PayDayOne---cso vs payday loan company
Date: Fri, 06/01/2012 - 11:52
I also know they are supposed to be registered with the secretary of state. They do not have to follow payday loan laws and aren't regulated.
After research and asking I was told that PayDayOne is a cso. If so, they are not registered in Louisiana according to the database.
Their paperwork--loan agreement and federal truth-in-lending disclosure says PayDayOneof Delaware, LLC dba PayDayOne. They are registered in Delaware under PayDayOne as a payday loan lender. So are they a lender or a CSO?
They stated to me that they do not have to follow Louisiana laws as an online lender--which is correct according to the Attorney General, Secretary of State, and Director of Financial Institutions in Louisiana. They state that online lenders do not have to register and are not regulated by Louisiana laws. In other words, you did it, now pay for it.
If they are a CSO, then they do need to register with the Secretary of State as one. I have contacted him trying to find out information.
CSO submit your applications to other parties for loans. How do you find out who the loan is from? That is what I would like to know?
cso in ohio and texas
Just what I was posting on another one of my threads--PayDayOne is a cso in Ohio and Texas.
www.paydayone.com/texas-loan-cost-and-???terms.aspx - [URL="http://search.yahoo.com/r/_ylt=A0oGkk7bD8lPjggAWpZXNyoA/SIG=1973050oc/EXP=1338605659/**http%3a//74.6.117.48/search/srpcache%3fei=UTF-8%26p=is%2bpaydayone%2ba%2bcso%26fr=slv8-reg%26u=http%3a//cc.bingj.com/cache.aspx%3fq=is%2bpaydayone%2ba%2bcso%26d=4641670529090354%26mkt=en-US%26setlang=en-US%26w=efb87903,1ff3b3be%26icp=1%26.intl=us%26sig=5GT_UVBXklBtlE1WB2_pmQ--"]Cached[/URL]
www.paydayone.com/maryland-loan-cost-???and-terms.aspx - [URL="http://search.yahoo.com/r/_ylt=A0oGdWGaEslPZSIAgdpXNyoA/SIG=197cefkb3/EXP=1338606362/**http%3a//74.6.117.48/search/srpcache%3fei=UTF-8%26p=is%2bpaydayone%2ba%2bcso%26fr=slv8-reg%26u=http%3a//cc.bingj.com/cache.aspx%3fq=is%2bpaydayone%2ba%2bcso%26d=4692630303279935%26mkt=en-US%26setlang=en-US%26w=6ce51242,2c3f98ae%26icp=1%26.intl=us%26sig=8crz1CANGtZgKB_w3j7buw--"]Cached[/URL]
They are not a cso in the other states. They are payday lenders.
The funny thing is mailing address is the same for every state they do business in expect for Delaware, Hawaii, Louisiana, and Rhode Island.
They also show state licenses for all states except Hawaii, Louisiana, and Rhode Island.
Why, I guess because the other two states has the same lax laws--they do not regulate online payday lenders. Will have to look into Hawaii and Rhode Island.
So either way--cso or payday loan, it is still legal in Louisiana.
