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Arrowhead Investments and Astro Lending

Date: Fri, 09/19/2008 - 10:13

Submitted by anonymous
on Fri, 09/19/2008 - 10:13

Posts: 202330 Credits: [Donate]

Total Replies: 18


I was just wondering if anyone knew if Astro Lending and Arrowhead Investments are legal in Pennsylvania? I'm thinking that they are not


In Pennsylvannia, payday loans are prohibited. The pdl laws are: -
Quote:

Legal Status: Prohibited

Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq.

Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year


If you want to file complaint against a particular pdl company then you can do so to the following: -
Quote:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions


lrhall41

Submitted by phoenix on Sun, 09/21/2008 - 21:04

( Posts: 1445 | Credits: )


Ok........so, if I live in PA and I had gotten a 'loan' from Arrowhead, I have to go by the state THEY are in, instead of the state of PA?


lrhall41

Submitted by sdchargers_63 on Mon, 09/22/2008 - 09:27

( Posts: 1798 | Credits: )


ALL of the PDL's are illegal in the state of PA? I din't know that ( did I misunderstand?). I haven't looked to see which PDL's ARE illegal in PA. As I said, i don't know if I misread the comment above.


lrhall41

Submitted by sdchargers_63 on Tue, 09/23/2008 - 08:16

( Posts: 1798 | Credits: )


Quote:

ALL of the PDL's are illegal in the state of PA? I din't know that ( did I misunderstand?). I haven't looked to see which PDL's ARE illegal in PA. As I said, i don't know if I misread the comment above.


sdchargers if you were referring to my comment I was replying to Wendy, who is located in Michigan.


lrhall41

Submitted by Shazzers on Tue, 09/23/2008 - 08:21

( Posts: 17344 | Credits: )


I am a current customer with questions about my account


lrhall41

Submitted by on Sun, 11/02/2008 - 07:36

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Arrowhead Investments ....i think I read somewhere that they are NOT legal in MI. I can't remember where I saw the info. I know it was on the web, but, I apologize..I don't remember what sight.


lrhall41

Submitted by sdchargers_63 on Sun, 11/02/2008 - 14:23

( Posts: 1798 | Credits: )


Regardless of where a payday lender is located they MUST be licensed in Pennsylvania to do business in Pennsylvania and they MUST follow Pennsylvania's laws regarding short-term loans as set forth in the Consumer Discount Company Act. One lender already went through and lost a massive class action lawsuit on this type of thing in Pennsylvania. You can file a complaint with the Department of Banking as one person stated in their message.


lrhall41

Submitted by on Thu, 11/11/2010 - 11:16

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