Thank God for this forum!

I am glad you feel better and as soon as you start paying them back the quicker you will be PDL free and stay that way.

Keep us posted and ask any more questions or advice you need. :)

Yes please keep us posted. I think your experience with these store fronts will really help others see how each one operates when someone defaults. The information you can share will be valuable. We all know what the illegal internet lenders do but it will be great hearing about the store fronts.

You could not be more wrong about big banks being behind legal PDL's!! They are one of the main reasons that states are pushing for legislation to force us out of business and putting between 50,000 and 100,000 employees out of work.

See the problem is that we affect the banks bottom line by giving thier customers a place to go to borrow money to protect against NFS fees. Does every customer of ours use the money for that reason, no but many do. The big banks are so supportive of the PDL industry that they are offering the same program, but do not have to follow the PDL regs of each state since they are federally chartered. This means that in a state like Ohio that managed to end PDL's from licensed lenders, the consumer can now go to the internet OR thier local national bank that offer Direct Deposit Advances. If you have every looked into the one's offered by Wells Fargo or US Bank, you will see that is the exact same product as I offer but is exempt from the regs that I have to follow. The state can do nothing to stop the program!

Banks are not behind the PDL industry, they are very much against what we do....

They did not end PDLs in Ohio. They changed the interest rates. They are still legal for store fronts, just not internet.

So the big lenders just went around the law and now offer loans under the small loan act which can have even higher rates then the old PDL law because they can charge a fee.

The state is already starting to look at changing that law as well.

Potaytoes, Potahtoes...

The result was the same. The elected officials stated time and time again that they were not going to do anything with the industry and flipped at the last minute. They had one goal and that was to run the PDL companies out of the state. The problem with that logic was a small percentage of the lenders changed the product to conform with current state regulations for small loans. In fact, the officials recommended to the PDL companies to work under these regulations so that they did not appear to be putting 6000 people out of a job.

And just so that you know, I followed the legislation very closely from February thru November due to the fact that we were considering entering the Ohio market.

Well good for you.

I just wanted it clear that what you posted was not spot on. Not everyone follows the PDL laws and the changes that happen.

Most, if not all states that have eliminated PDL's have made them a "non-viable" product and not flat out illegal. If the state makes the fee low enough and the "hoops" frequent enough, they end up with the same result, but have the ability to fall back on the a statement like yours. They can say, " we did not ban them, they can still operate here under out rules". The problem is that "thier" rules do not allow for a business to operate at a profitable level, therefore eliminating an industry.

BTW, I just reread my posts and they are pretty much "spot on". ;)