Letter from CashCentral
Date: Wed, 06/28/2006 - 19:10
In a recent self audit to confirm our compliance with California law, we discovered that our systems inadvertently allowed some consumers to borrow more than the California Deferred Deposit law allows. The law indicates that the face amount of the check cannot exceed $300. Our attorneys initially felt that the face amount of the check meant the principal amount borrowed and that the finance fee could be charged in addition to the $300. Upon further investigation and research, we have now been instructed that the principal amount and finance fee together cannot exceed $300. Therefore, those of our customers who received a $300 loan were charged $7.92 more than the maximum fee permitted under the law. We have reviewed your account and credited you $7.92 for each $300 loan received. You will still be required to repay the original amount borrowed and remaining finance charge according to your loan agreement.
Does anyone reading believe this to mean I will get a refund of $7.92? Or $7.92 each time I paid a fee only?
i think it means the if you borrowed $300 from them and paid int
i think it means the if you borrowed $300 from them and paid interest or whatever on top, they are going to reimburse you $7.92.
so if you got a $600 lona from them, they will reimburse you...$15...something.
hope that helps!
I would think for everytime you paid the fee you would be credit
I would think for everytime you paid the fee you would be credited $7.92. That means that everytime you renewed the $300.00. I could very well be wrong, why not email them and ask, I mean whats the worst thing they could do?
letter from cashcentral
Yes, the letter states that for each $300 loan, on repayment you overpaid $7.92. I can attest to their prompt repayment of my overpayment. I received the email on a Friday and on Monday morning the money was repaid to my bank account.
I just received an email from them advertising their PayDay loan
I just received an email from them advertising their PayDay loans and they are now also advertising that they are licensed in your state and they even have a link where you can go and see the license. WOW, they must really be feeling the heat, I've actually received a few emails like this from other PDL's.
Looks like the complaints are being heard and now some of these
Looks like the complaints are being heard and now some of these internet pdls are being forced to comply if they want to stay in business. That is good news. And to even have a link to see the license that's good too.