Loanshop/Westbury Ventures/LTS

Oregon recently changed it's laws about payday loans, making them iron tight about internet companies. They MUST be licensed and following Oregon law.

This company is not following Oregon law. You've already paid them back what you borrowed, so you don't owe them a dime more.

You need to file a complaint against them asap with the Oregon Banking Dept. Mike is the guy's name, and he is really helpful.

I'm from Oregon too! Nice to meet you!

Please read the sticky about closing your bank account

It has some important info you need to know to stop these places from getting more money out of your account.

You will find the Payday loan laws for Oregon here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


Emails to and from OR Banking Dept:

Hello,

Can you give me a summary of the new payday loan laws that went in to effect on July 1, 2007? And can you clarify if internet based companies must now be licensed by Oregon to lend to Oregon consumers?

Thanks

Response:

The following is a summary of changes made to consumer finance, payday, and title lending by
the 2006 Special Session and the 2007 Legislature. This letter provides information on some of
the most frequently asked questions on the new consumer finance lending laws that take effect
July 1, 2007.

* Limits interest rates on payday or title loans to 36% per annum.
* In addition to the interest, allows a payday or title lender to charge a one-time 10% loan
origination fee on a new loan ($10 per $100) up to a maximum of $30 (regardless of the
amount of the loan).
* Sets a minimum term of 31 days for both payday and title loans.
* Limits payday and title loans to two rollovers/renewals.
* Prohibits a lender from making a new payday or title loan to a consumer within 7 days on
either side of the date on which a payday or title loan expires.
* Allows a lender to charge only one fee for NSF and dishonored checks, regardless of the
number of checks written by the customer; the fee is limited to $20.
* Allows payday or title lenders to pass through to the borrower any NSF or dishonored
check fees an unaffiliated financial institution charges the lender.
* Includes ???????sale-leaseback??????? arrangements in the definition of title loans, thus prohibiting
such arrangements unless the lender-buyer is properly licensed.
* Prohibits lenders from charging any fees other than those that are specifically allowed in
the payday and title lending laws.
* Starting July 1, 2007, you are limited to charging a maximum 10% loan origination fee
(based on amount loaned and subject to a maximum of $30) and a maximum 36% per
annum interest rate on all new loans. You must calculate interest on a 365-day year.
(Lenders have the option of using a 366-day calculation for leap years.)
* On July 1, 2007, interest rates and fee limits become effective. You can collect the fee
(finance charge) that you stated in the agreement that the borrower signed before July 1,
2007. However, you must use the minimum 31-day term and the maximum 36% interest
on any renewal of a payday or title loan on or after July 1. You must also comply with the
$20 maximum NSF fee limit on any returned checks you deposit on or after July 1.

What do I do if I decide to change my business model to make short-term loans only
through the Internet, mail or telephone?

You must provide information to our office describing changes in your business model. If
you are making loans to Oregon residents, licensing and complying with the new laws are
still required.

What does it mean?

They can only charge you 10% origination fee, and 36% interest. The origination fee can only be charged at the start of the loan.

The loan can be rolled over twice.

There is a 7 day waiting period between loans.

Loan terms must be at least 31 days.

Internet lenders must be licensed by OR to lend legally.

What other companies did you borrow from? Are those loans still outstanding?

USFastCash, Impact Cash, Loanshop, and JVC Funding. JVC is the most recent one out that is doing that $180 a month deduction until I arrange a payoff in full. Impact cash we owe $145 still

How much did you borrow for each loan? How much have you paid back in fees so far?

Without pulling up paperwork I am thinking about $300 a piece.impact cash no fees at this point, JVC counting the overdrafts they caused for trying to withdraw early, $308 and thats not even principle!

You need to file complaints against all these companies. I'm willing to bet none of them are licensed in Oregon. That means they are not operating legally, and the loans are not legal.

You would only owe them principle, and if you've already paid them that money in fees and such, you are done with them.

Really? That just seems so....easy? :shock: How can I look up if they are legal in Oregon or not? You have been a great help!

http://www4.cbs.state.or.us/ex/all/mylicsearch/index.cfm?fuseaction=main.show_main&group_id=20&profession_id=20&profession_sub_id=20000

That is the link to search for an Oregon license . . . .

And it just sounds easy . . . . It can be a pain and a half to get these companies to follow the law. But at least you are in a state that is really cracking down on these types of companies. I know that people at the Oregon Dept of Banking really helped me when I went through my mess, and that was way before we had these good new laws.

I have a 000-000-0000 number calling us daily, turns out its Usfastcash and we had a remainder of $90 dollars apiece on our individual accounts before we closed our account, now they are saying we each owe them! My bill is now $590 and my husbands is $1500!