cash net usa

I'm going to post the Payday loan laws for Minnesota here (just select your state), I did a search in the licensee data base and could not find a license for cash net USA, but I'm not sure if they could be licensed in another state and still legally able to loan in MN. Does anyone else know?
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

you need to got to their web page, they are not legal at all in pa, but some how there is a loophole in the law and they put pennsylvania under nevada, I am sure your state falls under one of these goofy loopholes. Do you believe that they actually have the payday loan state information on their site now. here is the link to yours
cashnetusa.com/state/minnesotaPaydayLoans.html

so does that mean I am out of luck? iam so worried what can i do?

dollars&sense, what collection agency did they turn this over to? Send them (the collection agency) a validation letter, make them validate the debt. They can't so anything to you during the validation process. Make sure you do this right away. Here is a link of where you can get a good validation letter. :)
http://www.debtconsolidationcare.com/collection-agencies/better-structure.html#318981

i would check your bank statement.CASHNET USA is licensed in every state they lend in they usually don't turn debts over to CA's as they can take you to court.i made the mistake of assuming PAYDAYLOAN YES was cashnet usa because they told me they are.
if your statement does not read CASHNET USA it more than likely is CASHNET 500 or PAYDAYLOAN YES.

Yes, Cash Net USA is legal in MN. Some info for you:
You will find the Payday loan laws for Minnesota here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


Emails to and from the MN Banking Dept:

From:
Sent: Monday, March 26, 2007 3:44 PM
To: Financial.Commerce(at)state.mn.us
Subject: Payday loan questions

Hello,

I have a question about internet payday loans. Do these need to be licensed in MN to be legal? Also, how do I calculate the legal amount of interest they can charge me according to MN laws? I see the laws state:

Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

So for a $300 loan how would I calculate the interest? And since no rollovers are allowed and the companies I have loans with have rolled them over countless times, would I be correct in saying that they are breaking the law? I've been told by several of them that they don't have to follow MN laws, even though they solicited me, because they are licensed in the state that they are located in. Is that correct?

I really appreciate any help or direction you could give me!

Thanks!

Response:

From: Terry Meyer
Sent: Tuesday, March 27, 2007 6:40 AM
To:
Subject: FW: Payday loan questions

First we don????????t license lenders that are domiciled in other states. Minnesota law does not have a long arm statute and allows residents to seek loans wherever they want. Solicitations via the internet or ads do not place the lender in Minnesota, only a physical location would [the exception being residential mortgage lenders].

The way to calculate the APR for a 14 day loan is either using a T-I calculator. A fast check using the example for a $100 14 day loan is;
$15 finance charge divided by the $100 loan [proceeds of the loan, or amount financed] = .15, or 15%
.15 divided by the number of days in the loan, or 14, gives you the daily rate of .0004109589
Multiply that number by 365 [days in the year] = 3.91071428415, or 391.07% APR

Does that help ???????? and in Minnesota rollovers or refinancing is not permitted. Name the MN lender and file a complaint.

Reply:

From:
Sent: Tuesday, March 27, 2007 8:45 AM
To: Terry Meyer
Subject: FW: Payday loan questions

Terry,

So to make sure I understand this, a payday loan company located in another state doesn't have to be licensed to lend to MN consumers. But do they have to follow MN laws about rollovers and interest? Or can they follow the laws of the state in which they are located in?

Thanks for you help!

Response:

From: Terry Meyer
Sent: Tuesday, March 27, 2007 6:58 AM
To:
Subject: RE: FW: Payday loan questions

It is similar to credit cards ???????? I would bet, assuming you are a MN resident, that none of your credit cards are from banks located in MN. The Supreme Court ruled in both 1978 that rates, and 1996 that fees could be imported for credit cards issued by out of state lenders to other states borrowers. Its agency law. The use of the laws of the state in which the lender is licensed is required.

Please explain your interest and the firm you represent.

Reply:

From:
Sent: Tuesday, March 27, 2007 9:04 AM
To: Terry Meyer
Subject: RE: FW: Payday loan questions

Terry,

I don't represent any firm. I was just trying to get some more information about the laws governing these kind of loans. The reason I was curious about the specific point of if state law governs out of state pdl's is because where I live, Oregon, they do have a law saying that out of state pdl's much be licensed in OR and follow the laws of OR. I was hoping the same thing applied to MN, because in that case all his pdl's were grossly overcharging him.

Thanks!

Response:

From: Terry Meyer [
Sent: Tuesday, March 27, 2007 7:30 AM
To:
Subject: RE: RE: FW: Payday loan questions

Good luck ???????? we recently received a complaint on a Payday loan from Malta. Since MN doesn????????t have a law like OR each state would have to be contacted for their payday loan law to determine if a violation occurred.

What does this mean?

There are very specific rates they can charge you depending on the amount loaned.

Rollovers are not allowed.

Internet companies can lend legally as long as they are licensed in another state. They must follow the laws of that state.

In your situation, Cash Net USA is lending to MN residents with it's Nevada license I beleive. They usually use their Nevada license for lending in state's that don't require a license.