Payday Loan Help in Ohio (Online)
Date: Tue, 12/13/2011 - 14:53
Hello Debt Consolidation Care,
I recently took out 3 different small online payday loans thru 3 different companies. Im curious if these companies operate legally in Ohio...and what are the steps I should take in repaying these loans? I ran into some financial troubles and cant payback any of these...my bank account is already in the RED and rejected any further payments
(1) Peppercash.com - Thru Moneymutual, I owed them 300$, 105$ in principal. Ive already paid the 105 to extend the loan twice.
(2) SigmaSolutions (No website? Curious, Never sent me a confirmation email that I know of either) - 200$ I owe them, 80+ in fees, 1 week only loan...but the transaction was rejected.
(3) CashNetUSA (450$ loan, With Interest the Loan was for over 586$) - they extended my loan and charged me 115$ I believe for my first payment.
What are my steps from here....Im pretty sure Ive already received threats and stuff from one/if not two of these lenders.
Which are legal? which can pursue legal action on me? whats the worst that can happen to me? Im starting to worry that I could be taken to court....lose my job...or lose my other personal assets...is this possible?
What do I do? Thanks for the help.
You should immediately contact with Ohio Division of Financial I
You should immediately contact with Ohio Division of Financial Institutions to know whether or not payday loan companies are licensed in Ohio. You are required to payback only the principal amount, if they are not legal in Ohio. Illegal lenders can???t take any legal action against you. If the lenders are licensed, then you will have to bear the principal amount along with interest and charges. In such a case they may sue you because of non-payment of debt. They can garnish your wages or place a lien on your property, if they get a court order.
i went to the Ohio Division of Financial Institutions website an
i went to the Ohio Division of Financial Institutions website and started looking up companies...
I Searched Peppercash and Pepper Cash and got 0 results...Website states that it looks like its out of costa-rica...but i was directed to them thru MoneyMutual...so I figured theyd be legal? Any thoughts?
Searched CashNetUSA and got results for an institution in Chicago which I believe is 100% correct....I click the link and it says "Status: Withdrawn" does that mean anything? or because it came up...its LEGAL.
But. there was also this...and I believe there website states they can make the loan a "CSO" - So Im guessing CashNETusa is active
CS.900076.000CREDIT SERVICES ORGANIZATION05/29/200904/30/2012ACTIVE
Also searched Sigma Solutions and got nothing...
Should I contact CashNETUSA asap and try to get setup on a payment plan to repay them back? am I only going to owe them the "Borrowed" amount?
Am I doing the right thing or following directions correctly? thanks in advance...again.
CashNetUSA is legal. They are a CSO and are licensed to lend in
CashNetUSA is legal. They are a CSO and are licensed to lend in Ohio. Call them and set up a payment arrangement. You have to pay the interest on this loan but may be able to settle for a lesser amount if you can negotiate it.
The other 2 are illegal. You should repay them the principal only.
I would close the checking account anyway and set up your payments via either mail (with a money order or cashier's check) or a prepaid debit card.
Do not give ANYONE your new account info.