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Greenlight Funding Group (GFG, LLC)

Date: Tue, 10/21/2008 - 14:59

Submitted by anonymous
on Tue, 10/21/2008 - 14:59

Posts: 202330 Credits: [Donate]

Total Replies: 20


Hello all. I have read many of the articles on this site which gave me the courage to close my bank accounts and try to deal with my payday mess without incurring any more NSF's and overdraft fees. I have gotten to the brink of foreclosure on my home as the interest alone for the payday lenders and two other unsecured lenders (QuickClick and ThinkCash) was taking more than 75% of my paycheck and I kept obtaining new payday loans just to pay the interest and have enough food for my family.

I reside in California and have many outstanding payday loans including many which are with lenders who are not licensed in CA.

The "agreement" that I signed with Greenlight Funding states that they are in Delaware but their collection letters come out of KS. The agreement also states that by signing the agreement, I am bound by Delaware law. Is this enforceable?

I recently sent them a letter informing them that I disputed the validity of the debt as they are not licensed in CA and all payday lenders must be licensed in CA. My letter didn't seem to phase them in the least.

It appears that Delaware does not have regulations as the fees. The loan was initially for $150; the total amount to be repaid was $332.50, however, my bank account was closed before that so I ended up paying them $187.50.

I have filed a complaint with the CA Department of Corporations, however, I was wondering if this company will be able to sue me with Delaware Court without notifying me?

Any help would be greatly appreciated!


It's me again - the original poster of this topic - How do I find out if Greenlight is licensed in Delaware? And once I find out, does that really not make a difference since I live in CA?

I assume that it may make a difference since the agreement I signed (not physical signature, just online clicking) says that I am bound to the laws of their state.

California makes it easy to find out if a lender is licensed in CA, however, I couldn't find a website to look for Delaware.


lrhall41

Submitted by on Tue, 10/21/2008 - 16:16

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Quote:

California State Information

Legal Status: Legal

Citation:
Cal. Fin. Code ???????? 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
Fax:
Regulatory Contact: ,
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Online Resources:
Questions Regarding California Deferred Deposit Transaction Law


Predatory Lending Fact Sheet

Check the Licensee Data Base to see if Greenlight is licensed to conduct business in the state of California. Also check your loan docs for any other name they might be lending under.


lrhall41

Submitted by on Tue, 10/21/2008 - 16:32

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Greenlight is NOT licensed in CA. I filed a complaint with the CA Department of Corporations last week but haven't heard anything from them as of yet. My main concern is whether or not Greenlight will be able to come after me under Delaware law in accordance with the terms of the lending agreement.


lrhall41

Submitted by on Wed, 10/22/2008 - 09:06

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Deferred Presentment laws are not national; they vary state by state. However, the laws of your state - not that of the state the lender is in - are the ones that matter. California requires all PDLs to be licensed *in* the state of California.

I would send them a letter stating that you are well aware of this fact, that you've filed a complaint with your AG/DoC, and that you expect a paid in full letter (and a refund, if you want to be forward about it) immediately since you are only due the principle.


lrhall41

Submitted by on Fri, 10/24/2008 - 07:58

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Thanks all for your info on this subject. I'm just a bit concerned that Delaware court may allow them to sue me since Delaware laws look very relaxed as to payday loans. Thanks again!


lrhall41

Submitted by on Fri, 10/24/2008 - 09:28

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I live in CA as well & I received a pdl from Greenlight.
I am now past due since my bank account had overdrafted and I'm sure they are going to charge me a giant amount in overdraft fees. Since they're not licensed in CA what can I do?

I also have internet pdls from these companies

Think Cash
Discountadvances.com
Cash Supply
Paradise Cash
One Click Cash

Does anyone know if these are licensed in CA??


lrhall41

Submitted by on Fri, 10/24/2008 - 13:52

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OneClickCash
CustomerService(at)oneclickcash.com
compliancedepartment(at)oneclickcash.com
FinalCollections(at)oneclickcash.com
1-800-825-0441
One Click Cash, are unlicensed/illegal to lend in any state in the US.
One Click Cash
52946 Highway 12
Suite 3
Niobrara, NE 68760
Fax 1-800-803-9136
Ph: 1-800-349-9418
compliancedepartment(at)oneclickcash.com


lrhall41

Submitted by Shazzers on Fri, 10/24/2008 - 14:39

( Posts: 17344 | Credits: )


I have been in this same mess too, and the first thing you need to do is mail a letter if you have a wage assignment signed with them, and tell them that you revoke that assignment, in some states it is illegal to even send one. The ones that are out of your country what i have been told and found to be true so far is that they will not come after you because they aren't going to come from a different country to sue you for the little amount of money they owe you, and they can't take you to court in their country, because they have different laws.


lrhall41

Submitted by on Thu, 07/23/2009 - 07:38

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I too and from CA and had a PDL with Greenlight Funding, they know they are unliscensed/illegal here and once you send them an ACH and wage assignment revocation letter they will back down, especially if you have paid them over principle.

In my situation they recognized the letter right away and advised me via email that per Regulation E, they will cease all debits from my account per my request, then a couple of days later, they sent me an email informing me that my account has been marked paid in full and closed.
:D
Hope this info helps!


lrhall41

Submitted by mcage on Thu, 07/23/2009 - 08:43

( Posts: 24 | Credits: )


:confused:

How old are you!!! Use your computer and check these companies BEFORE you get this money. Read the fine print and you will find many are owned by Off-Shore Companies, and are based outside of the US. I have read horror stories of scare tactics they use. Good luck in clesring this.


lrhall41

Submitted by on Thu, 04/26/2012 - 08:14

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you dummy up!great you looked up the company before accepting the loan.good for you.alot of us like me back in 2006 were in such a state,and desperate that we didn't know about pdl laws.that is what this site is for.info and support.not an overbearing full of themsleves moron.if that's all you had.then please get lost!!!!!!!!!


lrhall41

Submitted by paulmergel on Fri, 04/27/2012 - 07:05

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