Internet PDLs in Ohio

Yes - If they are licensed.

Specifically 500fastcash, impact cash, united cash loans, clear water bay marketing, cash transfer centers????

500 Fast Cash, United Cash Loans, and Cash Transfer Centers are not licensed in any state, let alone in Ohio. They are not legally operating companies.

I'm not sure about clearwater bay, I haven't heard of them before . . . .

I'm confused. When you say not legally licensed, does that mean I don't have to pay them back or just what I borrowed?

Thanks for your help (and this site)!

We do advocate paying back the principle amount borrowed.

That means that they are not legally licensed to lend in Ohio. You would have to check Ohio laws to see if that makes the loan void or not.

But as long as you pay back what you borrowed you are covering your ass in case something where to happen . . . .

I've been paying $90 every two weeks since Jan 15th. I've more than paid what I borrowed. Can I/should I tell them to shove off? What legal recourse do they have if I decide not to pay anymore?

If they are unlicensed/illegal, they have no LEGAL recourse. They can not LEGALLY collect a debt that is considered illegal in your state. However, there are steps to take to get rid of these morons. First question, is your bank account taken care of so that they can no longer debit your account?? If the answer is yes (as that is the FIRST step to take care of), have you sent them letters informing them that they are illegal/unlicensed and that you've overpaid? Also, you can file complaints against them with the BBB, the FTC, and your state AG.

I put a stop hold with my bank. That must have got them riled up. They've threaten to send my employer a letter. The only problem is I don't work there anymore and WILL NEVER give them an idea where I work now. I gave them my cell phone number that I no longer use or own so thankfully I've been spared from harrassing phone calls that others have experienced here.

So, by saying "stop hold" at the bank, do you mean a hard block? Not just a stop payment on the particular names? Because they will/can change their name, their dollar amount, etc. to get money through. They will also attempt to send through electronic checks. So, have it covered to where NOTHIING will go through that bank account. Actually, open a bank account at a different bank and close this one as soon as you can. Now, as for not paying them a dime, honestly, what we do advise here is to pay back the principle amount of the loan. The reason for this is because they deposited the money into your account and you did use the funds. However, if you have indeed overpaid the principle amount and these companies are unlicensed/illegal, you need to send them letters telling them that you revoke their debit authorization, revoke wage assignments, state your state pdl law, and inform them that you have overpaid and demand a refund. This way you will have documentation of everything. You'll want to put the dollar amounts on there showing that you've overpaid. Also, you'll want to file complaints against them with the BBB, the FTC, and your state AG. To think that they will just "go away" is not the right way to think. They may appear out of nowhere. They may find a way to hit your bank account again. They might hit your credit reports. The best thing to do is do it in the correct steps. This is for your own protection, as you will have documentation if anything comes down. Plus it helps in filing complaints against them.

I really wish you would file complaints, the more people that do, the better informed the BBB, AG & The Division of Financial Institutions are about the illegal Internet PDL's giving out these loans.

Thanks everyone. Great stuff. I will open up a new account asap. That said I have a few things that need to go through (like the mortgage payment) before I can put a Hard Stop on the account. May take up to 2-3 wks---Gulp! :oops:

My bank allowed me to but a hard block even though I had outstanding items. I just told them what to pay when they came in..I didn't mention these pdl's ach's. I wouldn't wait the 2-3 weeks, if these companies know that you are going to devault on your loans, they will go in and get it all..

Have you talked to your mortgage company? I would do that and see if they can wait. I would hate to see you lose any more funds because of these illegal pdl's.

good luck..

My mortgage payment posted today. I've "drawn the line in the sand". Not only are the illegal pdls no longer able to take anything out of my account with the hard stop, I'll start the process of closing the account for good. These pdls are a major pain where the sun doesn't shine!!! Fortunately with everyone's help here, I feel I am finally taking the first steps in stopping these clowns. It was MY mistake for even approaching these guys in the first place, but equally, I feel I don't deserve to be taken advantage of or most importantly, having them "steal" money from my account any longer.

Thanks again for everyone's help!

Is Impact Cash legal in Ohio????

Not showing them licensed in Ohio.