Sonic cash question - received email response

i would email back that it is up to them to
obey idaho law.they can't even obey the laws
of the state they are in,point that out to
them.

what are the payday laws in Idaho?

i would go by the email you got.somebody
should be by with the idaho laws.if not i
would go by the email,sounds like they broke
idaho pdl laws if the email is correct.it is
up to them to obey the laws.not to point it
out after the fact.

How much amount can lenders charge as fees?
Idaho state code does not specify limits on fees; however, principal amount of any payday loan should not cross $1,000 and every payday loan transaction should be initiated by a written agreement that clearly describes the chargeable fees in terms of dollars and in apr. The notice should also include a statutory dec*laration that says payday loans are not for long-term financial needs.
Licensed lenders are not allowed to renew a payday loan for more than 3 consecutive months and any payday loan should not be repaid by renewing an older payday loan.

What if my check bounces?
Lenders cannot initiate any criminal proceedings, however, a fees of $20 can be added, no treble damage can be claimed.

Mods -

Any advise on replying to their email? I already contacted their dept. of Finance with a complaint as well.

i pm'd a couple,they should bring clarity
to this.

please help....anyone? I really want to reploy to them ASAP

I've cut and pasted this contact information for PDL information in Pennsylvania; perhaps you should contact them to see what you are obligated to do, re. an internet loan company based in Idaho. (I'm in Maryland and dealt with an internet PDL in another state; our State financial people told me I was NOT bound by that States' law, just Maryland) Anyhow, hope this is of some help;

Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773

Actually, for PA, this is correct. The laws only apply to storefronts, or businesses with a physical location in PA. If this company is licensed in Idaho, it would be Idaho laws it would need to follow.

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

Emails to and from Pennsylvania 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.

Here, are the Payday loan laws for Idaho (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Unfortunatly, looking at the email they sent you and the laws for Idaho, they are correct in what they are saying.

And they are legally licensed in Idaho:

Goudah - I received this response from NetCashUSA

Sorry for the misunderstanding of the loan terms i will be sending over another copy if you have any more concerns please call myself or another C.S.R so that we can better assist you.

Net Cash USA is licensed in New Mexico, if memory serves me . . . .

I bet they just send you another copy of the contract . . . .

probably....

payday one replied they will honor my proposal and i would pay what I owe minus the fees on the dates I proposed and if i dont, they will send it to collections... pretty cool on them.

I have not heard back from anyone else yet. There were 11 in total.

Just got this email from Sonic Cash

Right now your loan debit is due on 4/25. I can not stop that payment because you have used up all 3 of your extensions. If you do not want it sent to your bank account you will need to send the full $540 through moneygram no later than 4pm mst on 5/25. To send a moneygram you need the receive code of 3644 and your social security number is your account number.
Sonic Cash

I told them my account is closed and wanted to make arrangements and didnt have the $540.

Any advice?