FDIC to First Bank of Delaware, CEASE & DESIST

what should i do with a loan i got form thinkcash/first bank of delaware, that i have been paying on since 2007, still owe 1300, but have paid 2400.00 back on a 2000.00 loan,

Good find nohiogal!

what does that mean for cash call if you already have a loan with them?

This bank is one of the prime funders of Cash Call, so this is indeed good news. If they go down, that means that Cash Call will go down, so right on!

so i just put in a loan for 600 with first bank of dellware.....wat should i do now???

All of these articles are years old - what does that have to do with anything now?

My husband does have a loan through first bank of delaware. We have made 1 payment and only 4$ of 86.50 went to principal. We live in Michigan how do I found out if there able to provide loans here?

I recently paid off a loan that I had directly through First Bank of Delaware. While I understand and appreciate that many of these pd lenders are not on the up and up and prey on the desperation of those who apply for them, I thought given the circumstances that the installment loan I received through FBD was fair (as much as 400% interest can be fair).

I took out a loan back in 08 from check n go and it was an installment loan thru first bank of delaware. I just heard from them today after 1 1/2 years. I live in Indiana, now stating going to sue. any advice.

Call them back, they are within thier rights.

it was the collection company that called me and they won't take anything but the full balance.

i would contact check-n-go to see if the CA is working for them or they sold it.if they sold it then the FDCPA applies.sometimes an installment loan will let the interest pile up.so best to make sure before your next move.

I have a loan with Check N Go also that I defaulted on. I have not heard from them in a long time. Who is their collection agency? Does that law apply to PA residents?

I have a loan with Check N Go also that I defaulted on. I have not heard from them in a long time. Who is their collection agency? Does that law apply to PA residents?

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Son applied for loan 11-09, on 11-30 they deducted 149.95 from checking; that was their 1st transaction. It has snowballed of course, this amount is on statement 4x and appfee 5x, statement ending 12-17. The description of party making charges is call commonwth, even though 1st bank of delaware was original bank. Does anyone have this company on their statements?

I applied for a loan through The First Bank Of Delaware and one week i was approved but the money got deposited in the wrong account and the next week when they went to put my money in my account now that are saying i am not approved for a loan any more...Any time i have called the people are incredibly rude and unprofessional. I will NEVER do business with them again. I do not recommend them to anyone.

did you ever receive this money? is there a way for your bank to reverse it back to them? it might be in your best interest..

i just took a loan with first bank of delaware for 500 and want to pay it off before due date but i dont want to still pay an outrageous balance.

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Hi,

Check n Go is a source of fast cash(pay day loan company).Please call the toll free no 1-800-561-cash and confirm as to who is their collection agency .The law applies only to some cities of PA.please check the link to get more info...http://www.checkngo.com/

Is First Bank of Delaware real?

sure ... a real ripoff

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This site is great with a wealth of information, I just found it too late! I wish I had checked on this before I made my payday loans. I borrowed $500 from thinkcash/first bank of delaware and they have been taking payments from my checking account for a couple of months. I have paid about $160.00 over the principal amount to date with an ACH scheduled for next week. My assumption was that they were a legitimate lender being that they were call a "bank", should I send a letter to them and refuse to have them debit anymore payments from my account?

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I think all of you people complaining are the perpetuating the stereotype and reason for why lenders don't want to help people with bad credit. There is nothing wrong with Cashcall or FBD/Thinkcash... you retards just need to learn how to read stuff before you agree to it. They even go out of their way to tell you that you are going to pay higher interest than traditional loans and that it's not suggested for long term use.

I myself have used Cashcall once and Thinkcash 3 times... prefer Thinkcash formerly FBDloans. Just because it says you can take 6-12 months to pay it off doesn't mean you should actually take the whole period. I've taken 3 loans and paid them off extremely early... all within the past 5 months and it helped me improve my credit in order to get a car loan and credit cards from reputable banks.

I hope Thinkcash can find other lenders so they can keep running... they give responsible people with lower credit scores the opportunity to redeem themselves just like anyone else in this money hungry country deserves.

Here's a suggestion... stop blaming the banks/lenders because you decided to take their money and split. Be accountable for your own actions and stupidity.

Totally Agree - they have helped me when my bank wouldn't - i paid them early and it was fair.

both of the posters above me are shills who can get lost.nobody but other shills/bobos/humanoids cares for your stupid opinion.buh-bye.

I have had several loans with First Bank of Delaware and have been perfectly happy with them. I simply make sure I pay off the loan before it is actually due to save on all that interest rate. I just heard they are no longer offering loans. I was hoping to pay off my 800 from a 1600 loan and ask for a new one, but I'll just wait and see what happens.

Great POST! i love it.

I totally agree with you. It's the ones that take the cash and run that make it hard for the rest of us to take advantage of these longer term pay day loans.

I myself have taken out three loans in the last three years and I did not realize that they reported my good credit. I was going to pay off my existing loan and take out another, but I found out they are not offering them for now. Oh well, hopefully they can get back in the business so those of us that use loans responsibly can get back on the right track to good credit.
:D

Lets just have a happy borrowing party! All one of you two and your wonderful bank that you work for..

Yes, I too found that out recently. Still going to pay my loan off a little early so that I don't get the full finance charge but definitely hoping they get other lenders soon.

Interesting to see the "moderator's response" to those of us who actually had decent experiences. Sorry, this will probably be my last post because I didn't realize that this forum was only for haters. It's sad that all people can do is sit around and point the blame for their own eff ups. Get out of your mother's basement and pay your own bills. Haha

Good luck everyone... looking forward to good news for Thinkcash.

please keep your word as again a complete shill.the "pay your bills"line gave you away.love how a little tweaking and you reveal your true colors.btw just because by the techincality of a CSO or installment loan is legal doesn't make it right.again keep your word and don't post again.

"Sorry, this will probably be my last post because I didn't realize that this forum was only for haters." - Why do you think the forum is called Payday Loan Help then? And if you are so happy and didn't need PDL HELP, then why the heck are you even on here posting??? Can you not read? And by the way, you don't have a clue about my situation, and I don't appreciate your insinuations! Like Paul said, don't post again - please! You're nothing but fuel in my fire right now...

I to used think cash, it was a great help to me, and I would recommend THINKCASH.COM to the world. I hate they are no longer, there to lend a loan, so to you haters get into reality you will need them again one day soon as you think. Do any one no of another company that lends like think cash, please let me no

We are not here to advocate using payday loans. If you insist on using payday companies, do an internet search. None of the moderators here will recommend any.

Yes, they told me the same thing and I manage to save $400. They took my settlement offer!!:p

i know i went threw think cash which their lender was bank of Delaware..i've been a customer for 3 yrs now..take 4 loans out and always payed them back their interest is high, but that comes with the territory...now i recently went back to the site and their not doing loans with them anymore :( their waiting on a another lender.
just and F.Y.I. i've been a collector 10 years now, and just recently in my office- well law firm now we are handling First Bank of Delaware..and many ppl i call are so rude dont care that they took out these loan saying their high in intrest, some just took the loan and never made the first payment! anyways thats sucks cause the ppl who really paid these loan s back and need it cant now!

Please don't take this the wrong way.........whomever.

The FBD and Thinkcash relationship came ot an end because of regulatory scrutiny. Basically FBD and Thinkcash were in violation of a few regulatory rules and laws and the Federal Regulators shut it (the product) down. The term "payday" loan cannot be used when dealing with Regulators, and FBD could not persuade them that they were offering anything different.

To avoid the costly fines, it was in Thinkcash's best interest to terminate the relationship, as if you do some research, you can see what happened to Compucredit's products with FBD and who bore the financial responsibility of all fines. While you may not see the contractual wording, let's just say that FBD bares no responsibility and these "partners" enter into these agreements and get stuck in the end holding the goods.

Why did the regulators shut it down? Well, as an insider, all I will say is that products are offered well before they have really been reviewed, and by the time the regultors come in and review, it's too late. All of these issues and then you add in a Bank FBD) that went through similar actions the prior year with cancelling all their credit cards issued by CompuCredit, then you understand just how many eyes were really on the Bank.

The Bank offers some new products via debit card, but be AWARE of what you are signing up for and remember NOTHING is for free.

If I can address one post: The Bank knows that people will apply and never make the first payment, which is why they establish a reserve for loan loss, but in the end other applicants pay for these losses in the form of fees, higher rates, etc.

Advice: If you ever do find another payday loan, before you sign, read everything, but more importanty NEGOTIATE. Banks recognize returning customers, loyal customers that pay on time and in full, and have a positive track record. You'd be surprised at how many people just accept the terms and sign. Think of it like a car, you negotiate that car payment, so why not negotiate that payday loan payment?

Those with Balances, if you are in a position financially to pay -off your balance, call in and see if they will negotiate a settlement. Why make 5 payments of $200, if they will accept $600 - $700 in full, close your account out, and report to agencies positively?

So,

I am confused as what is actually going on here.

Is ThinkCash / FBD legal in PA. They are showing on my Transunion credit report as being in collections for way more than the original loan.

Since you are an "insider" what were the regulations that they were breaking? If they were shut down, where is the advisory from the FDIC?

i think the bottom line here is that there are alot of Legal products out there that charge alot of money. While some people may think it is unfair and unjust - that is the way it is - why can gas companies raise their rates to what they are today - do you think it cost more money - no - they can because it is legal to do. If you don't want the product - don't use it - yes, come back and say i work for them and you are wrong. I'm just logical and have been able to get out of it by saving and using it wisely

In my opinion this company Think Cash Check and Go or any other check advance company is a modern day version of Loan Sharks, plus they release your bank account information to 3rd party companies, which rob your account and leave you to pay for overdrafts and unwanted or unrequested services...I wont give them another dime...

Since you are an "insider" what were the regulations that they were breaking? If they were shut down, where is the advisory from the FDIC?

Curious:

As an "Insider", it was the same regulations that they were breaking with their installment loan and credit card products that never went published by the FDIC as the Bank "discontinued" the products based upon the decision that forthcoming from the FDIC. If you are aware of the process, when the regulators were in, reports were issued, and the Bank had a time period to correct all noted issues, however the Bank did not, and instead of bearing the humiliation (if you knew Mr. Primus the CEO and Mr. Madonna, the Board Chairman you would know they would rather take the easy way out) of accepting the FDIC's recommendation of shutting the products down, the Board and Senior Management's response to the report was that the Bank would terminate the products installment loans effectve 12/31 and more recently their ACH/RCC products.

But I guess you know that every "product" ......"shut down" doesn't necessarily mean an advisory is posted when the Bank takes action to discontinue the line of busness before the FDIC decision is rendered upon coming back and verifying responses and the final report is issued.

If you want to do further homework on me being an insider, why not call not Bank and ask them where their Chief Operating Officer and ACH/RCC Product Manager are, and why they are where they are right now.

Kenneth: The First Bank of Delaware is chartered out of Delaware, where they have 2 branches in DE, but the corporate offices are located in center city , PA

(for Curious .....that's ........50 s. 16th street, 24th floor along with Metro Bank and Republic First Bank - their original sister Bank) While your there, stop by the Residences and gaze at teh stars that live there or grab a bite to eat at Mr. Primus' favorite fast food .....Chic-Fil-A in the mall.

But who am I, am no insider.

Curious,

I just wanted to touch base with you and give you yet another update as a "Former Insider".

By now you should know that with all the pressure mounting by the regulators and the Senior Management team gone, earlier this month (May 2012), FBD decided to sell it's assets and close it's doors come year end.

http://www.delawareonline.com/article/20120504/BUSINESS05/205040301/Troubled-Del-bank-fades-after-buyout

Insider tidbit .........Where is Senior Management? After being booted out by the Board and some by Mr Primus himself, some where unemployed (and still), while others found positions. Let's just say the Board and the Federal Regulators came in and cleaned house. The smart ones (cough cough like myself) got out before all hell broke lose and those that were left started finger pointing at one another.

Where was the Advisory? There was none, just along laundry list of To-Do's that FBD knew they could not handle in such short time with the dwindled down resources (i think they were down to 30 staff members at one point) and limited cash.

Just wanted to touch base in case you come back and ever inquire as to what happened with the "Insider". I'm doing great, unlike some of former coworkers I told to get out, who are now having to tesify and/or suing the bank themselves.:shock:

So since I had a Cash Call loan about 5-6 years ago, how do I go about finding out if I'm owed anything?

Are you in california? if so, that class action suit hasn't even been tried yet.