Payday loan cycle

Hi, my! :D You're in PA, correct? In PA, they will allow internet lenders if they are licensed SOMEWHERE. If they are not licensed SOMEWHERE, then they would be considered illegal. Can I ask you to do something for us? Can you please list out how much you have borrowed from each of the plds and how much you have paid total to date on each one? We can get a better idea of where you stand that way. Also, you've done nothing regarding your bank account so that these pdls can't debit?

Also, what is GW Financial? Does that stand for something? The name is not ringing a bell with me as a pdl name.

Payday One, Payday OK, and Cash Net USA are all licensed in other states.

Payday One and Payday OK are licensed and lending to PA consumers under their DE license.

Cash Net USA is licensed and lending to PA consumers under it's Nevada license.

Thanks, goudah! :D my, that means that three of your pdls are going to be "legal" in PA. This means that you are going to have to follow the pdl law of their state. I am going to post the state pdl law for you for both Delaware and Nevada. We still need to know who GW Financial is so that we can check on that one. Hang on. I'm posting the state pdl law next. :wink:

You will find the Payday loan laws for Delaware here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

You will find the Payday loan laws for Nevada here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

The website is GWFin.com They are impossible to reach by phone. All I can find on the site is GW Financial Services.

Paydayone principal $500, paid $584.50 so far since July
Paydayok principal $500 paid $479.50 since June.
GWFin, $400 principal, paid $531 since June.
Myalias143 aka strangclan

I did not do anything with my bank at this time, as I have too many other bills that do come out, in addition to my direct deposit. With my employer it is not easy to change checking accounts for direct deposit.

Boy, you're right about them not giving ANY information. I went to the site. Nothing. The only thing I could access was their "privacy policy" and found an email address of info(at)gwfin.com

Do you have a phone number for them? Maybe I can do a search by their phone number.

They do not have a phone number anywhere, not even on the copy of the loan documents. The only way I could ever contact them is through the contact info on the website, when you already have a loan.

I did find two listings with the BBB, but I can not be sure if this is even them. We have nothing to go by. Huh. I'm leaning towards illegal since they're so secretive. Very generic web site. Hang on. Let me look at the BBB again and see what kind of business it says these two listings are. Might not be them at all.

I sent GWFin an email asking how I could be put on a payment plan, they have responded stating they will not longer make debits to my checking account. They have sent me a notice stating how to mail payments or to pay them through paypal. I am supposed to have a payment taken out of my checking account from them on Friday, I did not tell them to stop, I just asked how to make payment arrangements. Here is the address they gave me to mail payments to: GW Financial Services
Payment Office
1000 N. Green Valley Pkwy #440-200
Henderson, NV 89074-6170

I'm showing this one as "financial services". Maybe them? Who the heck knows!

G W Financial

(248)848-9324

32969 Hamilton Ct Ste 135
Farmington Hills, MI 48334
View Location Map

Financial Services

Oh, God Love You! You got information! Awesome! Let me see if I can find them as licensed anywhere! GREAT JOB!!!! :D

From what it says in my reply and on the website where I would check my payment options, it is giving me different payment options. It would be nice if they would make arrangements and let me just pay what I owe without adding any more fees. They did say they will not take any additional payments from my checking account.

Not surprised. It's one of the "physical addresses" that's in a building with numerous other companies. A nice fly by night address. Huh. I'm feeling safe saying not licensed since they basically don't exist!

I emailed them again to confirm that they will not take additional funds from my checking account. They confirmed it and stated to either mail payments to them or to pay them through paypal. On the top of the notice from them it states the balance due is $459. That would be the original balance of $400 plus the $59 bi-weekly fee.

So the companies that are legal in the state of PA, I have to continue paying them under the agreements I have, is that correct? And if they are not legal,then what? The problem is the other three I have paydayone, paydayok, and cashnetusa are all legal in PA. I did email paydayok and paydayone, explaining the hardship and I will let you know if they respond, the website states allow 24 hours for a response.

Okay. Looks like you're going to have to go by Delaware law on PayDayOne and PayDayOK. Delaware law sucks. There is no limit on the finance fee (whatever they want to charge, they can) and they allow four rollovers. CashNetUSA you're going to have to go by Nevada law. No limit on the finance fee there either and not specified on number of rollovers. These two states are bad. So, from what you posted regarding PayDayOne and PayDayOK as far as pmts, I think you're stuck with them. You didn't mention CashNetUSA's pmts; however, you're stuck with them also. Since these three are licensed, PA will allow them. And unfortunately they are in states with extremely lax pdl law.

Thanks for all your help. I will just have to try to pay off one at a time, instead of trying to pay something to all of them. CashnetUSA is actually the higher of the 3 with fees. Paydayone and paydayok are pretty low. They allow you to increase your loan once you have paid the 4th roll over with a paydown. CashnetUSA once you reach the 4th extension they want payment in full.

I wish the government could step in and help with some of these loan sharks. It would be nice to see some of them in class action suits too.

Believe me, I agree. Unfortunatley you have pdls that are licensed SOMEWHERE and the SOMEWHERE just happens to be the "pdl playground" states. No limits, rollovers allowed, etc. That really bites.

I guess all I can hope for now is that they will make arrangements with me for payment, like the GWFin did. Thanks again for all the info.

strangclan, if you need anything, please let me know.

Thank you. I received an email from paydayone, they will not extend due dates. So I guess I will just have to try to pay more than usual and get them away from me. I will never get into this position again! Thanks again.