11-2009, 08:19 AM

Emailed letters to my illegal pdl's yesterday... Here is the response I received from LoanPoint USA this morning:

Thank you for your email to Customer Service for at Loan Point USA. I apologize; I can not discuss legal advice. However; the contract you signed is legitimate. We expect you to adhere to the terms and conditions of this loan. If you need further assistance regarding this matter, please contact Customer Service. The office hours are Monday thru Thursday 8am to 7 pm, Friday; 8am to 6pm Mountain Standard Time.

I replied that they provide me with their license information to loan in Texas. Any other suggestions?

Shazzers · 09-11-2009, 09:08 AM

Quote:

Originally Posted by Anonymous

Emailed letters to my illegal pdl's yesterday... Here is the response I received from LoanPoint USA this morning:

Thank you for your email to Customer Service for at Loan Point USA. I apologize; I can not discuss legal advice. However; the contract you signed is legitimate. We expect you to adhere to the terms and conditions of this loan. If you need further assistance regarding this matter, please contact Customer Service. The office hours are Monday thru Thursday 8am to 7 pm, Friday; 8am to 6pm Mountain Standard Time.

I replied that they provide me with their license information to loan in Texas. Any other suggestions?

Good reply, next they will tell you you signed an agreement which states you must abide by their laws, blah blah blah, just respon with; your state law prevails, where you are located.