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 Posted: Mon Nov 06, 2006 5:43 pm Subject: Purpose Loan |
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Has anyone ever heard of a company that calls itself "Purpose Loan." I have two clients that have loans with this outfit, but neither has documents or good contact information for them. I can't even find a website. My next step is to backtrack them through ACH records, but I thought I'd see if the good folks here have any info to share first.
Thanks for any help you can provide.
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MarciaBradysLovechile
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| Posted: Mon Nov 06, 2006 6:01 pm Subject: |
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oh, hang on..I remember reading about it here..let me try to find the thread....
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finsfan13
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| Posted: Mon Nov 06, 2006 6:05 pm Subject: |
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no, no good, sorry..the search just keeps giving me a big empty area called debt cc vault. I KNOW I've read about it here, though, and I don't think it was an actual "purpose loan", I think that was a name of an entity.
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finsfan13
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| Posted: Mon Nov 06, 2006 6:07 pm Subject: |
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I can't find any company called "Purpose Loan" there is adefinition out there of what a purpose loan is
"Purpose loan
A loan that is backed by securities and that is used to buy other securities under certain government regulations."
but that was all I could find..sorry 
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PDLFREE
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| Posted: Wed Nov 15, 2006 9:48 pm Subject: |
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I found it 
(https://www.purposeloans.com)
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Last edited by polly on Wed Nov 15, 2006 9:57 pm |
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polly
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| Posted: Wed Nov 15, 2006 9:55 pm Subject: |
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Wow The First Bank of Deleware Member FDIC provides a old product under a new name. "Installment Loans" rather than "Payday Loans" Yippy.
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polly
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| Posted: Fri Nov 17, 2006 7:43 pm Subject: |
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I've read this happening more and more. It's a shame.
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CowampChicken
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| Posted: Fri Nov 17, 2006 10:24 pm Subject: purpose loans |
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I guess its just a new way for them to mes over people. Im with Mishele its a shame. KYSIDE38
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KYSIDE38
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| Posted: Fri Nov 17, 2006 10:29 pm Subject: |
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At least here in Illinois, the state defines a payday loan as any loan over 36% and for a term less than 120 days.
A true "payday" loan, by that definition, can only charge a certain amount of interest up front, it can't accrue daily interest, and if the customer defaults then the payday store has to give them a interest-free repayment plan, etc.
The payday stores get out of following the payday loan laws by doing "installment loans." When they do this, they write a contract for 12 months, but then tell the customer to come pay it off in two weeks.
Since it's a 12-month contract, they are not technically giving out payday loans, and so they don't have to follow all the new laws.
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DebtCruncher
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| Posted: Fri Nov 17, 2006 10:39 pm Subject: purpose loan |
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Mike now I see what you are saying. First American Cash Advance tried this in WV. Guess what they are no longer in business shut down because it still exceeded WV rate. LOL So I guess one backfired on them. Thanks for all the valuable post we appreciate it. KYSIDE38
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KYSIDE38
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| Posted: Fri Nov 17, 2006 10:59 pm Subject: |
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Our state even put language into the new laws, that I would think cover the way they transforming payday loans into installment loans:
| Quote: | | ...and includes any other person or entity if the Department determines that the person or entity is engaged in a transaction that is in substance a disguised payday loan or a subterfuge for the purpose of avoiding this Act ... |
But for the time being, they are getting away with it. There was actually a big commotion... the state was cracking down on the payday stores back in February 06 when our new laws came out... the payday stores actually got together and sued the state, and won. After that, the court put a freeze on the state's enforcement, and so they haven't been going after the payday stores since then.
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DebtCruncher
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| Posted: Sat Nov 18, 2006 7:27 am Subject: |
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Mike,
What state are you in?
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Rach
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| Posted: Sat Nov 18, 2006 8:56 am Subject: |
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can someone tell me why people are so confused about paying back money that they owe? i thought i was coming on this site to find some solutions but then all i read about is people trying to get out of their obligations. Can you tell me why that is?
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| Posted: Sat Nov 18, 2006 10:08 am Subject: |
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Paying back money is not an issue at this site. Paying back RIDICULOUS, inflated fees are an issue.
I have yet to see a single post from someone asking how they can avoid paying back their debt. Many simply state how much over the original debt they have paid back and how it is still not enough for these companies.
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jedijeff13
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| Posted: Sat Nov 18, 2006 10:32 am Subject: |
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And to add to jedijeff's comment, these companies are NOT licensed and conducting business illegally in most states and engaging in ILLEGAL collection activities. And I too have yet to see anybody coming here saying "I borrowed $300 yesterday and now I don't want to pay it back, help me get out of this" Read the posts more CAREFULLY, you will see that the posters are saying I ONLY WANT TO PAYBACK WHAT I LEGALLY OWE. And there in lies the difference. Read more carefull before jumping to conclusions.
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WHEREAMI
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| Posted: Tue Dec 05, 2006 9:28 pm Subject: FAX COVER |
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Would you please senb me a fax cover shet by e-mail thanks robert e-mail address is
email removed per forum rules-jason
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ROBERT RITCHIE
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