Payday Loans
Date: Wed, 07/23/2008 - 04:58
Hello, I would like to know if these payday loan companies are legal, Sagamore, 500Fast Cash, Rapid cash Management, and United Cash Loans, I live in the state of Pennsylvania and are they allowed to give out loans to people in PA. I closed out my bank account yesterday and they put a hard block on my closed account.
However, there is a loophole in Pa. If any of these pdl's are li
However, there is a loophole in Pa. If any of these pdl's are licensed in ANY other state, you must follow the laws of the state they are licensed in. :?
Quote:
Pennsylvania State Information Legal Status: Prohibited Citation: Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq. Small Loan Rate Cap $9.50 per $100 per year discount or 24% per year 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 Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions |
500 Fast Cash and United Cash Loans are part of MNE and as illeg
500 Fast Cash and United Cash Loans are part of MNE and as illegal as the day is long. Hope this helps.
