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 Posted: Mon Feb 19, 2007 1:14 pm |
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I read in this forum that United Cash Loans is not licensed to lend money in any state. What does that mean for me now that I have borrowed from them?
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swescott
Joined: 01 Sep 2006
Posts: 6
Debtcc Points: 227
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| Posted: Mon Feb 19, 2007 1:50 pm |
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United Cash Loans has violated several state laws. What state do you live in? UCL is located in Miami, Oklahoma.
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3164
Debtcc Points: 45632
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| Posted: Mon Feb 19, 2007 1:51 pm |
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PA
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swescott
Joined: 01 Sep 2006
Posts: 6
Debtcc Points: 227
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| Posted: Mon Feb 19, 2007 1:52 pm |
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United Cash Loans is one of the DBA names of Rio Resources. Check out their different topics in this forum. You will stay protected if you decide not to do business with them.
I will advise you to return back their loan and monitor your bank account closely if UCL tries to deduct money from your account. Your best bet will be to close the bank account and open a new one because your information with them is not safe anymore.
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Steg
Joined: 22 May 2006
Posts: 392
Debtcc Points: 5545
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| Posted: Mon Feb 19, 2007 1:52 pm |
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If I remember correctly, Pdls are prohibited in PA. Here are your state laws.
| 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
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3164
Debtcc Points: 45632
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| Posted: Mon Feb 19, 2007 1:55 pm |
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So what does that mean that they're prohibited? How can there be cash advance places in town.
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swescott
Joined: 01 Sep 2006
Posts: 6
Debtcc Points: 227
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| Posted: Mon Feb 19, 2007 1:56 pm |
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I have a loan with United Cash Loans and just had one of their withdrawals reversed. We have been keeping an eye on our account and having everything reversed when it happens. I have not talked to anyone from there nor have I received any responses to any of my emails I sent them.
If this is the only PDL you have, do not get any more and get this one take care of ASAP.
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2nband
Moderator
Joined: 30 Jan 2007
Posts: 2078
Debtcc Points: 35995
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| Posted: Mon Feb 19, 2007 1:57 pm |
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How did you get it reversed?
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swescott
Joined: 01 Sep 2006
Posts: 6
Debtcc Points: 227
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| Posted: Mon Feb 19, 2007 1:59 pm |
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prohibited means that they are NOT to loan in this state. But you will find that United Cash Loans does whatever they please. Do monitor your account, because they will drain your account even after you have paid them in full.
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3164
Debtcc Points: 45632
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| Posted: Mon Feb 19, 2007 1:59 pm |
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IPDL companies licensed in their state are allowed to lend in the state of PA. They don’t need to be licensed in PA if they want to do their lending business.
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Steg
Joined: 22 May 2006
Posts: 392
Debtcc Points: 5545
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| Posted: Mon Feb 19, 2007 2:04 pm |
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I had to go into my bank after the debit hard posted (and not memo posted) and do some paperwork and also I had to show proof that I had contacted the company to let them know that I had revoked my authorization to debit my account (which I printed off the email I had sent them). We have to watch our account right now (even though we are trying to close it out, but can't until everything clears and we are not in the hole)and when we see something showing up, we have to go into the bank and do more paperwork. Contact your bank and talk to them and they can tell you exactly what you need to do, but first you need to contact the companies and let then know you have revoked your authorization.
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2nband
Moderator
Joined: 30 Jan 2007
Posts: 2078
Debtcc Points: 35995
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| Posted: Mon Feb 19, 2007 6:30 pm |
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United Cash Loans is not licensed in any state to loan money. They violate all kinds of laws.
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CowampChicken
Joined: 20 Dec 2005
Posts: 3682
Debtcc Points: 36186
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| Posted: Thu Feb 22, 2007 10:08 am |
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I am waiting to see if they are going to try to pull from my account again this Friday. I have not heard from them since we reversed their debit, but we will see.
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2nband
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Joined: 30 Jan 2007
Posts: 2078
Debtcc Points: 35995
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| Posted: Fri Feb 23, 2007 5:52 am |
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2ndband,
United Cash Loans will probably debit your account again. Keep a close eye on your checking account. They are not ones to respond back to correspondence either.
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CowampChicken
Joined: 20 Dec 2005
Posts: 3682
Debtcc Points: 36186
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| Posted: Fri Feb 23, 2007 6:39 am |
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Oh, I will. Just checked my pending transactions for today and so far, nothing, but will check again later this afternoon after I get back from the drs office. Been sick all week and finally going to the Dr.
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2nband
Moderator
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Posts: 2078
Debtcc Points: 35995
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