Internet Payday loan Texas HELP!!!
Date: Mon, 07/26/2010 - 14:47
I have refinanced it twice and paid the refinance/interest fee of 178.45 which means I have paid 356.90 to the $700 loan. Is Cash Central a legal payday loan internet lender in Texas? They're next payment is scheduled for 7/31/10 for another $178.45 and they say they will continue to charge that payment until I can pay the full $700 + ANOTHER $178.45 interest ($878.45 total) at one time.
What can I do about this? I would like to just pay them the principal amount. Is it fair for them to charge me $178.45 every TWO WEEKS untill I can pay the full $878?
I called to set up some kind of payment plan as I can no longer afford the $178.45 and cannot pay it on 7/31/10 but they said they would send the ACH authorization regardless of what I tell them.
When I asked them for other payment options they said that ACH transactions are the only way if I want to continue to pay the monthly interest fees OR I can pay the FULL amount through moneygram all by 8/1 or I will be sent to the collections department.
What are my options?
Please advise.
I believe they are registered in Texas as a CSO?? Is that correct?
Cash Central is registered as a CSO in your state, but they are
Cash Central is registered as a CSO in your state, but they are also licensed as a payday lender. It sounds like you have obtained an installment type of loan. 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.