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Posted: Fri Mar 16, 2007 3:51 pm Subject: Payday Loan Question

Are the law different for store front loans compared to internet loans. I guess what I am asking is if store front loans are illegal in a state does that mean internet loans are illegal. I am in Oregon. Are store front loans leagal, and are internet loans legal. Or is it the same for both. I am probably not being clear in my question, but I was reading a post saying payday loans were illegal in a ceetain state. I was just wondering if the legal status was the same for both internet and store front. Mine are all internet, but I just wondered.

Posted: Fri Mar 16, 2007 4:00 pm Subject:

I don't know alot about the laws but I will tell you what I do know. I know that the internet ones might have their main office in one state, but to lend you money and you are in another state, they have to be licensed in your state. I have know idea though if the internet and storefronts are considered one in the same or not---anyone else?

Posted: Fri Mar 16, 2007 4:00 pm Subject:

It depends on the state. A lot of the state legislatures, when writing these laws, didn't consider internet payday loans because they weren't a big issue. In some states they have solid laws that make it illegal for any payday loan, internet or storefront, to give loans to their consumers. An example of that is North Carolina.

But for instance in Pennsylvania, if you look at the laws it says they are prohibited. But there is a loophole that allows a pdl licensed in another state to lend to consumers in PA over the internet.

It really just depends on how the laws were written for each state.

Posted: Fri Mar 16, 2007 4:45 pm Subject:

I know that some states have tougher laws against payday loans than the state I live in. Here, the internet pdls are not regulated in the state, amazing I know.

Posted: Fri Mar 16, 2007 4:52 pm Subject:

Most internet loans are illegal, but you have to check to make sure. Store fronts with the exception of a few are usually legal.

Here, you can check the laws for your state, and I believe you can look up different companies, as well, to see if they're licensed.

www.paydayloaninfo.org.

Good luck.

Posted: Fri Mar 16, 2007 6:04 pm Subject:

In pa they also lend under a bank in a different state, pa banking will not back them.

Posted: Fri Mar 16, 2007 6:12 pm Subject: Payday Loan Question

I have looked it up, and not one of the loans I have are licensed in my state. I have typed in every name I can find associated with each company, but I can't find one that is licensed in oregon. You guys answered my questions though. I keep telling these guys that they are not licensed in Oregon, but they keep insisting that it doesn't matter. I just told one yesterday to go ahead and sue me, they were just going to draw negative attention to a company doing illegal business. I sure never thought it was going to be this tough though. I am just glad I found you guys!! Thanks!!

Posted: Fri Mar 16, 2007 6:14 pm Subject:

They will try to bully you, have not read all your threads, have you paid them back what you borrowed? Stand your ground with them. How is the mortgage deal going swoody? Hope everything is fine!

Posted: Fri Mar 16, 2007 6:19 pm Subject: Payday Loan Question

I have paid back what I borrowed, just not all of the fees. We are trying to decide what we want to do about mortgage. Do we want mortgage company forbearance aggreement , or do we want chapter 13. Mortgge company wants 1700. for next five months. Chapter 13 would be a couple of hundred bucks for 3-5 years. Any advice or suggestions?

Posted: Fri Mar 16, 2007 6:35 pm Subject:

It really depends on what you can afford and what fits in your budget to be honest...I am currently looking into Chapter 13 but if my monthly payment is going to be the same or higher as my debt management program I am just going to continue with that

Posted: Fri Mar 16, 2007 6:41 pm Subject: Payday Loan Question

I really don't now if we could handle the forbearance payment. It would be nice to be done with it in 5 months, but we are trying to raise 5 kids, and I don't want to get into a bigger mess, or tell them I could pay it, and then not be able to. I am so confused.

Posted: Fri Mar 16, 2007 8:00 pm Subject:

Swoody - They said the same thing to me about not needing to be licensed. Just keep working at them and eventually they may cave. But since they aren't licensed they can't win a lawsuit against you. Technically, they could sue, but your defense would be that they aren't licensed to lend in Oregon. The judge would throw out the case. Most ipdl's know they won't win a suit, so won't bother. If they won't stop bugging you, call the banking dept, if you need their number PM me and I'll send it to you. They called one of my ipdl's for me and after the call told me I shouldn't be hearing from them anymore. I didn't! I didn't get a pif letter, but they never contacted me again, and it doesn't show on any of my reports.

As far as the mortgage problem, I can't help much with that. I don't own a house, and don't know too much about mortgages. But if you think you won't be able to handle the forebearance plan, then you may want to consider chapter 13. It's something that you will have to decide what will be in your best interest. BK sucks, but not having a home sucks more.

Posted: Wed Apr 04, 2007 1:12 pm Subject: payday loans

hi,
i was wondering if a payday loan can harm your credit?

Posted: Wed Apr 04, 2007 5:21 pm Subject:

Most pdl companies don't report the accounts to the credit bureaus since they use Teletrack. But if the account is sent to some CA for collections, they will put a negative remark on the credit file, hurting your scores.

Guest · Posted: Thu Apr 19, 2007 9:57 am Subject: payday loans

ok, i do know that these loans are illegal in my state, and my AG is taking care of everything for me, but i have not heard from him lately

blsmith · Posted: Thu Apr 26, 2007 11:49 am Subject: 500 fast cash

Does anyone have an ADDRESS for a company called 500 Fast Cash. I do not dispute I owe them I do however dispute the amount and method of payment. There is no law stating I must pay them any way other than my way which is a money order sent to an address. They refuse to give me one. I am getting to the point where I am not going to pay them a dime.

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