Help In CALIFORNIA
Date: Fri, 06/05/2009 - 23:48
I have thoroughly read through these forums but before I close my bank account and send out my letters I want to make triple sure I am doing the right LEGAL thing.
I have 3 loans from the internet and I live in California.
Eastside Lenders $700 borrowed
(They say $910 due to a service fee)
I pay $210 every 2 weeks to extend.
NorstarCash $200 borrowed
(They say $260 due to a service fee)
I pay $60 every 2 weeks to extend.
500FastCash $400
(They say $520 due to a service fee)
I pay $120 every 2 weeks to extend.
If I am correct, if I live in california, there should be no loans given to me over $300, correct? And I thought the fees should be no more than 15% of the face value of the loan? I am paying much more than that between checks.
I am probably looking at this all wrong.
Norstar is in Nevada and I could not find their license in that state or California. Eastside Lenders is based in Delaware with a current license, but I could not find them in California. And finally 500FastCash.......I could not find an address so I have no idea where they are located, but have not found the name licensed with California.
Also, I read somewhere that Deleware Lenders are not allowed to give loans for more than $500. Yet the company based there gave me a loan for $700.
So what I am asking you wonderful intelligent people out there is.....Do I have enough to pursue anything here? Can anyone validate the same things I have found or not found. I think I need someone to validate this just in case I missed something.
By the way I have called all companies to try to work out a payment plan so I can actually pay off the loans. They all stated the same thing. I would have to pay the above extension fee plus another amount to go towards the loan to slowly get it paid off.
Grrrrr......
I hope I found something here.
I have 3 loans from the internet and I live in California.
Eastside Lenders $700 borrowed
(They say $910 due to a service fee)
I pay $210 every 2 weeks to extend.
NorstarCash $200 borrowed
(They say $260 due to a service fee)
I pay $60 every 2 weeks to extend.
500FastCash $400
(They say $520 due to a service fee)
I pay $120 every 2 weeks to extend.
If I am correct, if I live in california, there should be no loans given to me over $300, correct? And I thought the fees should be no more than 15% of the face value of the loan? I am paying much more than that between checks.
I am probably looking at this all wrong.
Norstar is in Nevada and I could not find their license in that state or California. Eastside Lenders is based in Delaware with a current license, but I could not find them in California. And finally 500FastCash.......I could not find an address so I have no idea where they are located, but have not found the name licensed with California.
Also, I read somewhere that Deleware Lenders are not allowed to give loans for more than $500. Yet the company based there gave me a loan for $700.
So what I am asking you wonderful intelligent people out there is.....Do I have enough to pursue anything here? Can anyone validate the same things I have found or not found. I think I need someone to validate this just in case I missed something.
By the way I have called all companies to try to work out a payment plan so I can actually pay off the loans. They all stated the same thing. I would have to pay the above extension fee plus another amount to go towards the loan to slowly get it paid off.
Grrrrr......
I hope I found something here.
Just to add to the above......
I looked on the California Department of Corporations website and they have a "Desist and Refrain Order" on both 500FastCash and NorstarCash. What does this mean as well as my need for validations above?
That means that they can not loan to anyone in California. So th
That means that they can not loan to anyone in California. So they can huff and puff all they want, but in a nutshell, as long as you've paid back your principal (what you orig. borrowed), you can tell them to stuff it--or else you will file a complaint with the Dept of Corporations, or else Jerry Brown's office over at the Attorney General. They'll get the picture and go away...
