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They are violating your state law. I'll have more for you in a moment.

Alaska's general usury law which caps rates at
10.25% is not enforced by public officials to protect consumers. The Alaska Small Loan Act which
caps rates charged by licensed lenders at 36% apr does not apply to loans of $500 or
less.

However it obviously does in your case.

The attachment has exaclty what the think cah webite says inclding the link to that page. Under that are the statutes you need to look at.

There's more more coming.

Here's the other statuets you'll need.

Go to their website to see their "disclosures". thinkcash.com/modules/Disclosure/default.aspx
It does say that the offers are void in some states howeverit dosen't tell you which states.

Thinkcash is an installment loan like cash call, not a payday loan. They are just importing their states interest rate rules for the purpose of the loan. The loans are written by the First Bank of Deleware so they are allowed to do this under federal law. They are not breaking any laws, so if you can possibly pay a little extra towards your principal every month that would be good.

By the way, I think that the apr is ridiculous for these installment loans from the First Bank of Deleware. They earn my award for worst bank in the nation when it comes to this stuff.

According to: commerce.state.ak.us/bsc/pub/mfb08.pdf
First Bank of Delaware (actually where your loans came from) is not even registered to do business in Alaska.

ThinkCash Loan Service, LLC IS Pay Day One and they were licensed. Pay day One is re-licensing now. When did you 1st take out the loans?

Reguardless of what Think Cash (Pay Day One) wants to call your type of loan they are violating your state laws and I would let them know, you know.

This is also interesting. myalaska.state.ak.us/business/Imaging/20755466.pdf

I'm kind of lost as of what I should do... Also now when I sign into my account, it says

Congratulations! You are eligible to get more money and lower your interest rate!*

Refinancing only takes a minute. To get started, click 'Refinance Options'.

* If you refinance your loan, proceeds from your new loan will be used to pay off your current loan. The remaining proceeds will be deposited into your bank account.

A lower interest rate woudl be bad, but I don't make more money!

~a

Someone with more knowledge in this area will come along, but what I have gotten from reading most posts on this site is that FDIC Banks would not have to have a lending license in Alaska to lend money there. Federal law allows banks to lend money to anyone in every state and they only have to follow their own state laws. This is why most banks are incorporated in places like Delaware because they do not cap interest rates at all. Thinkcash seems to operate exactly the same as cash call so maybe reading up on the sticky regarding that will give you more information, and unfortunately it does matter whether a loan is considered a short term payday loan or an installment loan. I highly doubt that First Bank of Delaware would be operating in any kind of an illegal way, it is immoral to charge that much interest but legal.

First Bank of Delaware is not REGISTERED. According to state law they must be registered.

Any sugguestions as to what I should do... Paying $386 per month hurts... [font=Georgia][/font]

p.s. I forgot to sign in... Also we don't make monthly payments, $96.68 comes out of my bank EVERY PAY DAY and $96.11 each pay day for my hubby's loan. If it's a "bank" loan rather than PDL wouldn't I have a "monthly" payment ONCE a month????

First Bank of Delaware is an FDIC bank, no difference between them and Bank of America, same type of company. I will guarantee you that they would not be lending money in Alaska if it were illegal. Yes, they charge way too much interest on their loans, but they can if they want to, there is no interest cap in Delaware and FDIC banks are allowed under federal law to "import" those rates to the consumers states. I assume that you can set up payments on installment loans however you want. Think Cash is just marketing the loans for them. Are they changing the name and nature of the loan to basically make a payday loan? Yes, they are but unfortunately they can do this. Read up on Cash Call, same exact type of company as Thinkcash, in fact they use First Bank of Deleware as well.

Since this loan isn't illegal in any way you will have to pay the loan off for it to go away. These installment loans are worst than payday loans because you end up paying back a ton of money. How long before the loans are paid off in full just making the minimum payments?

Mine should be pay off in June and my husband's in October. Yes, we only make the minimun payments. Only very little goes towards the principal, we can't afford more with already paying $385 total each month. I've recently been given the option to refinance for a lower rate and more money... lower rate would be nice but I don't want more money.

~a

Is it a significantly lower rate? How much?

You are right that you should not borrow more from them, that would just mean more interest. I would concentrate on really paying it off faster if you can, anyway.

Oilolo. I had a loan from Bank of Delaware. They are thieves but they can do what they want. They took out almost $300 per paycheck for 3 months. It was horrible but I finally paid them off. Good lesson for me in reading the fine print. I am sorry you are in this mess. Is there anyway you can get a loan at a credit union or through Prosper to reduce the payments for you and your husband? Hang in there, when your done you will feel great.

it took me forever to figure it out, but there should be an option somewhere on your think cash page that says, "payment options." You can then choose to make more of your payments go to the principal of the loan. They have it set up where you end up paying like 200% back to them, but you can restructure your payment options to pay your loans off quicker. Good luck.

Njl is correct. Federal laws trump state laws, and federal law allows banks to import their home state's interest rates. They do not have to be licensed in each state.

Think Cash is backed by an FDIC insured bank. They are 100% legal to lend when they are backed by a bank. 1st Bank of DE is the actual lender, not Think Cash.

Dcashwell - Where did you get the info that Think Cash and Payday One are related? I'm interested in looking at that info . . . .

The only way for me to change the payment options and have more go to the principal is to pay extra, which I cannot do with already paying $385 ot to them monthly.... :?

My wife and I both have loans through Think Cash and are getting know where. I pay $99.50 every payday and still have 20 payments or more on a loan originally $1250. My wife pays $46.09 every payday and still has 9 payments left on a $250 what can we do?

Unfortunatley Think Cash is backed by the First Bank of Delaware and they are legal. You can try to give them a call & work out some type of arrangement with them. When I had them, I stopped their withdrawals and had to let my account go about 3 months past due, then they were able to work out a payment arrangement with me. I was able to break the balance into 6 payments and no more fee's were added.

Bottom line, you knew the rates and payments when you first started borrowing money on payday loans. You took this loan out fully aware. I agree, rate is high, pmt is high, but you knew what you were getting into . Now you cry fowl? Whose fault is it really? Just try and pay off one loan first by paying more and don't do this again

Bottom line, you knew the rates and payments when you first started borrowing money on payday loans. You took this loan out fully aware. I agree, rate is high, pmt is high, but you knew what you were getting into . Now you cry fowl? Whose fault is it really? Just try and pay off one loan first by paying more and don't do this again