Internet Loans in Florida
Date: Wed, 12/16/2009 - 06:52
DiscountAdvances - Borr $550 Pd- $573
mycash now - Borr $500 Pd $278
cashsupply - Borr $800 Pd $640
Magnumcash advance -Borr $1000 Pd $866
zip19 - Borr 300 - Pd 0
paydaywiz - $300 - Pd 0 (Can't find any info on this co.)
Also, I have had a debit hold placed on my account with BOA due to unauthorized charges from Freedom Subscription and Uniguard, which I'm sure are somehow related to the PDLs. Does anyone know how long BOA will allow me to keep my account on hold?
Hi there, I need to do a little research but will get back to th
Hi there, I need to do a little research but will get back to this shortly. By the way, welcome to the forum!
Click the link below to read your payday loan laws, payday lende
Click the link below to read your payday loan laws, payday lenders are required to be licensed in your state in order to lend to your state residents legally.
http://www.paydayloaninfo.org/stateinfo/FL.asp
Since you most likely have two probable collection agencies attempting to debit your account on behalf of these payday lenders, click the link below to make sure they are registered with your state and legit companies, look to the left of the page to download the licenses.
http://www.flofr.com/Finance/licensing-h.htm
Click the link below to research the FL licensee data base for money transmitters and etc.
http://www.flofr.com/Downloads/download.htm
Keep in mind that FL does have lenders acting as CSO's (Credit Service Organizations), they do not follow the payday loan laws and are only required to register with the secretary of state, they are usually legal in what they charge.
Quite honestly, I do not think any of your lenders are licensed however, it would be in your best interest to research them. You can also obtain information about them by typing their names in the search box located in the upper right hand corner of this forum.
Here is a list of the lenders you have who are definitely NOT li
Here is a list of the lenders you have who are definitely NOT licensed to lend in your state, the first thing you should do is close your account, asap. I will provide you with a link on how to proceed with illegal lenders; CLICK HERE to find out how to deal with illegal lenders.
DiscountAdvances - Borr $550 Pd- $573- They owe you $23.00! Not licensed!
mycash now - Borr $500 Pd $27- They are NOT licensed, only pay them back the amount you borrowed to begin with less any payments you have made so far!
cashsupply - Borr $800 Pd $640 - Unsure, please research them.
Magnumcash advance -Borr $1000 Pd $866 - They are NOT licensed, only pay them back the amount you borrowed to begin with less any payments you have made so far!
zip19 - Borr 300 - Pd 0 They are NOT licensed, only pay them back the amount you borrowed to begin with less any payments you have made so far!
paydaywiz - $300 - Pd 0 (Can't find any info on this co.) - Unsure, but I am leaning toward unlicensed, you will need to research them also.
Thank you so much for your help and quick reply. It feels great
Thank you so much for your help and quick reply. It feels great to finally take steps to get out from under this. Any advice on Bank of America? I am afraid to totally close the account after reading that some banks reopen them and the debit hold seems to be working so far. The bank is reversing all the ACH/check transactions with no charge to me. I am just not sure how long the account can remain on this status. Thanks again.
I hate to be contrary to my friend Shazz but the laws posted app
I hate to be contrary to my friend Shazz but the laws posted apply to storefront lenders, such as Amscot, only! The internet lenders fall under the Florida Consumer Financial Act. It caps the interest at 18% and requires lenders to be licensed in the State of Florida regardless of their geographical location! If they are unlicensed the loans are legally uncollectable. There are some lenders who are registered as CSOs here. It is hard to weed them out as they piggy back with a lender that is located here. One example is Cash Net USA. They are few and far between however.
Quote:Originally Posted by frogpatchI hate to be contrary to my
Quote:
Originally Posted by frogpatch I hate to be contrary to my friend Shazz but the laws posted apply to storefront lenders, such as Amscot, only! The internet lenders fall under the Florida Consumer Financial Act. It caps the interest at 18% and requires lenders to be licensed in the State of Florida regardless of their geographical location! If they are unlicensed the loans are legally uncollectable. There are some lenders who are registered as CSOs here. It is hard to weed them out as they piggy back with a lender that is located here. One example is Cash Net USA. They are few and far between however. |
I realize this, that is why the likelihood of any of these lenders being licensed is nill. There is no separate licensee data base for Internet lenders though.
Quote:Originally Posted by frogpatchI hate to be contrary to my
Quote:
Originally Posted by frogpatch I hate to be contrary to my friend Shazz but the laws posted apply to storefront lenders, such as Amscot, only! The internet lenders fall under the Florida Consumer Financial Act. It caps the interest at 18% and requires lenders to be licensed in the State of Florida regardless of their geographical location! If they are unlicensed the loans are legally uncollectable. There are some lenders who are registered as CSOs here. It is hard to weed them out as they piggy back with a lender that is located here. One example is Cash Net USA. They are few and far between however. |
Oh wait, I thought that's what I gave them the link for.