Please help in Missouri
Date: Fri, 09/05/2008 - 18:15
Can anyone tell me if these companies are licensed in Missouri?
CashnetUSA
MyPayDayLoan.com
CheckCity.com
Thanks for the help!
CashnetUSA
MyPayDayLoan.com
CheckCity.com
Thanks for the help!
CashnetUSA is licensed, CLICK HERE for more details on them.
CashnetUSA is licensed, CLICK HERE for more details on them.
MyPayDayLoan is NOT legal and located in Costa Rica.
CheckCity I'm not sure about, perhaps someone else will be along and can elaborate on them.
Here are your laws:
Quote:
Missouri State Information Legal Status: Legal Citation: Mo. Rev. Stat. ???? 408.500 et seq.; 4 Mo. Code Regs. ???? 140-11.010, 140-11.020 Loan Terms: Maximum Loan Amount: $500 Loan Term: 14-31 days Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.) Finance Charge for 14-day $100 loan: $75 apr for 14-day $100 loan: 1980% Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal) Cooling-off Period: Repayment Plan: Collection Limits: Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check. Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker) Where to Complain, Get Information: Regulator: Missouri Division of Finance Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102 Phone: (573) 751-3242 Fax: (573) 751-9192 Regulatory Contact: Joe Crider,, Supervisor, Consumer Credit |
