HELP PLEASE!

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California State Information

Legal Status: Legal

Citation:
Cal. Fin. Code ???????? 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677

Internet based companies must be licensed by CA to lend legally. I am assuming these are all internet by looking at their names. However, correct me if I am wrong in assuming this. So, what we need to do is find out if any of these pdls are licensed in CA.

I'm not finding them licensed in CA. However, I do know that we have CA members on here that might know of other places to check to make sure I am not giving out incorrect information.

And, your not going to the "fraud department". My goodness, I heard that a million times myself!

Have you considered doing anything regarding your bank account? I can post some information regarding closing/blocking your bank account for you to read.

Before you close your bank account due to payday loans eating away at your paycheck, please read this.

Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.

If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.

It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.

Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!


Last edited by goudah2424 on 17 Jul 2007 15:25

they are all based on the internet

can i ask them to furnish me with there california license number ? I really appreciate your help!

t, you have every right to ask them to furnish you with the name they are doing business as and their license number. However, let me just caution you on one thing, if the pdls catch wind that you may even be THINKING of not paying them and that bank account is open/active, they will hit it for all they can. I wouldn't contact the pdls until my bank account was safe from them. Once your bank account is safe from being debited, you can freely email/fax/mail letters to these pdls and ask them to furnish this information. I just don't want you to ask them these questions (they catch on pretty quick when questioned) and they freak out and debit your account to hell!

thank you i will contact my bank and then send the letters you guys are awesom

t, if you need anything, just post! We're here to help you! :D

is instantcash911.com licensed in california?

so i just got a letter from a collection ageny for instantcash911.com and they want me to pay 480 dollars to remove the debt. my bank records show that the original loan amount was 350 and that i have paid 360. I told the collections agency that i was waiting for a validation of debt and he said that was fine but if they did not hear from me by thursday they would pursue involuntary methods to collect the debt.Help please!

Well, I found this much on their website:




Also, here is an address they have as a "contact us". It's a completely different name than instantcash911.

WITHDRAWAL NOTICE
--------------------------------------------------------------------------------

Date: 4/1/2008
Account Information: Your account with Arrowhead Investment that was sent to AIS Services has been removed and no further collection action will be take.

YES!!!! :D

what???? the post above...don't think we like you...Cause I see no one out here trying to take down companies...as said on this forum; that we do advocate paying back what is actual borrowed (principle amounts)..

purple,don't let loanslime123 get to you,she does have to be watched.could becmoe another NNC.nice post
nobody on this topic mentioned any of what she said.typical pdl.only hear and believe what they want.

Paul, I am new out here; and it just makes me so mad when they come out here and think that all we want to do is not pay what we borrowed back....

I just can't imagine what my life would be like if I didn't find you (this site)....just venting a little..

thanks for the post...

Ah, loanqueen123 was a blow hard. She must have been bored. Goodbye, loanqueen123. Good Lord!

I wanted to state that i fully paid the principal back!

Great job, t! :wink:

agree with cannr...loanqueen123 =...


and way to go T!!!!