Internet's first get-out-of-debt community - 136,000 members

Posted: Mon Apr 30, 2007 3:03 pm Subject: payday loan trap

i have 4 payday loans and can t keep paying on them

Posted: Mon Apr 30, 2007 3:07 pm Subject:

Which companies do you have the loans from? How much have you paid so far and what state are you in? We maybe able to suggest something further after having the information.

Posted: Mon Apr 30, 2007 3:12 pm Subject:

usfastcash 350 on a 200 dollar loan cash net usa not sure how much i paid 2 loans from paydayone paid 350 on these loans i'm in pennsylvania and i already closed my account that about going through langhorne but can t afford the 160 a month payment at the moment

Posted: Mon Apr 30, 2007 3:18 pm Subject:

In PA companies loaning over the internet are allowed to be licensed by the state they are located in. This makes things slightly more complicated, but odds are that the companies you listed aren't licensed anywhere. CashnetUSA is the exception to that. They are legally lending to PA consumers under their Nevada license.

Posted: Mon Apr 30, 2007 3:21 pm Subject:

pdls are prohibited in PA. Did you check if the IPDL companies are licensed in their state? If they are not, pay the principal amount only. Don't pay their interests and fees if they are not following the licensing requirements in their state.

Posted: Mon Apr 30, 2007 3:51 pm Subject:

where do find out if their licensed or not

Posted: Mon Apr 30, 2007 3:53 pm Subject:

You would need to find out what state they are using for their license. That's why I said it's a bit more complicated for you. I would call them up and ask first off. If they won't tell you, then call your state's banking dept. They may be able to help you locate a license, if any.

As I said, CashnetUSA is using it's Nevada license to lend to PA consumers. I'm not sure about the others, but I'd be surprised if they are licensed anywhere.

Posted: Mon Apr 30, 2007 3:56 pm Subject:

paydayone1 is in delaware

bsinwest · Posted: Mon Apr 30, 2007 4:03 pm Subject: internet loans to nc

I have a couple of loans, 1 edollars diicrect, which I stopped payment on, but in turn some other company started drafting 100.13 out two day in a row from my checking account. is this leagal? this company claims they bought the loan from someone else...help

Guest · Posted: Mon Apr 30, 2007 9:30 pm Subject:

Not sure why trophy says pdls are prohibited in PA. Only storefront lending. Because of a quirk in PA's Consumer Discount Company Act, the PA Dept. of Banking takes the position that only companies physically present in PA need a PA license to make loans. As long as the company has a license somewhere PA considers the loan legal.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 136,000 members

payday loan trap

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post