Cashland & EPP in Oklahoma

Date: Thu, 04/19/2012 - 15:07

Submitted by jhat1736
on Thu, 04/19/2012 - 15:07

Posts: 8 Credits: [Donate]

Total Replies: 3

I have a storefront loan through Cashland. I know they are members of CFSA, so I called about an EPP. I've had an EPP through Advance America before, so I assumed Cashland would have the same terms of four monthly payments with payments beginning on the next due date following the date you set up the EPP. But Cashland said they require the loan to paid off in three payments, and the first payment is due on the date you set up the EPP. They also charge a 5% "late fee", which Advance America did not do. Does anyone know if the laws regarding EPPs in OK require all lenders to have the same terms, or can Cashland modify the terms? I called the OK Dept of Consumer Credit and CFSA, but both places had me leave voicemail and no one has called back. I've looked at the Dept of Consumer Credit website but its not clear if the lenders can make their own terms or if each EPP should have same terms. Thanks for any help.

I know that Cashland is licensed in Oklahoma, it is a storefront

I know that Cashland is licensed in Oklahoma, it is a storefront lender. I found out that they are listed on the Oklahoma roster of deferred deposit lenders, so I would think that they have to offer an EPP as required by Oklahoma law. The only reason I'm not sure is because this is an $850 loan, so it is outside the range of a typical "payday" loan as per Oklahoma law. But since they are listed as a deferred deposit lender I really think they would have to offer the EPP. I called the OK Dept of Consumer Credit but even that person wasn't sure, she's trying to find out and will call me.

The same thing applies to Ace Cash Express, they are a licensed, storefront lender and are listed as a deferred deposit lender, so do they have to offer an EPP for their $700 loans? If anyone knows or has experience getting an EPP from either of these places please let me know, thanks!

lrhall41

Submitted by jhat1736 on Fri, 04/20/2012 - 10:40

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Are you sure what you have is a PDL and not a loan where they're

Are you sure what you have is a PDL and not a loan where they're acting as a CSO? PDL max loan is $500 in OK. What does your loan paperwork say? I'm guessing you have a CSO agreement or a "short term" loan not classified specifically as a PDL.

lrhall41

Submitted by OhioGal1 on Mon, 04/23/2012 - 11:05

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Cashland provided me with an EPPwith no hassle

I have several payday loans that were getting out of hand. I have decided to become debt free in 2013. I called Cashland in Ohio and told them I needed an EPP. They told me to come in and when I arrived my paperwork was ready. My loan would have been due on 1-2-13 for $1261.95. They divided the balance into four payments (they first one starting on 1-16-13 to coincide with my payday). I felt relief with the ease and the thought of having it paid off by March 2013 with no accumulating interest.

lrhall41

Submitted by scorpiodebtfree on Thu, 12/27/2012 - 11:04

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