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 Posted: Mon Sep 10, 2007 7:03 am |
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I have three payday loans and I know I have paid more than enough. I live in Pennsylvania. Can you tell me the PDLs in this state.
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| Posted: Mon Sep 10, 2007 7:14 am |
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Try this page here. It might help until someone more knowledgable can help. I know they are illegal in my state of MD and you only have to pay back the principal on the loan. But here's the link to another page on our community.
http://www.debtconsolidationcare.com/statepaydayloanlaws.html
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Billysgirrrl
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| Posted: Mon Sep 10, 2007 7:25 am |
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| Quote: | Pennsylvania State Information
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
Regulator’s Website
http://www.banking.state.pa.us/banking/site/default.asp |
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kashzan
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| Posted: Mon Sep 10, 2007 7:29 am |
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These loans are all internet, right? PA has a loophole in their laws that allows ipdl's licensed in another state to lend legally to PA residents. See this email from the PA banking dept:
| Quote: | Emails to and from PA Banking Dept
Hello,
I have a question about payday loans in Pennsylvania. Does the small loan rate cap of $9.50 per $100 per year discount or 24% per year apply to these loans? I took out a few on the internet and am trying to figure out how much I legally need to pay. For instance on a $200 loan would I be legally responsible for paying back only $248?
Thanks!
Reply
Dear Ms.:
The 9.5 discount and the 24 % simple interest refer to calculations that can be used by companies that are operating in Pennsylvania and are licensed under Pennsylvania’s Consumer Discount Company Act. With a number of exceptions, a lender that is located inside of Pennsylvania and who does not have any special lending authority (i.e., a special license or charter) who is making smaller loans not secured by real estate can only charge interest at a rate of 6% simple.
A lender that does not have a physical presence in Pennsylvania but who has lending authority from some other state can generally charge the interest rate and finance charges allowed by that other state.
The Department may or may not be reviewing this policy and I would not count on this e-mail as an interpretive opinion before starting any lending or business operations.
James Keiser | Administrator Non-Depository Institutions
17 North Second Street, 13th Floor | Hbg PA 17101
Phone: 717.783.8242 | Fax: 717.787.8773
jkeiser(at)state.pa.us | www.banking.state.pa.us |
So you will need to check and see if any of the companies you are dealing with are licensed anywhere.
Can you list the company names you borrowed from? The amount of the loan? And how much you have paid back so far in fees?
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goudah2424
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| Posted: Mon Sep 10, 2007 7:29 am |
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Check cashing places are legal, but they cannot extend a payday loan to you. Their license only allows to cash your paycheck or other check, but not give you an advance. Hope any of this helps.
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Billysgirrrl
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| Posted: Mon Sep 10, 2007 7:30 am |
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Drillboy, there are several members from PA. It would be helpful if you list storefront or internet loans, the company names, how much you borrowed and how much you have paid back (total), This will help determine your next steps.
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RoxyNY
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| Posted: Mon Sep 10, 2007 8:38 am |
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CASH SUPPLY 200 PAID 300
MESA FINANCIAL 300 PAID 450
USFASH CASH 250 PAID 300
options?
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beaner
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| Posted: Mon Sep 10, 2007 8:39 am |
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You would need to check on each companies licensing status . . . . Odds are good that none of them will be licensed anywhere, meaning they are loaning illegally.
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goudah2424
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| Posted: Mon Sep 10, 2007 8:54 am |
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how do I find out if they are not lincense/status and are loaning illegally?
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drillboy/beaner
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| Posted: Mon Sep 10, 2007 8:56 am |
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In PA it's a bit complicated. I would call up the customer service numbers and ask them what state they are licensed in. If won't answer you, then odds are good they aren't licensed anywhere.
Also, do a search for their address. Check that state's licensing database.
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goudah2424
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| Posted: Mon Sep 10, 2007 11:32 am |
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I have a pay day loan with USFASTCASH who is licensed in OK, I am in PA. By law I am authorized to tell them that that my debit is no longer authorized but USFASTCASH says they can only receive payment by credit or debit. I borrowed 300 this thursday I will of payed $390.00
SUGGESTIONS??
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drillboy33
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| Posted: Mon Sep 10, 2007 12:18 pm |
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In MD all are prohibited, but I wonder of the two that I had previously had which ones are not licensed at all. Do you know if there's any more that I should have paid besides the loan amount? I paid more than that, but I just want to make sure. Not like I just want to give them my money or anything. haha
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Billysgirrrl
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| Posted: Mon Sep 10, 2007 12:19 pm |
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You can get one of those prepaid debit cards. Only put on it the amount you want to pay. That way you are not giving account info to these places, but you can still pay them what you owe.
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goudah2424
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| Posted: Mon Sep 10, 2007 12:54 pm |
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I've paid the loan amount and some extra plus they took extra out of my account without prior authorization which made it amount up to even more than that, but of course this Westbury Ventures keeps trying to call here to get my new account info. I'm not falling for that...
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Billysgirrrl
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| Posted: Mon Sep 10, 2007 6:26 pm |
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drillboy - you live in PA. They are prohibited; however, PA will allow an internet pdl if they are licensed in another state. If they are licensed in another state, you would have to abide by the state they are licensed in. However, USFastCash is totally unlicensed/illegal. They are not licensed to do business in any state in the United States of America. They are illegal - period.
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cannr
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| Posted: Tue Sep 11, 2007 5:09 am |
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It's definitely time to stop paying them anything else. As for moral standards, I would pay back the amount borrowed, but anything above and beyond that, FORGET IT!! I hope you have found lots of inner strength here and will continue to come back to us for or with advice.
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Billysgirrrl
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