Internet's first get-out-of-debt community - 134,000 members

I received a $500 loan from mycashnow, but I have since learned that in California, they can lend no more than $300.

If I send mycashnow a letter showing this, can I just pay them the $500?

Posted: Sat Feb 17, 2007 11:03 pm Subject:

What is the full amount including interest, is "mycashnow" saying that you owe them?

Posted: Sun Feb 18, 2007 12:15 pm Subject:

I would say that the morally correct thing to do is to repay what you borrowed, since you did have use of the money. I would not pay anymore than an interest rate that is legal in California, which is 15 percent.

Posted: Sun Feb 18, 2007 2:52 pm Subject:

Cashnow says I owe them $580.

I will pay them this amount and no more, because it IS the right thing to do.

Posted: Sun Feb 18, 2007 2:56 pm Subject:

How much have you already paid them in rollovers??

Posted: Sun Feb 18, 2007 3:20 pm Subject:

So far, nothing. But I've been burned by other companies, so I am just preparing myself for them to stick it to me.

Posted: Sun Feb 18, 2007 3:30 pm Subject: Pay it and get out

Pay it and get out before it gets out of hand. You have to pay back at least the principal which is the $500, You say you have been burned before, hopefully you walk away lesson learned this time. goodluck!

Posted: Sun Feb 18, 2007 3:39 pm Subject:

Mycashnow is not licensed in California. Pay them the principal only. As they are not licensed, they illegally lent you the money and are not entitled to any interest.

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

	* denotes required field

Internet's first get-out-of-debt community - 134,000 members

Can I pay less than I owe if they lended illegally?

Members Area

Free Debt Counseling

Ask the community

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post