pa payday loan
Date: Fri, 06/12/2009 - 09:48
I am aware that PDLs are not legal in PA but that if the PDL has a license in any state in US that I am bound by the laws of that state. Just verifying - am I correct on this?
Now my loans are with:
Payday One - which I am aware is legal - $1000
Rocky Boy Technologies (was Impact) - $300
Loan Point - $600
Biggest Cash.com - $300
SparkLoans - $400
Cash Central - $300 - they recently told me they can no longer lend in PA - does anyone know why?
I believe all are illegal except Payday One. Does anyone know for sure?
The 'installment' is with First Bank of Delaware. Is this one handled the same as a PDL or different. It was for $600 and payments of $98.75 every 2 weeks for 6 months.
Thanks
Cash Central is licensed in about 21 states. They suspended ope
Cash Central is licensed in about 21 states. They suspended operations in PA pending the Commonwealth Court's decision on whether the Department of Banking can reverse its historic interpretation of the Consumer Discount Company Act outlaw out-of-state loans on its own authority without any action by the legislature. (That's how CashNetUSA framed it in the lawsuit seeking an injunction against the Department. I'm not expressing any personal opinion on whether they are right or wrong.)
Impact was licensed in Utah. Whether the new owners have kept that license active, I don't know.
First Bank of Delaware is unquestionably legal in all 50 states because federal laws permitting banks to lend trump any contrary state laws. (Key word there is "banks.") They had some issues with the FDIC over their use of third-party servicers but those were resolved when the bank started doing all of its own operations with these loans.
Loan Point had a Utah license under the name Geneva Roth, but they have other portfolios and I don't know if those are covered by their Utah license.
I don't think Biggest or Spark are licensed anywhere.
