Cash in a Wink Legal in CT?
Date: Fri, 05/03/2013 - 06:42
I have one payday loan from Cashinawink. The loan was for $450 plus the original finance fee that pushed it to around $560. I have currently paid $880 towards it due to renewal fees.
Now, the reason I hesitate to close my bank account and just move on is because I have read that CIAW is a CSO loan company. I have also read that they are PDL. I am a resident of CT where all PDLs are illegal, and I have left a message with Dept of Banking to inquire about out of state CSO policies (apr caps, etc) as well as to check and see if CIAW, if they are in fact a CSO, has been authorized to lend in CT. I know they wouldn't need a license but they need approval.
CIAW is actually A-1 Premium Budget. I called Delaware Dept of Finance and was transferred a million times. All some lady could tell me was that an older report listed them as a payday lender. She couldn't verify if they were a CSO or not - she didn't even know what a CSO was.
I called CIAW yesterday. I have used them a few times before and always paid back immediately. I'm a bit foolish for thinking they'd look at the numbers and see my point. She became very aggressive when I started inquiring about what CIAW was licensed to do in CT. Maybe I am bound to Delaware laws. But, CIAW has lied to customers from other states and issues loans so I can't really be sure if they were up front with me. Especially since the rep immediately got attitude and seemed adept at vaguely answering my questions.
If anyone could give me some advice on how to proceed that'd be great. I have paid the original principle and the original finance fee, which I have no problem with, whether they are legal or not. It helped me out a couple months ago. But now, I've looked at the payments and the total cost as well as the 700% apr and thought it seemed off and my research indicates that this type of loan MAY be illegal.
Please register with the
Please register with the forums -
CIAW is illegal in CT, all PDL's are - plain and simple.. follow this link on how to deal with - http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html - closing your bank account and revoking ACH authorization is a must.. Just tell the bank you had a loan it has been paid in full and the company is still taking out money, your account has been compromised.. You can open a new one with them as long as they do not link the new account to the old acct in any way..
Is this the only loan you have?
Trying to register now -
Trying to register now - keeps saying email address exists. Figuring it out.
Yes that is the only loan. I suppose I'm trying to confirm is CIAW is a PDL or CSO, and then proceed.
Considering that their
Considering that their website shows that they are a payday loan company - nowhere on the website does it say they are a CSO and they are out of Delaware.. Treat them as illegal - you didn't go to Delaware and do the loan.. so they have to follow CT law.. They are not licensed to lend in CT because PDL's are illegal.. follow the link on how to deal with..
Even if they were they are only allowed to charge:
Interest Rate Cap on Small Loans
30.03% APR or $17 per $100-$600
$11 per $100-$1,800
add-on interest
I have looked at their rates on the website way outside of these.
If you still can't get registered or logged in there is a video here on how to do - http://www.debtconsolidationcare.com/forum-tutorial/how-to-register.html -- If still not working at bottom of page in contact info - you can contact Jason he will be able to help you.