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I know I have paid more than enough

Date: Mon, 09/10/2007 - 07:03

Submitted by anonymous
on Mon, 09/10/2007 - 07:03

Posts: 202330 Credits: [Donate]

Total Replies: 46


I have three payday loans and I know I have paid more than enough. I live in Pennsylvania. Can you tell me the PDLs in this state.


These loans are all internet, right? PA has a loophole in their laws that allows ipdl's licensed in another state to lend legally to PA residents. See this email from the PA banking dept:

[quote]Emails to and from PA Banking Dept

Hello,

I have a question about payday loans in Pennsylvania. Does the small loan rate cap of $9.50 per $100 per year discount or 24% per year apply to these loans? I took out a few on the internet and am trying to figure out how much I legally need to pay. For instance on a $200 loan would I be legally responsible for paying back only $248?

Thanks!


Reply

Dear Ms.:

The 9.5 discount and the 24 % simple interest refer to calculations that can be used by companies that are operating in Pennsylvania and are licensed under Pennsylvania????????s Consumer Discount Company Act. With a number of exceptions, a lender that is located inside of Pennsylvania and who does not have any special lending authority (i.e., a special license or charter) who is making smaller loans not secured by real estate can only charge interest at a rate of 6% simple.

A lender that does not have a physical presence in Pennsylvania but who has lending authority from some other state can generally charge the interest rate and finance charges allowed by that other state.

The Department may or may not be reviewing this policy and I would not count on this e-mail as an interpretive opinion before starting any lending or business operations.

James Keiser | Administrator Non-Depository Institutions

17 North Second Street, 13th Floor | Hbg PA 17101
Phone: 717.783.8242 | Fax: 717.787.8773
jkeiser(at)state.pa.us | www.banking.state.pa.us[/quote]

So you will need to check and see if any of the companies you are dealing with are licensed anywhere.

Can you list the company names you borrowed from? The amount of the loan? And how much you have paid back so far in fees?


lrhall41

Submitted by goudah2424 on Mon, 09/10/2007 - 07:29

( Posts: 7935 | Credits: )


CASH SUPPLY 200 PAID 300
MESA FINANCIAL 300 PAID 450
USFASH CASH 250 PAID 300

options?


lrhall41

Submitted by on Mon, 09/10/2007 - 08:38

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how do I find out if they are not lincense/status and are loaning illegally?


lrhall41

Submitted by on Mon, 09/10/2007 - 08:54

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I have a pay day loan with USFASTCASH who is licensed in OK, I am in PA. By law I am authorized to tell them that that my debit is no longer authorized but USFASTCASH says they can only receive payment by credit or debit. I borrowed 300 this thursday I will of payed $390.00
SUGGESTIONS??


lrhall41

Submitted by on Mon, 09/10/2007 - 11:32

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In MD all are prohibited, but I wonder of the two that I had previously had which ones are not licensed at all. Do you know if there's any more that I should have paid besides the loan amount? I paid more than that, but I just want to make sure. Not like I just want to give them my money or anything. haha


lrhall41

Submitted by Billysgirrrl on Mon, 09/10/2007 - 12:18

( Posts: 130 | Credits: )


drillboy - you live in PA. They are prohibited; however, PA will allow an internet pdl if they are licensed in another state. If they are licensed in another state, you would have to abide by the state they are licensed in. However, USFastCash is totally unlicensed/illegal. They are not licensed to do business in any state in the United States of America. They are illegal - period.


lrhall41

Submitted by cannr on Mon, 09/10/2007 - 18:26

( Posts: 9317 | Credits: )


drillboy, I'm checking to see if your other two are licensed. Cash Supply is in NM. I'm checking that. Cash Supply is not licensed. So, you're good on that one, too. Let me check your last one. (We already know USFastCash is not licensed). Hang on.


lrhall41

Submitted by cannr on Tue, 09/11/2007 - 07:48

( Posts: 9317 | Credits: )


drillboy, I'm showing Mesa Financial as having an active license. This would be your only one that you would have to abide by their state law. The other two pdl's are not licensed. You need to do something regarding your bank account ASAP since your pdl's are due to hit Thursday. There is a "sticky" at the top of this site page regarding closing your bank account. I need for you to read that. If you have ANY questions regarding closing your account, please post. If your bank can not guarantee you that your account will not be "forced open" due to pld debits, you need to get a hard debit block put on it. It might be "too late" to get it closed and not forced back open, as your pdl debits are already pending to hit. If that's the case, you need to put that hard debit block on it ASAP. You need to go to the bank in person, speak with the branch manager. Explain illegal companies are taking unauthorized debits from your account and it needs to be closed. However, if they can not PROMISE it will not be forced open (as it might since it's this late), make them put a hard debit block on it. Do not leave that bank without something being done with that account. You need to do this asap. If you have any questions regarding the bank account, just post. If you have any problems, just post. We need to get your bank account settled first. Then we can move forward. Post any questions. :D


lrhall41

Submitted by cannr on Tue, 09/11/2007 - 07:56

( Posts: 9317 | Credits: )


DRILLBOY - You need to tell your bank that you HAVE contacted these pdl's. Take copies of your letters with you if you have to just to show them. (Even if you haven't mailed them yet to the pld's). Tell your bank - STRESS THIS - that these are illegal, unlicensed companies taking unauthorized debits from your account. Tell them that you are "working with an attorney" regarding these illegal companies. Tell them whatever you have to to get them to block that account! Be extremely firm. Do not let them tell you that it "can not be done". Yes, it can! Cry, have a fit, have an anxiety attack, do whatever it takes to get the bank to take care of this! I swear to you, if you have to tell "a story", then by all means, do it. It means protecting your money. If they give you any crap at all - you ask them "what do you consider fraud? what if someone took my checkbook? you would close/block the account with no problem. you need to do that in this case as these are illegal companies and they are not authorized to debit my account and I do have an attorney working with me." Tell them you've spoken with your state Department of Financial Institutions regarding this. Hell, throw out every government agency you can think of, attorney's names, etc. Get them to block that account! This is where you may have to "spin lies" or "be mean" or whatever. But do whatever you have to to protect your money! Those pdl's are going to hit again NOW. I'm very concerned. I personally went in, threw a hissy fit, said I was working with a lawyer, stressed "illegal/unlicensed/unauthorized". Please, please try this. You've got to make them understand they have to do this now. Tell them you will be contacting their corporate office if they will not cooperate and proceed to get the corporate office telephone number. I'm sorry - but if they want to play hard ball, you're going to have to play hard ball back. Protect your money though!


lrhall41

Submitted by cannr on Tue, 09/11/2007 - 13:56

( Posts: 9317 | Credits: )


cannr,

thank-you for all your help.. Do you have a format for a letter I can use to send to my pdls


lrhall41

Submitted by on Wed, 09/12/2007 - 08:10

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drillboy, if you register as a member, you will be able to send/receive pm messages. We can then send things back and forth. Go ahead and sign up as a member and you'll be able to do this & everyone can send you messages (example letters, etc.) and you can also send people messages if you have questions! :D


lrhall41

Submitted by cannr on Wed, 09/12/2007 - 08:12

( Posts: 9317 | Credits: )


Oh! drillboy! You became a member! Good job! :D Now we can send you letters, etc. First, what is it you need to know about Cash Supply? Is that a pdl you have? Is that the name of the pdl?


lrhall41

Submitted by cannr on Wed, 09/12/2007 - 11:53

( Posts: 9317 | Credits: )


Yes I have a pdl with cash supply, and cash net. Please send a letter that I can send to them. Are they legal in PA??


lrhall41

Submitted by db on Wed, 09/12/2007 - 11:55

( Posts: 65 | Credits: )


Here is what the BBB has:

Cash Supply
314 N Riverside Dr
Espanola, NM 87532
Primary Phone: (800) 416-8907
Primary Fax: (800) 416-5405
Primary Contact: Crystal Gonzales,Site Manager

Of course, they have an "F" rating with the BBB.


lrhall41

Submitted by cannr on Wed, 09/12/2007 - 11:55

( Posts: 9317 | Credits: )


Cash Supply is not licensed. Hang on. Let me look at the other one.


lrhall41

Submitted by cannr on Wed, 09/12/2007 - 11:57

( Posts: 9317 | Credits: )


goudah, cashnetusa - licensed, right? Showing them on BBB. Please confirm this for me. I get confused! :shock:


lrhall41

Submitted by cannr on Wed, 09/12/2007 - 11:59

( Posts: 9317 | Credits: )


drillboy, I believe CashNetUSA is licensed. If this is the case, you would need to follow the pdl law of the state where they are.

Also, I received your pm. Check your messages. I have sent you two.


lrhall41

Submitted by cannr on Wed, 09/12/2007 - 13:09

( Posts: 9317 | Credits: )


drillboy,

Cash Supply - unlicensed/illegal
USFastCash - unlicensed/illegal
Mesa Financial - licensed - you abide by their state
CashNetUSA - licensed - you abide by their state

Check your messages. There's a letter for you. :D

Please post if you have any questions.


lrhall41

Submitted by cannr on Wed, 09/12/2007 - 18:40

( Posts: 9317 | Credits: )


Drillboy, to retrieve private messages (pm's) look at the right side of the page, there is a box and right underneath CHAT there is a statemetn "you have xxx new messages" or it will say "you have no new messages" click on that and your mailbox will open up. Then click on the message and it will open - Roxy


lrhall41

Submitted by RoxyNY on Thu, 09/13/2007 - 05:36

( Posts: 4178 | Credits: )


thanks roxy, i did go in there but there are no messages when I open it up and cannr sent me two??


lrhall41

Submitted by db on Thu, 09/13/2007 - 06:49

( Posts: 65 | Credits: )


roxy, yes I just don't see any messages in my inbox


lrhall41

Submitted by db on Thu, 09/13/2007 - 07:16

( Posts: 65 | Credits: )


Ok..maybe it is on her side. She will read this. Usually around luch time, our time. Cannr- would you try to pm Drillboy again, something silly is up and he has no Inbox messages (as I am sure you have already read). Drillboy, another option is to pm Mike and ask him to check it out for you. Hang in there - Roxy


lrhall41

Submitted by RoxyNY on Thu, 09/13/2007 - 07:24

( Posts: 4178 | Credits: )


cannr,

Your messages didn't post to my inbox


lrhall41

Submitted by db on Thu, 09/13/2007 - 07:29

( Posts: 65 | Credits: )


My messages are sitting in my "outbox" waiting to be picked up. They have been sent. They sit in the "outbox" until they are picked up. They are still there. So drillboy, you should have some messages waiting for you.


lrhall41

Submitted by cannr on Thu, 09/13/2007 - 09:14

( Posts: 9317 | Credits: )


Can someone please help drillboy with an "example" letter for his pdl's? Apparently he is not getting my pm's or roxy's pm's. We've both tried pm'ing and he is not receiving them. Can someone else try to pm him a letter or at least post an example of what he can use? Any help would be greatly appreciated! :D


lrhall41

Submitted by cannr on Fri, 09/14/2007 - 08:04

( Posts: 9317 | Credits: )


Thanks, volley. At this rate, drillboy is going to have about 30 pm's with letters..............


lrhall41

Submitted by cannr on Fri, 09/14/2007 - 08:18

( Posts: 9317 | Credits: )