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I recently closed my bank account due to losing a purse and to try to get away from PDLs which I am overloaded with.. With the fees and the pay downs - I could not make the payments. I am curious what companies are legally licensed in the state of fl. I have loans with:

ameriloan - 200.00 borrowed - 240.00 paid back in fees
Zip Cash - 300.00 borrowed - 270.00 paid back in fees
MyCashNow - 340.00 borrowed - 316.55paid back in fees
ThinkCashNow - 750.00 borrowed - 77.09 int/8.14prin

As far as I have found out, it is only legal to have one payday loan in the state of fl. What can I expect?

well first off welcome.second i suspect none of these will be licensed.i have dealt with ameriloan and they are a by all accounts are done with them.the others if they are not licensed you are only responsible for the principle
borrowed.that means all supposed fees go toward the principle.
these companies will try to convince you they are legal,and whatever terms they have in there contract you must abide by or there state laws prevail.that is not the case.again welcome and post any other questions,we are here for you.

Sub: #1 posted on Sun, 08/10/2008 - 14:32

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15512 | Credits: )

how do i find out who is legal? can they gain access to my new bank account?

Sub: #2 posted on Mon, 08/11/2008 - 04:19


Here are the FL pdl laws. There are some companies acting as CSO's in the state of FL, and these pdl laws would not apply to them. Do you know if any of these loans you have are CSO's?

Florida State Information

Legal Status: Legal

Fl. Stat. Ann. ???? 560.401 et seq.; Rule 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Collection Limits:
Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,

Sub: #3 posted on Mon, 08/11/2008 - 04:27

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

CSO'S? first texas now florida.i do know that ameriloan is totally illegal.i don't know about the others.

Sub: #4 posted on Mon, 08/11/2008 - 05:56

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15512 | Credits: )

What are CSO's?

Sub: #5 posted on Mon, 08/11/2008 - 09:15


None of your loans are with CSO's (Credit Service Organizations).

Think Cash is not a pdl, it's an installment loan, and is legal.

Sub: #6 posted on Mon, 08/11/2008 - 09:45

goudah2424 goudah2424

(Posts: 7936 | Credits: )

By looking at my post above, what do you think that I owe?
ameriloan - 0?
ZipCash - 30.00?
MyCash - 23.45?
ThinkCash - ?

Will I be legally bound to pay back ZipCash and MyCash? I sent an email to ThinkCash and told them that I would have to pay them by money order that I had been advised not to give out my personal accounts.

Sub: #7 posted on Mon, 08/11/2008 - 10:53


zipcash and my cash now. doubtful. but you should pay the principle, ameriloan is a hand full, but after i sent complaints all over they finally gave in, after months and months, persistance is the key!

Sub: #8 posted on Mon, 08/11/2008 - 11:09

danilewis82 danilewis82

(Posts: 296 | Credits: )

Do you have to send out C&D Letters? Does anyone know if you can renegotiate interest charges with ThinkCash? From what I have seen on this board, that is the only one of my PDL's that I am legally owing money to except for the $30.00 I owe to Zip Cash that is no longer doing business.

Sub: #9 posted on Tue, 08/12/2008 - 07:03


No, you don't have to send out C&D letters. Frankly, C&D letters only apply to third party creditors, and these are original creditors, so these places don't have to abide by anything the C&D letter says. It could have the opposite affect you are hoping for and make it look to the pdl's like you don't know the law at all. But that's just my opinion, many here swear by sending them. I just don't feel you should try to fight a company using laws, but using the wrong ones.

Sub: #10 posted on Tue, 08/12/2008 - 07:12

goudah2424 goudah2424

(Posts: 7936 | Credits: )

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