Payday loan help in Texas
Date: Fri, 04/23/2010 - 13:17
I have unfortunately had to resort to payday loans recently due to overwhelming medical bills. I am now at a point that I am having to pay partial amounts on regular bills, or not pay at all, and I can't let this go on much longer. I need help getting these payday loans under control and paid off. Here is what I have:
PayDayOne - borrowed $1000, paid interest only (2 payments)
PayDayMax - borrowed $700, paid interest only (1 payment)
First America Credit - borrowed $1100, partial amount of payment goes towards principal, owe $939 after 1 payment
Think Cash - borrowed $1200, partial amount of payment goes towards principal, owe $1193 after 3 payments
Elastic - borrowed $500, partial amount of payment goes towards principal, owe $450 after 1 payment
Star Advance - borrowed $150, partial amount of payment goes towards principal, first payment is 5/7/10
Is there anything I can do? I am thinking that ThinkCash, Eleastic, and StarAdvance I will just have to finish paying out, since part of the payment goes towards the principal. Is that correct? Are these all legal companies in Texas?
Thank you so much for any advice or tips.
Are any of these store front lenders? By the way, thinkcash isn'
Are any of these store front lenders? By the way, thinkcash isn't a payday loan, they provide short terms loans and personal loans.
Payday One may be operating as CSO's in Texas (Credit Service Organization), therefore the payday lender laws do not apply to them.
Basically, a CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code).
Please bear in mind the CSO or Credit Services Organization model (unfortunately) IS NO LICENSING required by the state! CSO's are required to "Register" with the Secretary of State, they are NOT licensed, and their fees ARE NOT REGULATED.
If you CLICK HERE you can search the Credit Services Organization data base, but keep in mind that some lenders use dba names.
Payday Max and elastic are NOT legal lenders in your state. CLICK HERE to find out how to deal with unlicensed lenders.
What about First America Credit? Are they a legal lender in Tex
What about First America Credit? Are they a legal lender in Texas? I just looked at their website some more and found that their address is in Panama.
Yes, PayDayOne states that it has a CSO fee. So does that mean I can not do anything about that one? That I will just need to keep paying the interest and hopefully start paying on the principal at some point?
Hello again, I looked at my history with PayDayMax over the ye
Hello again,
I looked at my history with PayDayMax over the years, and I have paid a total of $3511.50 in interest/fees to them, in addition to paying the principal amounts of the loans I took out with them which total up to $6500 over 4 years. Seeing as how I just found out they are illegal, is there anyway to get the interest and fees back that I have paid to them?