Help, I'm in PDL Hell
Date: Wed, 05/19/2010 - 13:52
Payday One- Borrowed $400 01-13-10 interest $71every two weeks
Cash America Pawn- Borrowed $1000 interest $204every two weeks- paid $615 so far on this one but it was a refinance from a previous $1000 I paid 1200 plus the 1000 back
Ace Cash Express- Borrowed $600 interest is $125 paid $375
All are store front- no internet
The link below are your payday loan laws: http://www.paydayloani
The link below are your payday loan laws:
http://www.paydayloaninfo.org/stateinfo/TX.asp
Payday One, I believe is 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) as an entity or person that provides one of the following services:
*Improving a consumer's credit history or rating
*Obtaining an extension of consumer credit for the consumer
*Providing advice or assistance to a consumer regarding the previous two services
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.
Something else, you can check the link below to see if any of yo
Something else, you can check the link below to see if any of yours are members of the CFSA (Community Financial Services Association of America) at the link below:http://www.cfsa.net/knowyourfee/index.html
I'm pretty sure that Paydayone and Ace Cash Express are members, maybe even the other one, if so it would make you eligible for an EPP, read the link below about how the EPP works:
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html