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payday loan trap

Date: Mon, 04/30/2007 - 15:03

Submitted by dyldevp
on Mon, 04/30/2007 - 15:03

Posts: 4 Credits: [Donate]

Total Replies: 9


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


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.


lrhall41

Submitted by goudah2424 on Mon, 04/30/2007 - 15:18

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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.


lrhall41

Submitted by goudah2424 on Mon, 04/30/2007 - 15:53

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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


lrhall41

Submitted by on Mon, 04/30/2007 - 16:03

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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.


lrhall41

Submitted by on Mon, 04/30/2007 - 21:30

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