CashNet USA..... legal???
Date: Thu, 05/15/2008 - 10:00
Rather than rolling over an existing loan, they call each "rollover" a "new loan." I belive Minnesota states that you may not use a new loan to pay off an old one. I have paid off a few loans through them in the last year, and then obtained new ones, along with many "rollovers."
Does it sounds like I should shoot for a refund since they are unlicensed in MN, or am I screwed since each "rollover" is shown as a new loan?
CashNet USA is licensed in the state they are in. Since they ar
CashNet USA is licensed in the state they are in. Since they are an internet pdl they are legal. Somebody else will give you the to info on your state and the laws.
With CashNet, they debit your account for the loan balance due,
With CashNet, they debit your account for the loan balance due, then its takes a day or so before you can apply and obtain a new one. In essence, you are paying off a loan then you are reloaning not rolling over.
I have only had my account debited for the interest charges/fees
I have only had my account debited for the interest charges/fees only, but they say that I have taken approximately 25 loans. They are considering each rollover a separate loan
Maybe that helps them justify their interest rates, in stating t
Maybe that helps them justify their interest rates, in stating that you are not rolling over, but taking paying on a new loan each time?
Really? Since CashnetUSA is legal, they typically follow the rul
Really? Since CashnetUSA is legal, they typically follow the rules.
How much did you borrow and how much are they debiting for interest/fees only?
Cashnet very often is registered as a credit service organizatio
Cashnet very often is registered as a credit service organization. Sometime with a different DBA but they do loan only where they are legal
Minnesota does not require out of state companies that lend over
Minnesota does not require out of state companies that lend over the internet to be licensed in their state to be legal.
You really have to be careful when searching for licenses, as the companies are often licensed under their corporate name, and not the name you know them by.
I have had loans with them for about a year, so I have been payi
I have had loans with them for about a year, so I have been paying fees for quite some time. The fees started out at $25 per 100 borrowed, every two weeks.
My current loan is 250. I have paid 121.35 so far on this loan (43.75 per two weeks), but paid much more on previous loans prior to my fee discount going into effect.
Do you recommend just paying that one? That may not be a problem with all the money I save after not paying the illegal ones! :D