Internet based payday loan company to lend legally as long as it is licensed in any US State?
Date: Tue, 06/29/2010 - 08:10
Submitted by David1277749905
on
Tue, 06/29/2010 - 08:10
Total Replies: 1
I am trying to fully understand the subject of payday lending, so I spent many hours studying every message on every sticky thread. There seems to be conflicting information.
goudah2424 stated on 06-16-2008, 07:38 PM (http://www.debtconsolidationcare.com/paydayloan/internet-lending-in-50states.html) that Arkansas, Rhode island, Tennessee, Wisconsin allow an internet based payday loan company to lend legally as long as it is licensed in any US State.
So I start to look more at Arkansas, and I find news articles (http://consumerist.com/2008/03/arkansas-attorney-general-to-payday-lenders-shut-down-or-ill-see-you-in-court.html) that say this is not true. And this article was 3 months earlier than the message in this forum.
I am trying to understand if there are some states that allow an Internet based payday loan company to lend legally as long as it is licensed in any US State?
goudah2424 stated on 06-16-2008, 07:38 PM (http://www.debtconsolidationcare.com/paydayloan/internet-lending-in-50states.html) that Arkansas, Rhode island, Tennessee, Wisconsin allow an internet based payday loan company to lend legally as long as it is licensed in any US State.
So I start to look more at Arkansas, and I find news articles (http://consumerist.com/2008/03/arkansas-attorney-general-to-payday-lenders-shut-down-or-ill-see-you-in-court.html) that say this is not true. And this article was 3 months earlier than the message in this forum.
I am trying to understand if there are some states that allow an Internet based payday loan company to lend legally as long as it is licensed in any US State?
The way that I understand this, Internet Payday lenders are not
The way that I understand this, Internet Payday lenders are not permitted in the state of Arkansas and the laws apply to check cashers only. I will send an email to the regulator for clarification then get back to you.
