Help with Payday Loans
Date: Thu, 05/06/2010 - 11:55
ALL ARE INTERNET LENDERS:
LENDER: BALANCE PAID SO FAR:
MYCASHNOW: 600.00 107.93 EVERY 2 WKS I PAY 107.93
FAST AND RELIABLE: 400.00 985.00 EVERY 2 WKS I PAY 180.00
CASHNET 800.00 815.13 EVERY 2 WKS I PAY 203.84
I LIVE IN TX
Hi there, hang tight and I will be back with some information.
Hi there, hang tight and I will be back with some information.
Your payday loan laws are at the link below: http://www.paydaylo
Your payday loan laws are at the link below:
http://www.paydayloaninfo.org/stateinfo/TX.asp
The payday loan licensee data base is at the link below, if they are listed, they aren't licensed, however, CashNetUSA is NOT a patday lender, they are registered as a CSO (Credit Services Organization), more about them in a minute:
http://168.39.159.59/default.asp
CSO or Credit Services Organization model (unfortunately) IS NO
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.
CLICK HERE to find out how to deal with unlicensed lenders.
CLICK HERE to find out how to deal with unlicensed lenders.
The link to check if they are licensed didn't work when I clicke
The link to check if they are licensed didn't work when I clicked on it. I was going to check the Mycashnow and Fast & reliable.
I check on the cashnet and it says "bond cancelled" does that m
I check on the cashnet and it says "bond cancelled" does that mean I may have an out? You have been so quick to respond I really appreciate your help. I just am sick of turning over my paycheck every payday. They haven't turned me into collections because I've never defaulted yet.
I'm having problems with that link also, I think the data base m
I'm having problems with that link also, I think the data base must be down, I know for sure that Mycashnow is NOT licensed, I will do some checking on the other one and get back with you. :)
THANK YOU SO MUCH! I'll continue to follow-up with you.
THANK YOU SO MUCH! I'll continue to follow-up with you.
Quote:Originally Posted by AnonymousI check on the cashnet and i
Quote:
Originally Posted by Anonymous I check on the cashnet and it says "bond cancelled" does that mean I may have an out? You have been so quick to respond I really appreciate your help. I just am sick of turning over my paycheck every payday. They haven't turned me into collections because I've never defaulted yet. |
Oh really? Well that's interesting, may I suggest that you call the Texas Office of Consumer Credit Commissioner AT 512- 936-7600 and ask them if their license has expired, also ask them when it expired.
You really need to close your account asap! Open a new one somew
You really need to close your account asap! Open a new one somewhere else first, then close your present one, blocking it will do no good because now that an unlicensed lender has your account information you can assume EVERY one else does.
I bet they're licensed in DE. I'm not sure about them, that's an
I bet they're licensed in DE. I'm not sure about them, that's another one you might inquire about until the licensee data base is up and running again.
Fast & Reliable Cash Advance, LLC
Fast Reliable Cash
Business Address: 110 W 9th Street, Suite 946
Wilmington , DE 19801
Phone Number: (866) 466-1760
Fax Number: (800) 531-1584
OMG....this is really worse than I thought then- per the website
OMG....this is really worse than I thought then- per the website the bond expired on 3-14-07. I'm going to look at opening an account at a different bank. I'm currently with Wells Fargo- I have direct deposit. So this is NOt going to be fun for now. Any suggestions on which bank I should go to?
Quote:Originally Posted by AnonymousOMG....this is really worse
Quote:
Originally Posted by Anonymous OMG....this is really worse than I thought then- per the website the bond expired on 3-14-07. I'm going to look at opening an account at a different bank. I'm currently with Wells Fargo- I have direct deposit. So this is NOt going to be fun for now. Any suggestions on which bank I should go to? |
I prefer credit unions myself. :)
Quote:Originally Posted by AnonymousI check on the cashnet and i
Quote:
Originally Posted by Anonymous I check on the cashnet and it says "bond cancelled" does that mean I may have an out? You have been so quick to respond I really appreciate your help. I just am sick of turning over my paycheck every payday. They haven't turned me into collections because I've never defaulted yet. |
I almost fell for that, too. If you look at your loan agreement (they usually email it to you or you can view it on their website), you will find that in Texas, they operate under the name Cash America Net of Texas, LLC or something like that. Under THAT name, they are indeed registered and fully bonded. I know, I was disappointed, too.
BUT! They are very protective of their "A" rating with BBB, so they will work something out with you if you give them the opportunity to. Call them at the collection dept number listed on the website, tell them your situation, and ASK them for an extended payment arrangement. They should be able to offer you 4 equal payments with no further accrual of fees or interest.