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 Posted: Fri Apr 11, 2008 4:17 pm Subject: Pennsylvania PayDa Loan Victim
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 I'm sure everyone has heard this story a thousand times. I took out a Payday Loan in January when I lost my job. Then I took out another to cover that and it snowballed. Now have 5-6. Here they are:
CMG -580
VINCE ENTERPRISES -390
MYLOANSUSA - 390
MYCASHNOW - 490
CASHNETUSA - 580
1ST BANK OF DELAWARE - $275 EVERY TWO WEEKS UNTIL JULY 11TH
I live in Pa. and do not know what to do. They are taking my whole paycheck. One has interest at 399% and another at 700%. Can I legally close my bank account? CMG told me to send Money Order to the West Indies to stoo their debits! Please, please help!
Maria 
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redhotfoster
Joined: 11 Apr 2008
Posts: 1
Debtcc Points: 10
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Posted: Fri Apr 11, 2008 5:06 pm Subject:
Latest Blog Post : http://JCEMT.yesdebtfree.org |
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Welcome to the forum redhotfoster.
In the state of PA Payday loans are prohibited:
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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 |
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JCEMT
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Posted: Fri Apr 11, 2008 6:52 pm Subject:
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Pa is one of those "loop hole" states. If a Pay day loan is licensed ANTWHERE it is considered legal in PA. It looks like First Bank of Delaware is an installment loan, not a pdl. Do you know if any of your lenders hold licenses in any state?
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kashzan
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Joined: 11 Jul 2007
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Posted: Fri Apr 11, 2008 7:22 pm Subject:
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CashnetUsa is one of the few legal, licensed online PDLs. However, they are a member of the CFSA and based on the testimonies of some others, they are pretty easy to work with as far as doing a payment plan goes.
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Caress the one, the never-fading rain in your heart; the tears of snow-white sorrow. Caress the one, the hiding Amaranth in a land of the daybreak ~ Nightwish
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Amaranth
Joined: 10 Mar 2008
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JCEMT
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Posted: Fri Apr 11, 2008 8:13 pm Subject:
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Not according to the PA Department of Banking. If the lender is licensed elsewhere and the interest is legal in the lender's state it isn't usury. To make it worse the federal courts in PA have upheld the arbitration clauses most payday lenders use in their contracts.
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FreakyFriday
Joined: 13 May 2007
Posts: 368
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Posted: Sat Apr 12, 2008 12:29 pm Subject:
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I'm also from PA and am working through the legal/illegal mess. From your list I recognize Mycashnow - not licensed and CashnetUSA - licensed. CashnetUsa wasn't too bad to work with, they came up with a repayment plan I could live handle. Good luck, you've come to the right place. I don't know what I would have done if I hadn't found the folks on this forum to help!
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sharlenejones
Joined: 19 Mar 2008
Posts: 1
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Posted: Sat Apr 12, 2008 4:24 pm Subject: Payday Loans Pa
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Thank you guys so much! You have given me courage.
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mulliganfoster
Joined: 01 Apr 2008
Posts: 2
Debtcc Points: 25
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Posted: Sun Apr 13, 2008 11:56 am Subject: PA PayDay Loan Victim
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Here is an update on my Loans:
Electronic Payment Processing - PAID OFF But requested a refund of $161.00 due to Pa Laws of loan fees $9.50 per $100. We will see what happens.
Summit Group LLC - Requested a Refund of $121.50 and said to make it state paid in full due to the Pa Laws of loan fees $9.50 per $100.
Cash Net USA - Offered then $53.50 to comply with Pa Laws of loan fees $9.50 per $100.by MO.
my cash now - Requested a refund of $15.75 due to Pa Laws of loan fees $9.50 per $100.
Vince Enterprise/Prestige Marketing - Requested to make a payment of $58.50 to pay off loan due Pa Laws of loan fees $9.50 per $100.
My Loans USA - Requested to pay $106.50 to settle the account in full due to Pa Laws of loan fees $9.50 per $100.
CMG Group - Requested a refund of $31.50 due to overpayment as calculated by Pa Laws of loan fees $9.50 per $100.
What do you think?
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mulliganfoster
Joined: 01 Apr 2008
Posts: 2
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Posted: Sun Apr 13, 2008 1:00 pm Subject:
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EXCELLENT. I bet you feel so much better now.
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kashzan
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Posted: Sun Apr 13, 2008 1:46 pm Subject: Payday Loan Victim PA
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I will feel better after there response. I can tell you I feel so much better from this website 
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elmobaggens
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