Is CashNet USA licensed?

Lynne, here is a link that may help you: http://www.debtconsolidationcare.com/pennsylvania/pdl-information.html

PA does not require businesses not physically located in PA to be licensed by PA. Cash Net USA is loaning to PA residents legally under it's Nevada license.

Thanks Goudah.

No problem! PA is a wierd one that won't issue licenses for out of state companies, and they allow out of state companies to lend to PA consumers under another states license as long as they are following the laws of the state in which they are licensed . . . . .

There's one more thread on this company

http://www.debtconsolidationcare.com/paydayloan/cashnetusa-licenseinfo.html

Thank you all for your replies. I have to call these people and tell them that I can't pay off the $500.00 that I owe them on Friday and I'm scared to death. I just know that it's going to open up a whole can or worms.

They can't take blood from a turnip. Just be sure you pay your immediate bills first, such as rent, car, food...etc. Thay can wait.

jazzy, do they debit your bank account?

They do. I know I should probably close the account tomorrow before they can take anymore money.

The original loan was for $750.00. I paid $537.00 and then extended again for $100.00. I still owe $500.00 and just can't do it.

Just be careful - They are operating legally in your state and can take steps to collect on the debt.

If they're operating legally, it's going to be hard for you. And it's already Wednesday. Their debit is probably all ready to go on Friday. You need to call them, I guess. See if they will maybe extend it a bit? Hopeful thinking? Since they're legal, just try to stay on the "good" side. Hopefully (crossing my fingers) they'll work with you. If not, expect that debit to come out on Friday. :(

Has anyone worked with them before? Are they willing to make payment arrangements?

At the top of this site page, you'll see a "search box". Type in the name and you'll see all kinds of posts regarding them. Read though the posts and you can read about experiences others have had with them.

Thanks for your help

If you can't find what you're looking for or need any more information, just post. We can help you. :D

Jazzy, I live in Pa too. I had to call the collections dept today, they were easy to deal with did not give me a hard time. However when I was transfer to customer service to make other payment arrangements they were no help at all. I do have a question to anyone out there: do I have to payback just the money I borrowed or the pricipal plus all the fees that have been adding up?

flyers, my friend, unfortunately you are in PA. Actually, I like PA. Just not the pdl law. In PA, they allow the internet pdl's as long as they are licensed SOMEWHERE. If they do not hold a license, you're good. However, if the pdl does hold a license, PA residents have to go by the state law the pdl is in. Bites, doesn't it?

I know our laws suck in Pa parden my french, but I thought I might here something different. Wishful thinking.

I'm sorry, flyers. I could tell you anything you'd like to hear! It just wouldn't be true! :cry:

I was reading some of the posts on the forum about CASHNETUSA. I see that there are posts stating that they are legal here in Florida. I got worried, cuz I have a pdl with them. I am currently working with Sandra Smith with the Florida Office of Financial Regulation. I emailed her about them, asking if they are legal here in Florida. Here is her response:

I received your emails and documents this morning and will review them as soon as possible and pass them on to our investigative team.

The answer to your question:
Cashnet USA is not registered/licensed with the Florida Office of Financial Regulation to issue payday loans under Chapter 560, Florida Statutes, or consumer finance loans under Chapter 516, Florida Statutes. I noticed the company did not provide the proof you requested. Additionally, I cannot locate any active registration with the Florida Department of State, Division of Corporations.

We'll be in touch with you soon.
Sandra Y. Smith
Senior Management Analyst II
State of Florida - Office of Financial Regulation
Bureau of Money Transmitter Regulation
200 East Gaines Street
Tallahassee, FL 32399-0378
Phone: 850-410-9815
Fax: 850-410-9748

Too bad flyers isn't in Florida. :cry:

Yeah, but I think Nutsie, you need to ask Sandy to check the CSO registration. Cash Net USA is not the lender for Florida. They are like a loan broker.

Flyers - One good thing. Once you default on your loan, the fees stop. So at least you will be able to pay that balance and not incur more fees.

Hi goudah,
I am going to call her right now.
I will post the reply .
Thanks guy's,
nutsie :lol:

I did call cashnet usa, I was able to set up payment arrangements with the collections dept. Who were alot nicer then the customer service dept.

flyers, good for you! :wink: Isn't it amazing? The collection people were nicer than the customer service people. Go figure!

I could have sworn that customer service implied that they are there to serve the customer. Turns out to be the opposite where they are the meanest.

I think I've been talking with the wrong people then, because I get either a woman who says "call us when you can pay us" and hangs up or a man who argues with me reminding me that I've signed a contract. I could have sworn I called the collections department....

I got the letter yesterday that Florida's investigator sent to Cashnet. They say they fall under CH 516. It reiterates that they are not licensed, registered. They also go on to say that anything over 18% interest is not enforcable. When I originally talked to the investigator last week I told her that I thought they were operating in Florida as a CSO and she said it would still be under ch 516 and they could not charge more than 18%. She did not see anything saying they were authorized to operate in Florida as anything.

Interesting . . . . See, when they operate as a CSO federal courts have found that the fees they charge cannot be considered interest. That is how they can get away with charging the high amount. Depending on how they are doing things, they could charge a fee of $25 per $100, and 7% interest and be fine.

Cash Net USA does it's licensing under other names too. They might want to check into some of the other names . . . . This is very interesting . . . .

I found this - It looks like they were registered but may not be now:

goudah, "inactive"? Does this mean CashNetUSA is not licensed?

In fact - This is what it says for Florida on their fees page:

Your Credit Services Organization fee will be $25.00 per $100 borrowed. You will also be charged interest of 18.00% apr by the lender on the principal and CSO fees. The chart below displays the Credit Services Organization fee and the interest combined to determine the Annual Percentage Rate.

So they are not charging more then 18% interest, since the fees by law cannot be considered interest.

Nope - I just found their registration:

Ch 516 also says that



WOuld that play into this?

The inactive registration is probably from before when they did act as a pdl. The new registration is for the CSO. So they are following Florida law to the letter.

No, because they are a CSO. They are not making you the loan. They are only brokering the loan. Making them not the actual lender.

Here is their active registration for Florida

Here are all the Florida laws which deal with CSO's:





http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=Ch0817/SEC7005.HTM&Title=-%3E2007-%3ECh0817-%3ESection%207005

[quote]817.701 Surety bonds; exemption.--The requirement to obtain a surety bond and establish a trust account as provided in s. 817.7005(1) shall be waived for any salesperson, agent, or representative of a credit service organization where the credit service organization obtains such surety bond and establishes such trust account. [/quote]

[quote]817.702 Statement to buyer.--Upon execution of the contract as provided in s. 817.704 or agreement between the buyer and a credit service organization and before the receipt by the credit service organization of any money or other valuable consideration, whichever occurs first, the credit service organization shall provide the buyer with a statement, in writing, containing all the information required by s. 817.703. The credit service organization shall maintain on file for a period of 5 years an exact copy of the statement, personally signed by the buyer, acknowledging receipt of a copy of the statement. [/quote]

[quote]817.703 Information statement.--The information statement required under s. 817.702 shall include all of the following:

(1)(a) A complete and accurate statement of the buyer's right to review any file on the buyer maintained by any consumer reporting agency, as provided under the Federal Fair Credit Reporting Act, 15 U.S.C. ss. 1681-1681t;

(b) A statement that the buyer may review his or her consumer reporting agency file at no charge if a request is made to the consumer reporting agency within 30 days after receiving notice that credit has been denied; and

(c) The approximate price the buyer will be charged by the consumer reporting agency to review his or her consumer reporting agency file.

(2) A complete and accurate statement of the buyer's right to dispute directly with a consumer reporting agency the completeness or accuracy of any item contained in any file on the buyer maintained by the consumer reporting agency.

(3) A statement that accurate information cannot be permanently removed from the file of a consumer reporting agency.

(4) A complete and detailed description of the service to be performed by the credit service organization for the buyer and the total amount the buyer will have to pay, or become obligated to pay, for the services.

(5) A statement notifying the buyer of his or her right to proceed against the bond or trust account required under s. 817.7005.

(6) The name and address of the surety company which issued the bond, or the name and address of the depository and the trustee and the account number of the trust account. [/quote]

http://www.ofi.state.la.us/Part%20XVI%20Advance%20Fee%20Loans.htm

Well deflate my hope why don't you? No seriously thanks for posting the information. It just confuses me that I tell the investigator that they are operating as a CSO and she says they fall under ch 516.

That would be great if they did!

The only problem is that federal law states that fees paid to a CSO cannot be considered interest . . . . CSO's are a relativly new thing, and it's possible that the person you were talking to isn't familiar with them yet.

You should tell her about all this. The CSO "payday lender" model needs to stop. It's just another way for these places to skirt the laws. It's sick.

goudah, I must say - you are awesome! Your research is absolutely wonderful! Once again, a mystery cleared up by Miss Goudah! :D

Is usfastcash licensed /operating legally in state of pa? Reside in oaklahoma bank of nevada or utah

Yes it's jules in pa

Netcashusa licensed/ operating legally in state of pa?

Geneva-roth lic? (loanpointusa) ooperating legally in state of pa? They reside in kansas and thru bank of utah?


My hearrtfelt thanks

Jules

julie, hang on. morningstarr and I are both searching to see who is licensed on your other post. Stick to that post. We're working on it right now.