What is a legit payday loan company?

Date: Wed, 02/01/2006 - 00:40

Submitted by anonymous
on Wed, 02/01/2006 - 00:40

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Total Replies: 9

What is a legitimate payday loan company? I live in Texas and one of the places that loaned me money doesn't really operate as a payday loan company per se. They lend money like any other payday loan company, but they tell you up front that they are not a payday loan company. What they do is the offer you land or tracts of land. When they "loan" you the money, you are expected to pay it back like any other loan company, but you are supposedly an investor in a tract of worthless land that you'll never own. Now based on what I read last night, this is illegal in Texas. Does anyone have anymore information about this? From what I've read, Texas is one of the more liberal states when it comes to payday loan companies, but there are still guidelines to be followed, but offering bogus land and knowing that the borrower will never have a chance to own it is illegal, right? Is this true? How about the other states? Somebody let me know. Thank you.

Guest Based on the information you've prodided I'll dig and s

Guest

Based on the information you've prodided I'll dig and see what I can come up with for you. However, do you have the name of the company that is operating under those procedures?

Regards-
Mike

lrhall41

Submitted by Teleport on Wed, 02/01/2006 - 05:26

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Every Payday loan company must register their name with the Secr

Every Payday loan company must register their name with the Secretary of State before conducting their business. Based on the nature of business, they get the permission to operate under

Sole proprietorship
Partnership - general and limited
Corporation - C-Corp; S-Corp; Professional,
Not-for-Profit; Foreign Corporation
Limited Liability Company - LLC

Legal structures, license and taxes are applicable on the business entity before executing business. It is the state bar council that will decide the norms of the business in a particular state.

If the business done by the payday loan company you mentioned is not allowed in your state, you must get more information about the applicable rules from the Secretary of State. You can research for the company that has a legitimate business in your state and make a deal with them.

lrhall41

Submitted by john on Wed, 02/01/2006 - 11:25

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Thanks for that info, John. That is good to know and I'm sure i

Thanks for that info, John. That is good to know and I'm sure it will help so many.

lrhall41

Submitted by Cow & Chicken on Wed, 02/01/2006 - 13:43

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Nothing like owning some worthless land...lol

lrhall41

Submitted by Jessi on Wed, 02/01/2006 - 13:54

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it sounds like this is a dodge around payday loan regulations..

it sounds like this is a dodge around payday loan regulations.. you could start by asking the company for their business license, then following up with state licensing agencies

lrhall41

Submitted by jj on Wed, 02/01/2006 - 16:28

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As if the payday loan companies weren't shady enough, now there

As if the payday loan companies weren't shady enough, now there are companies PRETENDING not to be payday loan people when they really are??? Sheesh.....

lrhall41

Submitted by Mary on Wed, 02/01/2006 - 16:55

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Scary stuff. Those animals will stop at nothing.

lrhall41

Submitted by Jessi on Wed, 02/01/2006 - 20:03

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Wow! They certainly sound dirty!

lrhall41

Submitted by Taquita on Wed, 02/01/2006 - 20:49

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Yes, that's my goal because they supposedly don't accept payment

Yes, that's my goal because they supposedly don't accept payment plans. All I'm looking for is a barginning chip. I owe them and intend to pay, but if they're not on the "up & up," I plan to use it to my advantage.

lrhall41

Submitted by on Thu, 02/02/2006 - 00:58

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