Help with Payday Loans

Date: Mon, 09/22/2008 - 19:03

Submitted by anonymous
on Mon, 09/22/2008 - 19:03

Posts: 202330 Credits: [Donate]

Total Replies: 10

Like many others on the board I am stuck in PDL hell. I need help! These are the loans that I have. Any advice would be greatly appreciated. I am in Texas.

1. CashNet.com (Internet)
$300 (owe $75 on October 1, this is my 4th loan with this company, all of the others have been PIF)

2. UnitedCashLoans.com (Internet)
$300 (pd $90 fee plus $50 pay down on August 15. Have paid $75 minimum since. Owe minimum of $75 on 10/02. or payoff at $325.)

3. EZ Money (Store front)
$1000
(Paid rollover fee twice $204 =$408. This loan started in June as a $400 loan. I have borrowed more and more. So, I have been paying fees on something at this company since then

First of all let me say that even if a pdl is illegal in a state

First of all let me say that even if a pdl is illegal in a state then also you have to payoff the principle amount borrowed.

Let me give you the PDL laws in Texas: -

Quote:

Legal Status: Legal

Citation:
7 Tex. Admin. Code ???? 1.605; Tex. Fin. Code Ann. ???????? 342.251 et seq. and 342.601 et seq.

Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
apr for 14-day $100 loan: 309%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

You can also go for debt settlement if you find it difficult to tackle all these loans.

lrhall41

Submitted by phoenix on Mon, 09/22/2008 - 22:59

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So, what do I do. I came here for advice????????

lrhall41

Submitted by on Tue, 09/23/2008 - 04:06

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can some one , anyone please offer some advice. I dont understan

can some one , anyone please offer some advice. I dont understand the laws, that is why I am here.

lrhall41

Submitted by on Tue, 09/23/2008 - 08:31

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You'll need to look at your loan papers to see if any of these a

You'll need to look at your loan papers to see if any of these are CSO's (Credit Service Organizations), if they are, they do not have to follow the payday loan laws. I am not that well versed with CSO's but Goudah is, so please keep checking back to see if there are any new replies to your topic. :)

lrhall41

Submitted by Shazzers on Tue, 09/23/2008 - 08:37

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I see no cso on my papers. Can someone please try to help me

lrhall41

Submitted by on Tue, 09/23/2008 - 11:27

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does anyone know of another site where I can possibly get some h

does anyone know of another site where I can possibly get some help.. My question seems to keep getting pushed down farer with no answer. I dont want to get lost. Where else can I go. I am desperate for help

lrhall41

Submitted by on Tue, 09/23/2008 - 12:49

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As far as I know, EZMoney and United Cash Loans are payday loans

As far as I know, EZMoney and United Cash Loans are payday loans, but am confused regarding Cashnet.com. I have researched over the net and found it to be a DBA name of Global payday loans. Global is a payday loan company. But when I surfed through this forum, I found out that Cashnetusa in Texas is a CSO. Quote:

The pdl laws don't apply to CashNetUSA in Texas because as far as I know they are operating as a CSO (Credit Service Organization).

Again I found out in this forum itself that payday loan companies in Texas act as CSOs. I found this thread http://www.debtconsolidationcare.com/paydayloan/internet-lending-in-50states.html#368240 .

Hi Wagglebug, can you please check again whether the first company you mentioned is cashnetusa.com or cashnet.com? I am eagerly waiting for response.