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Online Payday Loans

Submitted by on Sun, 08/10/2008 - 13:23
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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 handful.you 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.


Submitted by paulmergel on Sun, 08/10/2008 - 14:32

paulmergel

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


Submitted by on Mon, 08/11/2008 - 04:19

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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?

Quote:

Florida State Information

Legal Status: Legal

Citation:
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: ,


Submitted by Shazzers on Mon, 08/11/2008 - 04:27

Shazzers

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


Submitted by paulmergel on Mon, 08/11/2008 - 05:56

paulmergel

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What are CSO's?


Submitted by on Mon, 08/11/2008 - 09:15

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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.


Submitted by on Mon, 08/11/2008 - 10:53

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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.


Submitted by on Tue, 08/12/2008 - 07:03

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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.


Submitted by goudah2424 on Tue, 08/12/2008 - 07:12

goudah2424

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Goudah2424, do you think I can renegotiate with ThinkCash on the interest of my loan? I understand that ThinkCash is not a PDL but an installment loan?


Submitted by on Tue, 08/12/2008 - 08:14

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Are the following licensed to do business in the State of FL:
ameriloan, ZipCash and MyCashNow?


Submitted by on Thu, 08/14/2008 - 04:08

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what if i do not return any of the calls when i get them? ameriloan has called and i just told them i was not available and could not have personal calls at work that and that it would be after 5pm when she would be able to call. they said they were calling from "aml". i think they just tried to get there money from the account i closed. with the fees that i paid them, i don't think i owe them anything and they hit my old account for 320.00!!! do i need to tell them that i know that they are not licensed in the state of fl or just let it go?


Submitted by on Mon, 08/18/2008 - 11:29

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