information on paydayone

Payday One is an illegal lender. You are liable only for the principal. No need to pay any interest or fees. Close your bank account and open a new one. Look at this page to know about how to deal with illegal lenders:
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html

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Unfortunately we have certain individuals who post who dont read questions and whose only skill is being able to cut and paste. Most are unregistered so just ignore them.

http://www.ofi.state.la.us/llpay2list.htm

Paydayone was your lender. They are not licensed in Louisiana...nor is Think Cash for that matter. Go ahead and follow the link in my signature line.

I totally agree. More information please. I have already read what to do. I would like some information as to how they arrived at that they are illegal. Some sites say they are. Another site shows they are being licensed. Their site states they are licensed by doesn't say licensed where. I emailed them asking for their license. Do you think they will respond? Our state officers aren't much help. I do not want to get even more in over my head. I am freezing my bank account. I know they cannot jail me but am trying to figure out if I am getting myself more in debt because I will incur default fees, etc. Louisiana law is so vague and no one, not even an attorney, wants to touch the area of payday loans. I know they operated in Louisiana before and then quit. This was years ago. Now they are back open for business. They are clearly not adhering to the law here. You can only borrow $350. Cannot rollover. Can enter into new contract if you pay interest and part of prinicipal. I have been paying interest only and borrowed over the $350 limit. I know this is not legal but our officials say I entered into the contract, so I am bound by it. I definitely do not need to be taken to court. I am in enough bind already.:confused::confused:

well since paydayone is a cso(credit service organization)they are not a pdl so you won't find them in the pdl database.your sec of state website,or DFI website has the licenses for CSO'S.if think cash was done since 2010 they are illegal,but if they under FBD(first bank of delaware)they are also a CSO and legal.i need to know if think cash is under plain green,or FBD.very important.

Hi SoapLady:
I looked at that list last night. The subsidiary is Think Finance and they also were not on there. The only thing that really bothers me is what is going to happen. I have contacted the director of the office of financial institutions and also the attorney general here in Louisiana. They both clearly told me, "You enetered into the contract. You are bound by it." I have also researched the Louisiana Small Loan and Deferred Presentation Act and know I can't go to jail. But I can be charged with high interest if in default. I also know that LA law states they have to take payments over $50 but are they going to apply that to the principal or just keep it for interest and I will never get this paid off. I am confused. No lawyer or official will touch the subject of internet payday loans here so how do I know what legally I can do?:confused::confused::confused:

Hi Paul--they are a subsidiary of Think Finance. If you go to paydayone's website, it is on their front page with a link to Think Finance. Any help would be great!

go to your DFI,or secretary of state website.search for CSO licensee database.you should find it there,but paydayone as a CSO is legal.now was think cash under plain green,or FBD?that is important.

Hi Paul, I am under that website but am not sure if I am searching the correct database. I do not find anything on paydayone, think finance, any of backers that think finance shows on their website, nor any of the team members they have listed. So can you explain a little about CSO's. I am confused. They are legal. If so, do they still have to abide by LA payday laws. Or can they skirt around them since they are online lenders and charge whatever they want. I do not paying back what I borrowed but to date all I have done is pay interest and keep upping my loan because of the high interest rate. I have already paid them back more than I borrowed just in interest alone and I have another one coming up so am trying to figure out what to do.:confused::confused::confused:

a CSO is different from a pdl.they are considered installment loans and have a predetermined length.they are not pdl's and considered legal.search for your sec of state,or dfi websites.there are licensee databases for cso's there.

Okay Paul, Here it goes:
I now know that our politicians in Louisiana are idiots. I have been looking at the Secretary of State's website and found then nowhere under any of the names I could find associated with them (if I am looking under the correct database). So I called the secretary's office, again with no help. Explained the situation, was transferred to another, then another. Was told to call the office of financial institutions. Told her done that, been there. She states the office of financial institutions would handle that since the bank they were operating out of would have to be registered there. Round and round we go. They did not know what a CSO was. Guess I can't blame them. I don't really understand either but you would think they would have a clue. I know it is a Community Service Organization but how does it work, who is it regulated by, does it have to be registered, does it have to abide by the state laws it is loaning to or just the laws where it is located, so on? She said just close your bank account down. I said I plan on doing so but am worried about the implications since Braud told me I am bound by contract. I may be getting myself into more trouble.


I also emailed paydayone--under a different email address of course--and inquired as to where they were licensed. Told them it states they do business in Louisiana and are licensed but doesn't say by whom. Well, just got an answer back.

We hope you've spent some time on our web site at [URL="http://www.paydayone.com/"]www.paydayone.com[/URL] where we have a lot of information about our loan application process. We also have some great testimonials from a few of our thousands of highly satisfied customers.

You can complete an application on line with your computer or you can complete it over the phone with one of our helpful representatives. In either case you can complete your application and have the results in approximately ten minutes or less!

If you are pre-approved you will be asked to select a loan amount, to answer some identity questions and then to sign the loan agreement. As soon as you've electronically signed the agreement, your information is presented to our verifications department for another review - part of our security process. Applications that successfully complete the verifications review by 5:00 pm CT will be funded by the next banking day.

So we hope we've provided enough information that you will decide to give us a try for your short term cash needs. We think we can do a great job for you!

Great answer, huh? So I emailed them back again stating that I had been through their website and saw where they did business in LA but it does not show their license anywhere. Also stated that there are a lot of illegal companies out there and they should have no problem with me asking for the license. DO YOU THINK THEY WILL ANSWER ME? We will see.

PLEASE CAN ANYONE HELP WITH THIS MESS!

CSO's are installment loans with a predetermined length. The loan I took out from paydayone was not an installment loan. It was a payday loan. Their site clearly states payday loan and all the paperwork is set up that way. It can be rolled over forever so how is it an installment loan? I am so confused!

I am searching on the ofi and sec of state websites, even google and yahoo searched, and can't find the database for CSO's. Can you lead me in the right direction?

I have been on here for over a week. Thought I finally had it figured out and was at peace. Can anyone help me, please?

Everyone is stating that these online payday companies have to adhere by your state laws. Can anyone specially show where that is written. According to my state elected officials, they do not. They are not regulated and do not have to be licensed here in Louisiana. So if I close my account down and revoke ACH, will they be able to sue. I have paid these individuals, double and sometimes triple, the amount that I borrowed. They have gone over the state limit in loaning and also are doing rollovers which is not allowed but the state is telling me that I entered into the contract and have to abide by it.

Come to find out one company is a CSO--which is supposedly an installment loan. It is definitely not. So how do I handle that loan?

These companies are operating out of Delaware, which has very lax laws with no limit on finance charges, etc. They are skirting around the laws at every angle and I am left to try to figure out what to do.

It keeps saying, shut your account down, revoke ACH, etc. but am I getting in over my head by doing that?

I just want some proof that this is legal. I do not mind paying what I borrowed back but with these enormous rates I can't even touch the principal.

Please help. I am desperate.

your state DFI website under disbursement loans.it is under PDO INC.as it is my dfi site for illinois.

So they are licensed here in Louisiana, correct? They are a CSO, correct? What laws do they have to abide by concerning interest, rollovers, etc.? I need to know how to deal with them. Thanks.

Hi Paul, Am I even looking on the correct website? I went to the Louisiana Department of Financial Institutions. Is that correct? I see depository, non depository, etc. Even clicked on them but do not see anything about disbursement loans but I take your word for it. I don't know why they won't show or tell me that they have a license here. Just need some information on how to deal with a CSO, if they are one? I have paid them $1106.31 to date and they are going to debit over $260 more in a few days.

I have looked on http://www.ofi.state.la.us/ and do NOT see any disbursement loans!

I too have a payday one loan. I am trying to get rid of myself! Can somoene please answer these questions

What is a CSO?
How do they work?
Do they have to be licensed in Louisiana?
What laws do they have to abide by concerning interest, rollovers, etc.?

Hey,
I sent an email message to the BBB! Maybe they can get us some help!
http://neworleans.bbb.org/Contact-BBB/

I know they go on the news weekly, so maybe my email will get them looking at things. I told them that the Office of Financial Institute is no help and neither is the AG. I also told them that a store front loan place needs to be licensed and regulated, why is it not the same for online loan companies!

I also listed my loan companies, and Western Sky so they can be sure to look them up! lol

It can't hurt to try to get help from them!

Good Luck!

Hey,
I didn't over think things. I just did it! I closed my account, or at least made it a deposit only and told them under no circumstances was my closed account to be reopened! My bank has this crazy thing that if something goes through it reopens the account, so I hope the lady got that part straight!

I'm not worried about being sued as most of my lenders are illegal. I can't afford to pay anymore, so I had no choice. It was pay my rent or pay 3 loans! RENT WON!

I'd send them an email revoking their ACH permission and tell them you can not pay anymore and that you have paid $$ and as far as you are concerned it was more than enough.

I'm done with worrying, I need my mind back! I wish you the best in dealing with this. I hope the BBB can help (left message on another post)

I find it funny that I couldn't find installment loans online and was turned down by one company because it did not have a license for Louisiana! It really makes you think doesn't it?! If the FOI says they don't have to be licensed in Louisiana, why would I be turned down by one?

The BBB cannot do anything...they are simply a letter writing member supported organization who has no legal power whatsoever.

http://www.statepaydayloan.com/payday-loan-in-louisiana/

I am researching this for myself and I found this site! It says loans have to be regulated and that Louisiana laws are STRICT! LOL

The laws in Louisiana are designed to help keep people from getting on a Pay Day loan merry go round. Once they are on the merry-go round, it is very hard to get off the cycle. The low amount of $350.00 maximum loan helps ensure the cycle gets broken are designed to do just this.

Also found this article on NOLA. Nothing to help us, but it's funny that August 2011 someone did an article on this!
http://www.nola.com/opinions/index.ssf/2011/08/louisiana_lets_payday_loans_fl.html

Good luck to you also. I am going first thing in the morning to do a deposit only. I have a paycheck coming through on the 1st and cannot close it until then. I was going today but I had two debits that had not hard posted yet. I also sent revoke letters. Hope I didn't bite the gun by doing that first. The payments are not supposed to come out until the 1st and 4th. If they take them out after revoking ACH, I guess then I have a right to sue. If they try doing that tonight, they would not hard post until tomorrow night anyway so I think I am safe, hopefully.

You just learn more everyday and I learned from a debt collector of all people. I don't know if you remember from my other post about the letter stating I owed Ace Cash Express $745 but yet I have a loan in good stand with a balance of $175.50 which I plan on paying off this week.
Well, the collection agency would not return my phone call, so I contacted the BBB and they received a report. They called me today and said they had been out due to the holiday. I explained I did not owe Ace that amount. Well, after a few minutes of conversation, the manager got on in the phone. Stated he had been listening in. He was very nice so I had no reason to be hostile. This is what he explained to me. The account was from 2007 and was in collections until 2009 when it was bulled out of the credit bureau. Some kind of law changed in 2010--did not get all of that and then it was placed back in. He asked if I had ever had any kind of payday loan in the past and I stated yes, several years ago but when contacted I had paid them all off. Well evidentally not or they were not reported as paid. This is what happens according to him. When a company like Ace wants to open shop, they purchase large amount of accounts from other companies. They do not want to go through them so they sell them to collection agencies. Evidentally that is what happened and he said when Ace purchased it, the loan then transferred to them. I asked how I was able to loan with them and he said because none of that came up in their system because the loan was sold. So I said in other words how do you prove who was the original owner and the original amount. He told me a fact that I did not know. Anything you have in collections--credit bureau, etc. follows the same case file number. In other words, whatever the original company file number was transfers to Ace and from Ace to the collection agency. He must have had my credit report pulled up because he kept asking me questions as to when I last check it and also knew the dates the original case was put in collections, pulled out, and then put back in. I did not know they could do that but I guess like he said it keeps transferring so I am assuming the right to check my credit does also. He wanted to work out a payment plan and I agreed--haven't signed anything yet and haven't given him any kind of debit, ACH, etc. information. After getting off the phone, I started thinking that I need to research this file and try to see who the original creditor was. Like I stated I did have a few loans back around that time but I paid them off--literally did. No one ever contacted me on this. Maybe the place closed and sold my account. So why was I not contacted before now and not by Ace. Because they sold it right away. Don't know. This is all confusing.

I told him about what I was going to do--bank account wise and he said don't do that. Then I explained they were internet loans and he agreed. He did come right out and state to stay away from payday loans and if I ever needed to take out one make sure it was on a storefront business. He also said that all internet payday loans are illegal so am now wondering if that original loan he is calling about was one. If so, it was also illegal.

It just keeps getting better and better.:confused::rolleyes:

I have found many articles but not a newspaper one. Guess who will be receiving a letter or email--that reporter.

There is also the Louisiana Deferred Presentment and Small Loan Act that was supposedly put into place to help consumers but it doesn't work if the officials aren't using it. I have found that these politicians, especially in Louisiana, are being back by these loan companies so what do you expect. I found that in reports and even some officials stated it was correct but the money did not influence them in any way. YEAH, RIGHT! Make me believe that.

Haven't heard anything from the ACH revokes yet but probably won't until the day they are due. They will probably go ahead and try to run them anyway so I have to get to the bank first thing in the morning. I wish those 2 debits would have cleared this morning. They were from a few days ago.

Hi frugalmoma: Please look under my new thread--I am worried and see what I found while searching on here.

Now I am worried. PayDayOne is supposed to be a CSO and we have been trying to find out about those but no one will answer. What I found states that cso's do not have to follow payday loan laws. I have already sent them an ACH revoke so now what do I do? If they don't have to follow laws, then it means I just keep paying. They may not enter into a new contract and make me pay the whole amount up front which I definitely do not have.

I have an appointment with a lawyer Tuesday. Guess I am just going to have to file bankruptcy and get it over with.:(:(:(:(:(:(:(:(:(

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Doesn't matter if they hard hit, make that account deposit only today! The bank can force it through!! That's what they did for me!

Stop worrying so much! You are going to drive yourself insane!

I found this post, it doesn't say how they won, but it's about Payday One!
http://www.debtconsolidationcare.com/success-stories/paydayone-pif.html

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He gave me a lot of information that I am trying to digest. He did say all internet loans are illegal. He is located in Arkansas but from what I now have found out and sure you have also, that is not true. If they do not have a storefront here, I guess they are legal. Am still awaiting answer from OhioGal to that. That is what Baton Rouge also said. So I am still confused. PDO is a cso so does that make them legal and the other online lenders illegal? The more I search, the more confused.:confused: As far as the deal with the call, I still am not clear and am fixing to pull my credit report. He states the same case number follows you no matter who it is sold to. He also said the case came off from my report in 2009 and was put back into collections in 2010. It is now 2012, where were the calls? And how do I go about finding the original lender? Stupid me! If one company can buy out another and that company doesn't want to go through all those files and sell them to someone else, where does it start and end? This loan could have been one I was paying on and not in default. They are automatically withdrawn and perhaps I thought it was paid for and it could have been, who knows? I just need to quit worrying about all the bills and everyday issues and start paying more attention to what is being withdrawn from my account. That is totally my fault. I now know what I have paid and what is stated is due and will work from there. Anything in collections, I want to know the original creditor and think that is my right. Have a nice day! Going to the bank.

FrugalMoma: Sorry I am really getting off from here and going to the bank but had to check out the link you sent. Wonder how that guy managed that? I paid them back way more than that. But if you look at the date it is from 2010 so either they changed the way they do business or they lost so much interest money they would be making, they don't do paid in full anymore. Am going to call them when I come back and will let you know what they said.

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I looked at my post to be sure I did not mistype. He did not say it was back on my credit report, only that it was back in collections. So it was sold to someone else, yet again. He stated he wanted to work something out so it would not go back on my credit report. Well, it's already been on there so what is the difference? I know, that's insane but I have had a fraud alert on my report for quite a few years. I had my bank account hacked into back in 2009 and had to shut it down and open a new one and I put the alert back on it then. I did receive a couple of things from them but then 0. I had a heard time even getting into my own report last year so don't know if it the alert falls off or what because evidentally the guy had my report pulled up. I am calling the credit bureau and see. Took care of the bank. And now am just waiting to see what happens. I only had one ACH that was supposed to come out tomorrow and it was from of the tribal lenders. Keep me posted. Oh by the way, not to ramble as I was told I am doing. Just trying to give you some info. There is free legal aide if you qualify. I don't know what the poverty level is considered here but they said we don't. Of course, they use your income before taxes, etc. But there are also some nice lawyers. I have an appointment on Tuesday with one for a free consultation. I am following the advice on here and lawyers don't want to touch this issue. Just want to check and see what my course is if I do have to file bankruptcy due to these medical bills--if the loans can be filed on also. If anyone knows this answer, I would appreciate it. Thanks.