CashCall & Western Sky In Rhode Island HELP
Date: Wed, 07/03/2013 - 10:21
I tried to apply for a loan via the CashCall direct website just to see what would happen and my suspicions were correct--just entered my demographics--and received a message that CashCall does not provide loans in my state.
I would assume this means they are not licensed in RI. Usury rate in RI is 21%.
I've already paid about a third of the principal thus far and more than willing to pay the rest of the principal, which is only fair, but I do not think I have to pay more than that. Anyone who can help, I would greatly appreciate your input.
Who did your loan originate
Who did your loan originate with WS or CC? Licensing Requirements for RI -
Online lenders can be licensed in any state. Lenders would need to follow the laws of the state they are licensed out of, not the laws of Rhode Island, so there is no limit to the maximum loan or finance charge. So we would want to look at the state guidelines for SD or CA - depending on who you got loan with - I am sure we can still find a loophole to make them illegal - but will want to do the right way..
If your loan was from Western
If your loan was from Western Sky Financial, you need to contact the Rhode Island Department of Business Regulation for guidance. They have stated in the past that Western Sky Financial is not licensed to do business in RI and are aware of the illegal loans being issued to RI residents via Western Sky. Then you need to secure your bank account and follow the instructions in the sticky on how to deal with unlicensed lenders. You should know that dealing with them is a long process, they will try to bluff you into believing they are legal and they will trash your credit score. Please see my previous posts on CashCall/WS so you will understand how this scam works. They are under investigation by the FTC and 17 states have fined them and banned them from doing business in their states. Further, there are several lawsuits against both the lenders for deceptive practices involving these unlicensed loans.
Here is the link on how to
Here is the link on how to deal with - http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html -- I would still secure the bank account right away no matter what!
Great news... Thanks for
Great news... Thanks for sharing the update...I have sent the above info to -http://www.online-payday-loans.org/state-licensed-lenders/ to have them update their page.