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Online Payday loans in california

Date: Fri, 10/10/2008 - 10:55

Submitted by anonymous
on Fri, 10/10/2008 - 10:55

Posts: 202330 Credits: [Donate]

Total Replies: 15


I'm new and just came across this site today, I'm hoping someon can assist me in what to do. I looked at the Dept of Corporations website for Cali and didnt find any of my lenders listed. not even the ones that have me on a 2 year payment schedule. I'm just not sure how the law works and am tied of paying ridiculous fees that prevent me from ever clearing the principal. here is who I owe

Pay Check Today
Centurian Fund
MTE Financial
PowerLending
Quick Click Loans

Can anyone help me determine 1. If thier legal to lend in Cali? (They all loaned me 300 or more and charged a minimum of $30 per hundred)

I am seriously getting overwhelmed with these guys have paid more in interest than I originally barrowed to 3 of the 5. I need help.. and help does not involve another loan. Do you have any advice?


California requires Internet based pdl's to be licensed by your state. I need to do some research on these companies. :)


Quote:

California State Information

Legal Status: Legal

Citation:
Cal. Fin. Code ???????? 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
Fax:
Regulatory Contact: ,


lrhall41

Submitted by Shazzers on Fri, 10/10/2008 - 11:13

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I signed up with a PDL consolidation company that said to close my account to stop them but, Im nervous to do this because of the contracts they make you sign to get the loans. One of them states I agree to go by the laws of the state where the loan company is located. Can the do this? I can try to keep going the way I have and paying them a little to principal at a time but, I have 8 kids for goodness sakes and this is really starting to crunch into things they really need.


lrhall41

Submitted by on Fri, 10/10/2008 - 11:18

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Paycheck Today - illegal/not licensed to lend anywhere.

MTE Financial - illegal/not licensed to lend anywhere.

Centurion Fund - I think they are also known as Sandpoint, and I don't think they're licensed either. (someone correct me if I am wrong)

PowerLending - Unsure but I am leaning towards not legal, please someone else jump in here and give us a little help with this one!

Quick Click Loans - Unsure, but I am also leaning toward illegal also. Keep checking back, I am sure someone else can shed some light on this!


lrhall41

Submitted by Shazzers on Fri, 10/10/2008 - 11:22

( Posts: 17344 | Credits: )


Quote:

I signed up with a PDL consolidation company that said to close my account to stop them but, Im nervous to do this because of the contracts they make you sign to get the loans. One of them states I agree to go by the laws of the state where the loan company is located. Can the do this? I can try to keep going the way I have and paying them a little to principal at a time but, I have 8 kids for goodness sakes and this is really starting to crunch into things they really need.


Nope, your state law prevails, no matter what they tell you. The chances are none of your pdl's are loaning legally to California residents, with that being said, they do NOT have any legal ground to stand on. I would definitely opt to close out my account and open a new one at an entirely different bank, asap!


lrhall41

Submitted by Shazzers on Fri, 10/10/2008 - 11:26

( Posts: 17344 | Credits: )


I was afraid that I would not be able to stop my direct deposit as well...but when I called and spoke with payroll at my work and explained the situation...she said that she could do an effective immediately...you just need to talk to them...I am sure it is possible, even if it is not a routine thing.


lrhall41

Submitted by on Sat, 10/11/2008 - 15:44

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can you give advice on l+g loan and us fast cash and united cash are they legal in fla.


lrhall41

Submitted by on Sun, 10/12/2008 - 20:29

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I am also in CA and can tell you that if they are not on the Dept of Corporations website, they're not licensed in CA. In this case, all you are on the hook for is your loan principal (what you borrowed). Total up what you have paid these lenders with rollover fees, and chances are it will be more than the original loan. If so, demand a refund and if they pushback (and they will), file complaints with Jerry Brown's office (Attorney General) and the Dept. of Corporations.
So, how I would do it is like this:
Say you borrowed $500 from one lender and you have paid $750 with fees. You are owed a refund of $250 in that case.
You must also close your bank account and open up a new one if you can. It sounds like your employer is willing to work with you and that's a good thing. Finally, put a letter in writing revoking any wage assignments you may have signed to take these loans (which would allow them to garnish wages) and get this to your payroll person ASAP. This helps to cover yourself.


lrhall41

Submitted by kscornell on Tue, 10/14/2008 - 17:36

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