multiple payday loans in calif

These are your state laws regarding paydayloans for CALI (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


I can tell you right now, USFastCash and Arrowhead are not licensed to do business in your state..I'm not sure about the other ones. Most likely they are not either.

After your bank places a block on your account, you need to prepare a letter to all of these lenders to revoke authorization for them to make any further debit attempts towards your account. Also how much have you paid towards all of these loans?

Here's some info to help you understand the laws of CA:

WHO IS REQUIRED TO OBTAIN A LICENSE TO ENGAGE IN THE BUSINESS OF DEFERRED DEPOSIT TRANSACTIONS?

Any person that offers, originates or makes a deferred deposit transaction, arranges a deferred deposit for a deferred deposit originator, acts as an agent for a deferred deposit originator, or assists a deferred deposit originator in the origination of a deferred deposit is required to obtain a license from the Department of Corporations

I AM LOCATED IN CALIFORNIA PLANNING TO ENGAGE IN THE BUSINESS OF MAKING DEFERRED DEPOSIT TRANSACTIONS OVER THE INTERNET ONLY TO RESIDENTS IN OTHER STATES. AM I REQUIRED TO OBTAIN A LICENSE FROM THE DEPARTMENT.OF CORPORATIONS UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW?

Yes.

I AM NOT LOCATED IN CALIFORNIA PLANNING TO ENGAGE IN THE BUSINESS OF MAKING DEFERRED DEPOSIT TRANSACTIONS OVER THE INTERNET TO RESIDENTS IN CALIFORNIA AND TO RESIDENTS IN OTHER STATES. AM I REQUIRED TO OBTAIN A LICENSE FROM THE DEPARTMENT OF CORPORATIONS UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW.

Yes.

ARE THERE LIMITATIONS ON A DEFERRED DEPOSIT TRANSACTION?

Yes. The face amount of the customer's personal check or the electronic equivalent of the customer's personal check may not exceed $300 and the fee charged may not be more than 15% of the face amount of the check.

ARE THERE LIMITATIONS ON THE FEES THAT MAY BE CHARGED IN RELATION TO A DEFERRED DEPOSIT TRANSACTION?

Yes. The fee may not exceed 15% of the face amount of the check. A single fee not to exceed $15 may be charged for a returned check. No additional fees may be added for late payments or returned checks.

ARE THERE LIMITATIONS ON THE NUMBER OF DEFERRED DEPOIST TRANSACTIONS A LICENSEE MAY MAKE TO A CUSTOMER IN A 12-MONTH PERIOD?

No. There are no limits on the number of deferred deposit transactions a licensee may make to a customer in a 12-month period. A licensee cannot make a new deferred deposit transaction during the period an earlier deferred deposit transaction is in effect for the same customer and the proceeds of a new deferred deposit transaction may not be used to pay off an existing deferred deposit transaction from the same licensee.

IS A LICENSEE ALLOWED TO MAKE A NEW DEFERRED DEPOSIT TRANSACTION TO A CUSTOMER THAT HAS AN EARLIER DEFERRED DEPOSIT TRANSACTION THAT IS IN EFFECT FROM ANOTHER LOCATION OF THE SAME LICENSEE.

No. Licensees with multiple locations cannot enter into a deferred deposit transaction with a customer during the period an earlier deferred deposit transaction is in effect for the same customer at any of the licensee's locations.

CAN A LICENSEE USE A CUSTOMER'S PERSONAL CHECK OR THE CUSTOMER'S ELECTRONIC EQUIVALENT OF A PERSONAL CHECK RECEIVED FROM A PREVIOUS DEFERRED DEPOSIT TRANSACTION FOR A NEW DEFERRED DEPOSIT TRANSACTION?

No. A licensee is not permitted to accept or use a customer's personal check or a customer's electronic equivalent of a personal check received from a previous deferred deposit transaction for a new deferred deposit transaction.

CAN A LICENSEE ACCEPT COLLATERAL IN CONJUNCTION WITH A DEFERRED DEPOSIT TRANSACTION?

No.

IS A LICENSEE ALLOWED TO MAKE THE DEFERRED DEPOSIT TRANSACTION CONTINGENT ON THE PURCHASE OF OTHER SERVICES OR PRODUCTS?

No.

ARE THERE ANY SPECIAL REQUIREMENTS FOR A LICENSEE THAT MAKES A DEFERRED DEPOSIT TRANSACTION TO A NON-ENGLISH SPEAKING PERSON?

Yes. The written agreement must be written in the same language principally used in the oral discussions or negotiations leading to the execution of the deferred deposit agreement and must be in at least 10-point bold type.

IS A LICENSEE ALLOWED TO EXTEND THE DUE DATE OF AN OUTSTANDING DEFERRED DEPOSIT TRANSACTION OR ALLOW THE CUSTOMER TO MAKE PAYMENTS ON AN OUTSTANDING DEFERRED DEPOSIT TRANSACTION?

Yes, though the licensee is not required to extend the due date or enter into an agreement to allow the customer to make payments on an outstanding deferred deposit transaction.

WHAT ARE THE FEES A LICENSEE MAY CHARGE IN CONNECTION WITH EXTENSIONS AND PAYMENT PLANS GRANTED FOR REPAYMENT OF OUTSTANDING DEFERRED DEPOSIT TRANSACTIONS?

A licensee may allow an extension of time to repay an outstanding deferred deposit transaction or a payment plan, but may not charge any additional fees or charges of any kind in conjunction with the extension or payment plan.

IS A LICENSEE PERMITTED TO DEBIT A BORROWER'S BANK ACCOUNT ELECTRONICALLY USING ACH TRANSFERS ON MULTIPLE DAYS FOR VARYING AMOUNTS TO COLLECT A DELINQUENT ACCOUNT WITHOUT THE BORROWER'S AUTHORIZATION?

No. The agreement or an addendum to the agreement must specify the days and amounts the licensee is authorized to debit the borrower's bank account electronically using ACH transfers to collect delinquent accounts. Any addendums to the agreement authorizing the licensee to debit the borrower's bank account electronically to collect overdue accounts must be in writing signed by the borrower, by fax with the borrower's signature or electronically authorized by the borrower over the Internet. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal chck by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal check by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances.

CAN A CUSTOMER BE CRIMINALLY PROSECUTED FOR FAILING TO REPAY A DEFERRED DEPOSIT TRANSACTION?

No. A customer cannot be criminally prosecuted or threatened with criminal prosecution to collect a delinquent deferred deposit transaction.

What Does this mean?

Internet based companies must be licensed by CA to lend legally.

Fees may not exceed 15% of the face value of the check.

No Rollovers are allowed.

Also, you will want to read this thread BEFORE you close your bank account. It has some important info you need to know to protect the account from these places.

http://www.debtconsolidationcare.com/paydayloan/close-account.html

goudah2424 you are so awesome...that is great information.
rthomas...if you have any questions please don't hesitate to ask..we are all here to help you and we will get you through this.

Pinklady - All this info and a bunch of info on other states is located in the Payday Loans Laws Made Simple sticky here!

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

It doesn't have every state yet, but a lot of the common ones are there. It's a good resource for information that is more detailed then paydayloaninfo.org.

Thanks, I am in the process of sending cd letters and closing my account today.

Does anyone else know if the other pdl's are legeal in california?

You can check for licenses in CA here:

http://www.corp.ca.gov/FSD/licensees/default.asp

Thanks, I checked them and none of my pdls are licensed. This is the best site anyone trying to get out of pdl cycle could come across.

I have overpaid all of these pdls and do not expect to give them anymore of my money.

sorry, i tried to log in, but cannot remember my password. Anyway, yesterday i sent my c&d letter to BIG, they were calling my office and cell phone non stop. Some guy called a few hours after i emailed the letter to them and stated they had received the letter and would like for me to contact their office to discuss it. Since, i overpaid them by $200, i don't feel i have to call them. Anyway, I have not heard back from them yet and good luck with them trying to collect from my savings account because i closed it.

You all rock!!!!!!!!!!!!

Good! If you have overpaid them, you should try for some refunds. It doesn't happen often, but occasionally you can get some money back from these places.

Just be sure to file complaints with the site that you checked for licenses at. CA is pretty good about taking action against these places for unlicensed lending.

IS A LICENSEE PERMITTED TO DEBIT A BORROWER'S BANK ACCOUNT ELECTRONICALLY USING ACH TRANSFERS ON MULTIPLE DAYS FOR VARYING AMOUNTS TO COLLECT A DELINQUENT ACCOUNT WITHOUT THE BORROWER'S AUTHORIZATION?

No. The agreement or an addendum to the agreement must specify the days and amounts the licensee is authorized to debit the borrower's bank account electronically using ACH transfers to collect delinquent accounts. Any addendums to the agreement authorizing the licensee to debit the borrower's bank account electronically to collect overdue accounts must be in writing signed by the borrower, by fax with the borrower's signature or electronically authorized by the borrower over the Internet. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal chck by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances. The written agreement should cover the manner in which a customer's check will be deposited and the specific date of deposit. For example, when the licensee elects to deposit a personal check by electronic means, the written agreement should specify that the licensee electronically deposits the customer's check and the specific date. If the licensee wishes to deposit the check either manually or electronically when there are insufficient funds in the customer's account, the written agreement should also specify the method and date of depositing the check under those circumstances

Keep that part of CA's law in mind . . . . Show it to your bank if they are giving you any problems. These places will do exactly what the law says they cannot.

Sorry, it's me rthomas, again. I am waiting for my password, I have not received the email yet. Does anyone know anything about Advantis Finacial. I forgot I have a loan with them as well and they are doing is splitting the loan up in 5 payments. I borrowed $300 and my first payment will be $150. That seem outrageous, but going to fight it as well.

OMG that is outrageous, and why 5 payments on a $300 loan. That sounds ridiculous :x So if you want to pay the loan back in full you will have to pay a total of $450?? Some one will be along to provide more info on them. In the meantime you can do a search uptop in the search engine. Best of Luck! :P

Sounds like an installment loan, not a payday loan.

it's me rthomas, still have not received email to reset password. i don't want to sound silly, but what is the difference between an installment loan and a payday loan? The company advertises as a payday loan company. No matter what I am closing my account ASAP.

From my understanding, an installment loan is typically backed by a bank. The company usually breaks your payment down over a period of months rather than you paying it off on your next pay date. They are very LEGAL and sometimes charge an outrageous interest rate. Be careful :?

A Pay Day Loan is a cash advance/short term loan that USUALLY should be repaid on your next pay date. PDLs are not usually backed by a bank and many are not licensed to lend. So many of them are quite ILLEGAL, but NOT all. Do not get confused with the rollovers, renewals, and exstension fees these PDLs charge you. These fees are not intended to be credited to your actual amount borrowed, they are simply just a fee. So even if you paid numerous amounts of these fees, you can still end up owing what you borrowed. This is where most of PDL companies make their money off of consumers :(

You need to review your contract with this company and look for an actual bank supporting this document. It will be clearly listed on the document naming them the financer of the loan. These PDL companies can be deceptive.

Others will be along to give you more advice. Hang in there :P

It's me again, i still have not recieved my password. I have tried to check this company out they go by Advantis Financial. I could not find a license for them anywhere, on the loan paperwork it says "We are Avantis Financial. LLC ("Lender"), a South Dakota LLC, licensed as South Dakota Money Lender". That does not sound to me like they are a bank but maybe i am wrong. Will someone please help me figure this one out before I send them a c&d letter.

Try 9 for your password, then once you log in go to your profile and change it to whatever you want it to be.

They don't sound legal - They would need a CA license unless they are backed by a bank.

Thanks, I was able to sign on and change my password.

I also thought they were illegal, so i will send them a c&d letter as well.

I do not have a problem paying these loans back, but now that I am more informed and know that they cannot charge rollover fees due to the CA pdl laws I am so much more informed.

That is the way to be! :D

Glad to see you can log in!

Keep us updated on your progress, and be sure to ask any questions you may have! Good luck! :D

Does anyone know this number 8007721413. I received a call today at work and on my cell phone. I also received a call from 8667292722. If you know these number please let me know.

The first number is from Portfolio Recovery, a collection agency. Do a search on them here and you will find many posts on them.

The other number seems to be some sort of solicitation or scam call either for a lottery or to try and get you to make some sort of contribution.

The voice automated caller from 8667292722 asked me to call and reference case # 0048618. Like I am really going to call them back 8)

Hmm . . . . I googled the number and a few hits came up as collection calls, but the rest were for contributions or a lottery scam . . . . Very suspicious!

Probably one of the 4 pdl's that I overpaid and they are trying to now collect. I knew the calls would start sooner or later. :)

Well, here goes. I have been trying to close my account but have not been successful due to overdrafts and usfastcash today tried to send through a papercheck for $495. Good thing my account was already negative. I put a stop payment on them for the $120 they were deducting bi-weekly so now I am going to have to put a stop payment on the $495 as well. I am borrowing the money so I can close my account tomorrow.

This is a true nightmare, but i am not going to be defeated by these crooks.

I closed my checking account today. Woohoo!!! and sent out my cd letters to all pdls. I will wait to see what happens next.

Just to let everyone know, I only had to send out my cd letter to B.I.G twice before they stopped calling me. They were deducting from my savings account and I closed that one weeks ago.

So looks like one down. Will keep you informed. :wink:

Good Job!! :D

Thanks, now wish me luck. I can do this, I know I can.

Yes you can. Stay positive abd keep us posted 8)

This morning when I opened my email, this was the only pdl that had replied to my cd letter.


We have received your documents or request. Please call customer service if you have any further questions at 1-800-640-1295. We are open Monday through Thursday 8 AM to 4:30 PM and Friday 8 AM to 3:30 PM Central Standard time.

Thank you,
USFastCash
Phone: 1-800-640-1295
Fax: 1-888-549-3324
Email: [email]customerservice@usfastcash.com[/email]

How ironic, today i checked my junk email after sending cd letters out yesterday and crown lending and arrowhead investments both sent me emails saying they could not open my attachment and to fax my letter to them. Get this, they both had the same fax number.

This is the email I received from Arrowhead investments this morning. I pretty much told her to stuff it, especially since after reading the original contract, I have overpaid them $1570.

Quote:

Second email from Arrowhead Investments. This is funny :lol:

The loan documents explain thats its the Utah laws is what its going by and not any other states,when everyone accept the loan terms its for the laws of Utah. The documents state that were agreeing w/ the terms then your agree with the Utah's laws and any other states laws. I went ahead and spoke w/ one of my supervisors and they said we can lower the balance down to $50.00 to pay off if you like. The only reason why there not considering it payed in full is because your first loan you had out with them they went ahead and considered it payed in full that time. Would that amount be suitable for you?

I overpaid these bozos $1570, so I think the amount suitable for me would be a credit of $1570.

Yahoo!! Got this from arrowhead today after several emails with them.
I went ahead and spoke w/ my manager and she said that were going to go ahead and consider your loan payed in full.There will be no refunds only because you agreed to the original loan terms.I'm going to email you a payed in full letter for your records and if you need anything futher then mail that information to our UT address-
32 West 200 South
Suite#305
Salt Lake City, UT 84101

Woooohooo!!! :D Congrats!!!!
This will make the weekend even better won't it? :)
Jen

This is what I received from Advantis Financial after sending them a cd letter. My initial loan with them was for $300. I reside in California. I have not paid them anything back on the loan. I know I have an obligation to pay them pack and I am willing to pay them back, but they want me to settle for $462, which I think is above the state requirements. Will someone please let me know what I should do next.

Avantis Financial is confident that it has not violated California????????s laws. All loan applications, credit checks and loan approvals are conducted within the state of South Dakota, where Avantis Financial is a registered limited liability company and maintains a Money Lending License through the South Dakota Department of Commerce & Regulation. There are clear and conspicuous disclosures made on both the Avantis Financial website, and also within the Note and Disclosure Agreement signed by you, stating that all transactions are conducted in the state of South Dakota, and that South Dakota law applies to all matters therein. You agreed to these provisions numerous times in order to conduct business with us.

Avantis Financial does not operate a store or business in the state of California, nor is any employee of Avantis physically present in the state of California. All transactions are conducted under the laws of the state of South Dakota as so stated in our contracts. Our contracts are drafted in the state of South Dakota, accepted in the state of South Dakota and are executed in the state of South Dakota. Under the general principals of conflicts of law, our contract and business is deemed to be conducted in the state of South Dakota.

Yeah, respond back to them with this:

I AM NOT LOCATED IN CALIFORNIA PLANNING TO ENGAGE IN THE BUSINESS OF MAKING DEFERRED DEPOSIT TRANSACTIONS OVER THE INTERNET TO RESIDENTS IN CALIFORNIA AND TO RESIDENTS IN OTHER STATES. AM I REQUIRED TO OBTAIN A LICENSE FROM THE DEPARTMENT OF CORPORATIONS UNDER THE CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW.

Yes.

CA law clearly state's that internet based companies must still obtain CA licensing, and must still obey CA laws.

Thanks Goudah, I will definately send them that one. Advantis is being a real pain.

You are lucky in that your state law clearly covers this. Most state's it's not specifically mentioned. They have no out with CA.

You are correct and sending them that bit of information was successful. Advantis agreed that they would settle my account, which mind you, I have not paid anything on the loan as of yet, for the amount of $300. Yippeeeeeeeeeeee!!!
Planning on trying to get them to break it into two payments and pay them off by 08/01.

Awesome! That is great! You are doing a great job at cleaning these little suckers up! :D

Received ths from Arrowhead Investments this morning:

Ms. Thomas:
Your account with Arrowhead Investments, Inc. is closed. Your account has been considered paid in full. No refund will be issued. Please keep this letter for your records. Any further questions or concern, please notify us!
Thank you.
Sincerely,
Katie
Manager

Ph. 866.355.7308 Fax 866.379.7667

Nice! You are plowing your way through these loans! :D

I had a loan with little loan shoppe and they took out the 390.00 on the 300 that the loan was for. Now they are taking out 90.00 every two weeks from my account and when I call them and informed them of the date in Jan. that the took out the 390.oo which was the full balance paid in full. They informed me that they tired to take out a 90.oo payment before the 390.00 and it was not there. So because of this I have to pay 390.00 and then 10 payments every two weeks of 90.00, and on top of that they took out 110.00 for overdarw. As of to date little loan shoppe has taken 770.00 on a 300.00 loan. Help!!!!

The only way to stop them is to close your account.

I believe that little loan shoppe is illegal.

Can someone tell me if Avantis Financial can sue me for an unpaid loan? I am in California. Apparrently they have a civil judgement against me and are trying to get my payroll department to garnish my wages. I will admit I owe them the money, but with everything going on I was not able to pay them back in time. Please help!

Did you ever get served court papers?

How do you know a judgement has been made?

Avantis sent some papers to my old address. I did not receive them until after they said they were taking me to court and I had to show up in S. Dakota by a certain date.