Need payday loan help in Texas

Here are the laws for your state (just select your state),
\http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Please click on the license database to see if your loans are even licensed. Chances are they are not. Read the sticky regarding closing your checking account , so that you will once again have control of your money, and can pay what you need to pay in a more affordable manner.

Please list how much each loan was for , and also how much you have paid back. principle and fees.

Jendrea - you also need to identfy storefront pdl or internet pdl. If they are storefront, more than likely they will be liscensed. my cash now is one I recognize and is not licensed, if I remember correctly, it is not even in this country. Please post the information Kash asked for, there is always someone here ready to help.

Good point
I forgot about store front or internet

Pay Day One is usually licensed in every state it lends in.

Gotcha covered..

These were all internet stores.

Paydayok-original amount $500, balance $350, paid
$929.65

Paydayone original amount $500, balance $350, paid $932.98

Thinkcash original amount $1000,balance $950, paid $290.64

Cashone -original amount $500, $500 balance ,paid $235.00

Mycashnow- orinal amount $500 ,balance $400, paid $463.09

USA Payday-original amt $450, balance $450, paid $270

I defer to Goudah's superior knowledge.. Pay Day One was the only one that was liscensed. (I had a chance to look them up and if I did it right).

Yeah, Payday One and Cash Net USA are the only 2 internet pdl's that actually get state licenses and follow the laws of that state when lending.

The other issue COULD be that some of these companies are acting as CSO's. Most pdl's in Texas (storefronts) are CSO's, not pdl's. CSO's are loan brokers, and they can get around following the laws meant to restrict them.

But since these are all internet based companies I wouldn't think they are CSO's. Most of the companies you have posted are not legally operating companies in other states, so why would they bother being legal in Texas?

PS - I love the cheshire cat Roxy!

I only get Payday one to come up when I search as well.
what exactly does this mean?
Should I proceed with the steps to close my bank account?

Thank You Goudah...

Please read this thread about closing your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

There is some important info you need to talk to the bank about to ensure your account is protected from these places.

What the licensing search means is that the other companies are operating without a legal license in your state. They are illegally operating companies. You need to file complaints with your state AG office, dept of banking, BBB, etc.

ok. I've read the info on closing my bank account. I will try to get to the bank tomorrow to discuss this with them.
I also will contact the state AG office about filing a complaint.
As far as my contact with the pdl...should I let them know I will not be able to pay starting wk of 9/16/07?
Should I call them or contact them in writing?

Thank you so much for all your help!

I would get your bank account fixed and protected first. Then you need to send letters to your ipdl's revoking authorization to debit the account. Sometimes if you let them know ahead of time, they will try to hit your account early.

Also, always do things in writing. Send the letters certified mail. That way you have proof of what you are doing.

For the one company that was licensed(payday one), should I try to pay that one off or just give them my new acct info?
Also, is there a template or sample letter of what should go out to the ipdl companies to revoke ach authorization?

Please do not give anyone your new account info ever

Yes - Do not give them your new account info. Pay them with money orders or another form of payment that does not give them any info regarding your bank account.

To revoke authorization for these companies to debit your account simply write:

"I hereby revoke any and all authorization I gave Company X to debit in any way any account I may have."

It doesn't have to be fancy. Just be sure to send it certified mail so you have proof they recieved it.

I have just a few more questions. I have taken steps to close my bank account, I do have another joint account w/ my husband at another bank which is the one I plan on using from now on.
My question is...My husband has one payday loan in his name w/ one of the same companies I do.
Will they be able to debit my debts from this new account since it is a joint account and he has a open loan with them?
Also, for Mycashnow. The loan I have currently is the 3rd loan I have had with them. I paid over 1k in finance charges only on the previous two...are these also eligible for refunds or is it only the current loan that is eligible for the refund?

Thanks everyone for the help and support...I'm finally seeing a little light at the end of the tunnel.

jen, I got your quick message on my home page. I'd be glad to help. However, I'm trying to figure out your amounts for each loan. It's easy with the ones that are unlicensed/illegal. However, PayDayOne is apparently licensed (after reading the posts). Now I'm trying to figure out how much you would owe according to your state pdl law. It states no rollovers are permitted. So, does this mean that PayDayOne is not charging you rollover fees? Someone help me on this one. jen borrowed 500 from PayDayOne (who is licensed in her state). jen paid 932.98 so far. What? So, she's paid 432.98 over the principle amount? Is this following her state pdl law? I'm confused on this one.

jen, if your husband has a pdl with that account number, DO NOT USE IT. They will then have your new account information and debit from that account. You need to go to a different bank, open a new account. Do not use the account your husband has a pdl with. Lord, it's the same pdl you have! You don't think they're going to jump all over that? No, no. Please do not use that account. As for MyCashNow and the two previous loans, you can always attempt to get a refund from them. The key word is attempt. You may have to "eat" those. Your current loan you have with them, you only owe 36.91. But, you can try. However, I don't see an illegal pdl going back from previous loans and refunding you. I could be wrong. But they like to quote that "you have been a previous customer and knew the terms and conditions when you signed the contract. You did not have a problem with the previous loans, so why are you having a problem with the current one?" Believe me, I've heard it. Someone please help me with the licensed pdl PayDayOne and Texas law so that I'll know for sure if they are following the law. The amounts just don't add up to me. But I'm not a Texas expert!

Seeeing as it is a joint account, they may still try to debit it so he might want to consider changing banks also.

jendrea - would you rather not pay 1 cent more to payday ok and payday one? I can't so for sure, but if you send those 2 an email telling me how much you have paid and that you feel you have paid more than what is allowed by texas law, and send it a couple of times. if you read this tonight try and do it tonight, then saturday you might get a nice little email that says "paid in full"

cheers! :wink:

second time trying to post and it's not working :x

what's wrong with the message board? I've tried posting three times to this thread.

kelly, I'm trying to help jen with her letters. We've already established that she's overpaid 2 of them. And I want to help her. But before just proceeding with the 2 that are overpaid, I was trying to find out more regarding the licensed pdl (PayDayOne) and what is actually owed on that one. Any ideas on the Texas law?

yes, payday one and payday ok and payday select are owned by the same entity. If she will email what she has paid and copy and past the texas laws on payday loans from the first page of this thread I will bet her a margarita that they will send her an email that it is paid in full!!!! nothing else, don't send anything about making payments or new bank acct. info.
say that she is revoking their authorazation to debt from her account on the email also. that is all it takes. let us know if it works.

Kelly

The rules and regulations issuers of payday loans must abide by in the state of Texas.

You will find the Payday loan laws for Texas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
I'm just guessing unfortunately but I think if they hold a license she will have to pay what they are asking..it says it can convert to an installment loan. I owuld suggest she call her AG office on that one to clarify the amounts paid.

What I'm showing is that she's overpaid the licensed one by over $400. How is that possible if they are licensed/legal? If they are licensed/legal in Texas, they're breaking the law. Am I correct in assuming this?

your correct and if she sends them the email, she will be so happy....

jen, do you know how to "pm"? I need you to send me a pm, if you can. Underneath my post you will see a little "button" with two people on it that says "pm". Click on that. It should come up with a message page and it should already be addressed to cannr. Just send me a pm so I'll know that we're connecting and I can pm you a letter to help you. Please post if you have any problems.

They could be operating as a CSO . . . . Texas has a ton of them.

They are operating as a CSO:



Their registration as a CSO can be found here

Also, Payday One is not the same company as Payday OK and Payday Select.

Payday One is a lot like Cash Net USA. They are legally licensed and follow the laws of all the state they lend in.

You know what, I'm sorry, I was wrong. I think they are the same company.

It's just so strange that they would operate 1 pdl totally legally, and the other 2 illegally! That is probably why they are so good about refunds and PIF's. They wouldn't bother licensing Payday One in every state if they didn't have to. I wonder why they don't do the same with Payday OK and Payday Select? Strange . . . .

I just recently wrote them an email after reading some other postings to see if they would consider my account PIF since I had paid over the amount I borrowed and they sent me an email stating they were sorry that I was unsatisfied. They said to consider my loan paid in full. I live in TX.

Yay! That is great! It seems that all the companies related to Payday OK are fairly easy to deal with!

Thanks for posting this. Others that have accounts with them will be glad to hear this.

Thinkcash is bank of Deleware, you have to pay them, i am learning! :(

Guest-please sign in or register. I believe that's Frist Bank of Delaware and the loan there is considered an installment loan. I'm not sure how much different installment loans are from PDL's...anyone know?

Installment loans are totally different then pdl's . . . . Totally different set of laws. But First Bank of DE has several different loan products. Some are pdl's, some are installement loans.

I have 2 loans through First Bank of DE. I didn't list them cuz they showed as installment loans, however one of them is through think cash.

Yeah, if they are installement loans they are different then pdl's . . . . And since they are backed by an FDIC insured bank they are legal.

That's what I thought...at least I'm not totally confused!!! :?

Wait a minute. Think Cash is an installment loan backed by a bank?

I found this on Think Cash's website:

Goudah...so ya thinking this is a pdl as well? They aren't licensed in NE. I even checked to see if First Bank of DE was licensed under the installment loan section....

The way I'm reading this (and I am certainly no expert) is that they're not a "pdl". It reads like they are a "loan" - an installment loan. If it states that loans are funded through the bank, then wouldn't that mean you are actually paying an installment loan back to the bank? Like I said, I am not an expert here. I was just trying to decipher what goudah posted regarding them. It's like Cash Call. When you go to Cash Call's site, it states that the loan will be given by the bank. So, it's an installment loan. Now, someone come behind me and correct me if I'm totally misunderstanding this!

Yes, Cannr is right. They are an installment loan. Not a pdl.

The loan is funded through the bank. Federal law allows banks to do this in any state without state licensing. So they do not need a license in NE to lend legally. Federal Law superceeds any state law.

Thank you, queen goudah! :D

Thanks for the clarification gals!!!