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Question..

Date: Thu, 12/16/2010 - 09:44

Submitted by joanne hopkins
on Thu, 12/16/2010 - 09:44

Posts: 11 Credits: [Donate]

Total Replies: 16


Hello, and thank you in advance for all the help.

I am wanting to read the ACTUAL payday lending laws (especially as they are written for the online lending.. which is supposed to be illegal).. Can anyonoe tell me where online I can find this resource? I have been looking and I see summary's of it but can't seem to find the actual laws.. Thanks..

Also, I do have 1 payday loan with CashNet USA, but when the deposited the funds in came through as NCP, anyone know why this is?

And as I understand it, online payday lending in illegal for Ohio, so why is CashNet able to legally lend online ?? Just curious..

Thanks so much for all the help!!


I don't know why they are lending to Ohio residents, they are usually licensed or registered as a CSO in Ohio, but I could not locate a registration nor a license. Cashnetusa's dba is Cash America International, Inc., so I'm not sure why the debit has NCA.

Ohiogal did you find out whether Cashnetusa was licensed under a different name?


lrhall41

Submitted by Shazzers on Thu, 12/16/2010 - 09:57

( Posts: 17344 | Credits: )


Quote:

Advance America use to have storefronts in Ohio. So, now they are not licensed? I also thought cashnetusa.com and Advance America were one in the same.
Cashnetusa was purchased by Cash America International Inc., but I'm not really sure about what you are saying. Would you research it and let us know?


lrhall41

Submitted by Shazzers on Thu, 12/16/2010 - 13:06

( Posts: 17344 | Credits: )


Quote:

If I read this correctly, it looks like this is cashnet, yes?

http://elicense2-lookup.com.ohio.gov...ialIdnt=484537
Yes and thank you !! For some reason when I did a search nothing came up. Thanks for researching that it is much appreciated. Now we have established that Cashnetusa is legal in Ohio, I had originally thought so but my search didn't come up with it! Thanks!


lrhall41

Submitted by Shazzers on Thu, 12/16/2010 - 15:52

( Posts: 17344 | Credits: )


Quote:

I'm so confused though.. Where does it indicate that internet payday loans are not legal??

Ohio house bill 486 was passed in 2008-2009 which capped high interest (payday lenders) loans, that's when so many payday lenders revamped their entire business and became Credit Service Organizations and or small loan lenders. If you read the law you will see that the rate is capped at 28% annual interest, that pretty much leaves out all Internet lenders.


lrhall41

Submitted by Shazzers on Thu, 12/16/2010 - 15:59

( Posts: 17344 | Credits: )


I too live in Ohio and had an internet loan with cashnetusa.com that I defaulted on. Call them as they were good to work with in setting up payments for me. They sat up 5 equal payments and I was able to get them paid off. As long as you make an effort and contact them and keep them informed, they will help you.


lrhall41

Submitted by Lizzie1014 on Fri, 12/17/2010 - 07:48

( Posts: 382 | Credits: )