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Blanket license

Date: Mon, 09/15/2008 - 06:29

Submitted by anonymous
on Mon, 09/15/2008 - 06:29

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Total Replies: 5


One of my loan companies stated they have a blanket license so they can loan in every states. Thier apr on thier loan was 1087.89% I nearly stoped breathing.


was this a payday loan i presume?if so who? a lot of illegal pdl's
will lie like rugs.


lrhall41

Submitted by paulmergel on Mon, 09/15/2008 - 06:36

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I too have never heard of a "blanket license". I agree check with the state you live in. I would also call their bluff and ask them to provide you a copy of it - guaranteed they won't but it doesn't exist. Who is the PDL company?


lrhall41

Submitted by ksando44 on Mon, 09/15/2008 - 07:46

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There is no such thing as a "blanket license." This was probably just a b.s. statement from an illegal ipdl.

However, some installment loans are actually made by First Bank of Delaware (Think Cash, Check n Go Online, etc.) and banks are generally exempt from state regulation since they are regulated by the federal government instead. Also, some pdl's - like CashNetUSA, Payday One and Cash Central - get licensed in every state they lend in.


lrhall41

Submitted by FreakyFriday on Mon, 09/15/2008 - 08:57

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