Internet's first get-out-of-debt community - 128,000 members

coalmine · Posted: Tue Jul 22, 2008 10:34 pm Subject: nightmare with thinkcash

I have been trying to find out if think cash is legal or illegal in the state of oregon? Does anyone know? They are linked with First Bank of Delware? I have a pdl with them in the amount of 750.00 and have paid 1254.00 and they still want more money...Any information would be so helpful. As for my other pdl's the nightmare in Oregon is having sweet dreams now thanks to all of your helpful information... many thanks to all you!!!!

Posted: Wed Jul 23, 2008 4:17 am Subject:

If I'm not mistaken thinkcash is an installment loan backed by the bank of Deleware, they charge an outrageous interest rate, but since it's an installment type loan, they're allowed to do that. Are you making monthly payments on this?

vickie · Posted: Wed Jul 23, 2008 1:00 pm Subject:

you can go to the better business bureau website to check out the business.

coalmine · Posted: Wed Jul 23, 2008 9:31 pm Subject:

I have been making payments every two weeks of 94.21-but have not made any this month since I've closed my checking account and have sent them a letter that I would send payment in form of money order, but now they say I am in default. And now owe more money...just wasn't sure how to handle since it is a installment type loan...if I can not find them licensed in Oregon to do payday loans would that change anything??? Does anyone know?

Posted: Thu Jul 24, 2008 1:28 am Subject:

Thinkcash doesn't have a good reputation according to BBB. 6 complaints are recorded with BBB.

Posted: Thu Jul 24, 2008 3:40 am Subject:

Coalmine, since they offer installment loans, I don't think they have to follow the payday lender laws. Confused

Posted: Thu Jul 24, 2008 5:20 am Subject:

Hi Coalmine,

We have a loan with Think cash, we too have defaulted, however I do have my DMP sending them pmts. The interest is very high just like all the other "PDL-Loan Shark" type things out there...What's happening is your first "many" payments you make/made are all going to interest, that's why you are seeing your balance going up, since you not paying any payments, your not taking care of the interest...It sucks! But just like good ole' cash call, we signed in the dotted line. I pretty sure they are legal. Start sending pmts ASAP, so you can be done with them. They aren't considered a PDL, its an installment loan. Reny

Posted: Thu Jul 24, 2008 6:32 am Subject:

Coalmine,
Thinkcash is not a PDL, but an Installment loan backed by the First Bank of Delaware. This means they do not follow your state laws or even have to be licensed in your state to do business. They just have to be licensed in their state, which they are Crying or Very sad

Unfortunatelly this company is TOTALLY LEGAL and can charge the outrageous interest rate that they do. If you default on them they can bring Civil Action against you for full payment of debt.

It is best to call and make payment arrangements with them DIRECTLY. They are similiar to "Cash Call" which is also an installment loan. Usually most of your fees paid to Thinkcash does not go towards the prinicipal balance borrwed, but interest Sad

So the best way to pay them off is in lump sum if you can. If not you will be stuck with a loan for the next 5-10 years.

I suggest you call and try to make payment arrangments the best way you can. To find out more about this company you can use the search engine uptop to get get more info. Best of Luck Razz

Posted: Thu Jul 24, 2008 1:26 pm Subject:

I have a loan with Think Cash as well, they are actually the last loan I am paying on...I defaulted at the end of April, when I finally was contacted by someone it was about 45 days later. I was able to set up a payament arrangement & break what I owed into 6 monthly payments...the interest & fee's were stopped & they do the payment on my debit card.

Posted: Thu Jul 24, 2008 1:41 pm Subject:

some states do regulate consumer loans, check with with out state (www.cbs.state.or.us/dfcs/index.html) they may be able to help. If you can show that they require license and/or exeed any interest rate cap, you may have some leverage