Payday Loans Killing Me!

Some payday lenders operate as CSOs (Credit Services Organisation) in Texas. And the CSOs are registered with the Secretary of State to operate legally. Try the following link to find out the legal status of the lenders in your state.

"https://direct.sos.state.tx.us/cso/CSOSearch.asp"

Thank you. I only found one in this search and its status is "bond cancelled." What does that mean? If these PDL companies are not in this database does that mean they are not legal in TX?

I don't know about the other companies but I'm pretty sure United Cash Loans is illegal just about everywhere (it's one of the MNE/MTE outfits).

except for THINK CASH,and CASHNET USA all others you listed are illegal.btw parachutec USFASTCASH is also MTE as well.you only owe the principle on the others.

Forgot about USFASTCASH, thanks for the reminder! MTE/MNE are all over the place, aren't they?

I'd also suggest you try calling CashNetUSA and ThinkCash and ask them for a settlement. You'd be surprised how easy it can be. They're likely to take into consideration the fact that they've already collected more than the principal amount of the loan and may reduce what you owe and allow you to pay it off in a few payments (i.e. stop charging you fees/interest and make your payments count). Or, if you're lucky, they may give you a PIF (but I doubt they will as they are a legal lender and can collect that $ from you). I haven't dealt with ThinkCash but I'd suggest you try the same with them.

As Paul said, the others are illegal lenders and you only need to repay them the principal loan amount. I'd send them the illegal lender letter CMRRR and be prepared to argue with them. If you stand your ground, they will eventually go away as they don't have a leg to stand on.

Good luck!

Thanks everyone for your helpful advise. OhioGal1 I will do as you suggest and see what I can accomplish. I also have another question, and searched the forum to find the answer before asking because I feel dumb, but what does MTE/MNE mean?? Thanks.

I sent my illegal lender letter to USFast Cash, United Cash Loan and Eastside Lenders and Eastside was the only one that responded with the letter I've seen posted on other threads. I also just realized I had a loan with Loan Shop Online so sent them a letter and got this response

[FONT=Berlin Sans FB][SIZE=3][COLOR=black][COLOR=black][FONT=Berlin Sans FB][/FONT][/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Arial][SIZE=2][COLOR=black][COLOR=black]Loan Shop Online is a legal U.S. business, licensed in Delaware . This loan was funded at your request after you submitted your application and acknowledged your acceptance of the terms of the agreement, including that this loan “shall be governed by all applicable federal laws and all laws of the jurisdiction in which the lender is located, regardless of which state you may reside.” [/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Arial][SIZE=2][COLOR=black][COLOR=black] [/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Arial][SIZE=2][COLOR=black][COLOR=black]On February 1, 2010, you requested to pay your $120.00 fee payment plus a principal payment of $400.00. There has been no attempt made in deviation of your wishes or the terms indicated in the agreement. I am showing that you have paid the initial fee on all previous loans with our company.[/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Arial][SIZE=2][COLOR=black][COLOR=black] [/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Arial][SIZE=2][COLOR=black][COLOR=black]If you have any additional questions, please feel free to contact me directly by phone or email. I will be happy to discuss this situation in more detail.[/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Times New Roman][SIZE=3][COLOR=black] [/COLOR][/SIZE][/FONT]
[FONT=Arial][SIZE=2][COLOR=black][COLOR=black]Thank you,[/COLOR][/COLOR][/SIZE][/FONT][COLOR=black][COLOR=black][/COLOR][/COLOR]
[FONT=Times New Roman][SIZE=3][COLOR=black] [/COLOR][/SIZE][/FONT]
[FONT=Times New Roman][SIZE=3][COLOR=black]Vedia Johnson[/COLOR][/SIZE][/FONT]
[FONT=Times New Roman][SIZE=3][COLOR=black]Customer Service Manager[/COLOR][/SIZE][/FONT]
[FONT=Times New Roman][SIZE=3][COLOR=black][COLOR=black][/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Times New Roman][SIZE=3][COLOR=black]I also called the Texas Office of Consumer Credit Commissioner to ask about these payday loans as well as the CSO's in Texas, this is what they sent me by email:[/COLOR][/SIZE][/FONT]
[FONT=Times New Roman][SIZE=3][COLOR=black][COLOR=black][/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Times New Roman][SIZE=3][COLOR=black]The majority of payday lenders and payday internet lenders are domiciled outside the State of Texas. Federal law allows the lenders to "export" the rates of the state that each one is incorporated in, such as Nevada, Utah, North/South Dakota, etc. Texas does not license these lenders.

If you review your Terms and Agreement Disclosure, it will normally tell you which state governs the contract.

Thank you for your inquiry.

So I am really confused as to whether these are actually "illegal" loans or not. [/COLOR][/SIZE][/FONT]

i've said it before,and i'll say it again.do not go through anybody but your AG'S office.your state law prevails,and you should file complaints with your state AG.if what this person emailed was true then every internet pdl would be legal.they are not.