PDL Help in Pennsylvania

From reading this forum I think I remember that payday loans are illegal in PA. If you wait a bit I am sure one of the more knowledgable folks will be on to help and guide you.

If I am not mistaken...PA allows internet lenders as long as they are licensed somehwere. So you will have to check each one to be sure before you default. I am familiar with my cash now (they are nasty) and ameriloan...I don't think they are licensed...but you need to check unless someone can come along and tell us...

If and when you default...do not tell them ahead of time that you are closing your account...they will go in and try to take the full amount ahead of you...

You are correct Morning. Pa has that horrible loop hole. I will post the Payday loan laws for Pennsylvania here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Thank you all for the information. Could you please help me with writing the letter for revoking ACH rights from these companies ? I looked at the sample letters here but don't see one the addresses this ?

Thank you again for your help. This forum is a godsend.

Mick

Mic, you can not revoke ach , before you close your account. If you do these companies will go in and take everything. Send nothing until your account is closed. If these companies get wind of anything, they swoop right in and take. They will go in under several different names and several different amounts. Please take care of your account

Thanks Kash,

I am working with my credit union tommorrow to close my current account and open a new one. I won't contact the PDL's until this is done.

Could you please verify for me that ameriloan and One Click Cash are not licensed or legal in any state ? Also could you provide me with contact information for both of them if you have it.

Thanks for all your help. I have learned a huge lesson.

Mick

Preferred Cash Loans - One Click Cash
Address:
2533 N Carson St, Suite 5024
Carson City Nevada 89706
U.S.A.
Phone Number:
800-230-3266

I found these for ameriloan



3531 P Street
NW Miami, OK 74355

Ameriloans
2533 N. Carson St.
STE 4976
Carson City, Nevada 89706

Thank you for the informatation. Are both ameriloan and One Click Cash illegal and not licensed in any state ?

How do I become a member of this forum ? I thought I signed up but am still listed as a guest.

There's a signup link in the top right corner of the page.

go to the home page of debtcc and just follow the links to sign up.

Go to your Attorney General's web page or the page for financial institutions (should be a link on the AG site), look for licensed lenders....you can check there to see if they are licensed in PA..then check the states they are listed in....read their contract, sometimes it will say on there what state they are functioning out of.

They can't be licensed in PA, PA doesn't license these companies. You would have to check all the other state's to see if they are licensed.

But - We've already done that here for most of the big pdl companies. ameriloan and One Click Cash are not licensed in any US State. So they are illegal in PA.

I have closed my bank account and have been assured by my credit union the account can not be forced open. My next step is to revoke the ACH authorization. I have thos letters ready to go. I am going to try to pay 1800899cash.com off this week because I knoe they are legal.

Has anyone ever delt with ameriloan, One Click Cash, or Mycashnow ?

My current loan with Ameriloan is for $600 I have paid $540 back on it Since 2006 I have borrowed $1,750 from them and paid back $4,630. I am not giving them another $

With One Click by current loan is $500, I have paid 0. Since 06 I have borrowed $1,990 and paid the $4,240.

With mycashnow I borrowed $520 and paid back $65. I do want to pay back the remaining principle.

Can you please give me some advice on how to word my leeters to these companies and what I can expect from them ?

Thanks,

Mick

Mick I will Pm you a letter that you can use. Just Dr. it up to fit your needs.To get your pm go to the side of the screen, under the word chat. When it tells you that you have a message. click on it to open. let me know if you can not get it.

Kash,

I didn't get the PM of the letter. Could you please send it again. ameriloan and One Click Cash tried to debit my closed account on Friday. I got a call from One Click on Monday. I told the lady I found out they were unlicensed and were illegal. I have paid you well inexcess of legal fees over the past 2 years and was not going to pay any more. She said you aren't going to pay, collection activities will continue.

I have no intention of paying either company more $ without a court order. When they call again I think I will tell them to let me know when the court date is so I can file my counter suit for the refund of all illegal fees they have collected from me.

Micksprint,
Is it possible for me to get a copy of that letter from you? I have had the same difficulties with these companies. In fact, even when they tell you, you will receive a discount for being loyal customer, they "forget" and blame it on the customer. It is very frustrating!

p.s. Does anyone know about Paydayone, The Loan Shop and Paydaymax...are they legal in PA?
Thank you very much!

If you need to contact ameriloan, use the P Street address.

Like so many other threads I have been reading, I am in the same situation. What started off as a convenient way to pay off something quickly has turned into a drowning situation for me.
This is my situation if someone can help...
I have loans through the following:
1. Cashnetusa-I owe $1200 (Paid $1080 in interest)
2. Paydayone-I owe $950 (Paid $1435 in interest since Dec.)
3. Paydaymax-I owe $500 (Paid $432 in interest and extension fees and $50 toward principal)
4. The Loan Shop - I owe $400 (Paid $480 in interest)
I have paid more interest on these than principal. Actually I have paid no principal on these except for the $50 on the one) because the interest takes about half of my paycheck every two weeks. I live in Pennsylvania and I would love to know what my true options are here? If someone could help I would gladly appreciate it. I do feel that I should pay the principal but cannot seem to do so with the high interest rates. I am NOT adverse at all to closing my credit union account but one loan document states that if I close my current account, they can still take money from any other account I would open with my name on it? Any advice on this as well? You all seem so much smarter at this than I am. Thank you so much and I look forward to any help anyone can offer!

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!

Response:

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

What does this mean?

There are no storefronts in PA. They are illegal.

Internet lenders can lend legally to PA residents as long as they are licensed in another state. They would need to follow the laws of the state in which they are licensed.

Cash Net USA and Payday One are legal companies. They are using their Nevada license (Cash Net) and their Deleware license (Payday One) to lend to PA consumers. The Loan Shop may be licensed in Utah, I can't remember off the top of my head.

Payday Max is not licensed in the US.