****Internet Lending in all 50 states****

what an idiot.

we DO NOT advocate that people default on their legal loans. Althought, if someone is having difficulties, there is no harm in requesting an extended payment plan. Lender gets their money, borrower can afford food, life is good.

Our beef is with the internet lenders which do give the legitimate loan business a bad name (although you all have done a pretty good job of muddying up your name on your own). No person should have to pay back $2,000 on a $500 loan. That is just robbery, plain and simple.

You can continue to think your businesses provide a valuable service to the communities that they are in but we all know the truth: you are nothing more than loan sharks and a blight on the communities you operate in. I for one find the entire industry of short-term lending and lending to the un/underbanked absolutely dispicable.

every now and then some humanoid uses the handle"anon"to wax about how this forum teaches people to shirk responsilbilty and not pay their loans.i'm sure ohiogal is just sick knowing this creature even gives her any credit.just another anon idiot to go along with other 2-3 dozen anons that were nothing,and will be nothing.

Well, "dead doug", you got me so interested that I signed up for the community! My wife and I have worked for this "despicable" industry for 10 and 14 years respectively. We also found ourselves in need of these loans several years ago. We don't need them any more and we are HAPPY about it. We had to declare bankruptcy, but the PDL's didn't cause it, bad financial decisions all around did. Do you see what I'm getting at? Those of you who have never needed short term loans should say nothing (if you don't vote, don't complain about who gets elected--same principle). I agree--get rid of the internet lenders. They are a pox upon the industry and can lead to many other unpleasant results. But, how dare you call us names. We are doing a job in an industry that is controversial to say the least, but legal. If the market was not there, we would not be having this discussion. Lenders simply opened their doors--and customers came. You would probably be amazed at the number of people who told us that they were so relieved that we didn't go away entirely in Ohio in 2008. We now charge lower rates (at least the company I work for does). We now offer other money services to compensate for the lost revenue. We now, more than ever, insist that our customers are treated with respect. They are our livelihood. It is a shame, but a comment on the present economy, that so many people need a service like this, but it is what it is. Banks charge horrific APR's for overdrafts and NSF's. Credit cards charge shameful APR's for late payments and over-limit fees. Is that OK, but we are not? Remember, all fees and charges are considered finance charge. So, let's be fair and realize that the government learned a lot from the Mafia when it wrote the credit card and bank regulations.

By the way, than you for the answers to my "unregistered" posts today.

I'm not an anon idiot any more. Furthermore, in the collections part of my job, I have been exposed to what :Ohiogal is advising. I simply want to make it clear that she needs to be a tad more specific about what her advice applies to. There are people out there who given an inch, will take a mile because it suits their misguided interpretation of their bad financial decisions. The customer who sent me the letter has filed bankruptcy 3 times. Talk about not learning from one's mistakes! The only reason I was anon at first is that I had to get a feel for this forum. It only took 2 posts and I signed up. So there! Did my IQ go up or did I hear yours drop? Thank you "paulmergel" (sorry if I misspelled it, but I only got a Bachelor's Degree).

Check the post below.

just set up shop and customer came huh? Does that same defense work for drug dealers and prosititutes?

You are scum, you business is scum and I cannot wait to see the day that you are your ilk are finally exposed for what you truly are: thieves and cheats.

Go ahead and write a response about how you are helping people in a time of need, etc. etc. What a load of garbage...

i want the new member to cite an example of how an ohioan particularly one of their customers citing laws that haven't been in play for almost three years to get out of a loan got out of said loan.you know there is a difference between legitimate argument,and whining,butching,and caterwalling just to be seen/heard.which are you?let's find out.

deaddoug you are walking a fine line here.watch your verbage from now on.there are ways to articulate a point without walking that line.

If I may interject...

If you read my post, it clearly states the step by step information offered is for unlicensed and/or offshore/tribal lenders.

Licensed entities, CSOs and short-term lenders are not included.

If someone doesn't carefully follow the steps, that's not my fault :rolleyes:

I have corrected HUNDREDS of people who mistakenly thought their lender was an "illegal" payday lender. I've explained HUNDREDS of times the difference between short-term installment loan lenders, CSOs, internet PDLs and brick and mortar PDLs.

Do NOT accuse me of telling your customers to accuse you of being an illegal lender.

Thank you.

Thank you for the question and thank you for admonishing (brain)Dead Doug. I cannot reveal names or specific info. about any customer. However, I did receive a letter from a customer stating that due to "unforeseen circumstances" she could not repay her loan and wanted to make 100/mo. payments at her convenience. She cited a federal statute and proceeded to rewrite the loan agreement unilaterally. She "revoked" all rights to ACH or debit her account. She revoked all rights to call her, her employer's number, her references, or mail to her. She only allowed e-mail contact. We, as a lender, cannot change the terms of our agreements mid-loan. The terms and conditions of the loans are, by law, clearly shown on the agreements. It is explained both in a written form and verbally that any info. a customer gives us can be used in collection of a debt, if necessary. She must have read the agreement because she covered all the bases. She basically forbade us to collect on her debt. i looked as though she was following Ohiogal's advice. Obviously, Ohiogal intends her advice for those victimized by the disease of internet lenders. I could start a new thread about them and I may, soon. Back to the point, now. I was instructed by the legal department to charge the account off to collections immediately and do nothing to collect at my level. I do not know what their intentions are. I hope my reply is satisfactory and reflects a growing understanding of what is being discussed here.

You obviously know that the law in Ohio now states that any lender doing business in Ohio has to have an Ohio license and follow Ohio laws. They must also have an office in Ohio. The vast majority of internet lenders do not meet any of these criteria. My question is how can they be policed? Whereas all of the legitimate short term lenders in the state would like to see them go away, A customer almost has to be a victim before anything can be done to touch the lenders and that's obviously a very large headache for that customer. I may start a new thread on the other dangers of internet lenders, so I don't want to go too far here. It's just that I agree in principle with Ohiogal, but I am racking my brain to get an idea on how to block illegal internet lending in states where it is illegal.

I perceive that you, DeadDoug, are a person who got into deep trouble with payday loans and are looking to blame the industry for your poor decisions.;)

Policing the illegal, offshore lenders is nearly impossible. That's sort of why we're here - to help people with the aftermath.

Legal lenders have their place and I certainly wouldn't advise anyone to do anything outside the law where a licensed, legally operating lender is concerned.

I have a few concerns.

1. Revoking ACH authorization is allowed by federal law (Regulation E) and can be done at any time by the consumer, regardless of contract. This can be done even when you're dealing with a legal lender. Sometimes, it's a consumer's only option. If he/she cannot pay their mortgage, buy food for the family, put gas in the car, etc. due to a PDL's automatic debit, they can revoke it. Period. I have advised people who are in dire circumstances to revoke ACH to purposely force an account to collections (e.g. purposely default).

Sometime's it's the only option. I also tell people to explain to their lender that's that is exactly what they are doing and then contact collections right away to work out an alternate payment arrangement. I'm not advising people to shirk their responsibilities here. I'm simply helping them to figure out how to prioritize those responsibilities and make them manageable.

2. My biggest pet peeve right now is banks who refuse to help their customers. I'm a banker. This pisses me off. It's not the bank's money and sometimes they need to be reminded of that. You are their customer and it's YOUR money. If they refuse to adhere to an ACH revocation, they need to be reported to the OCC and the FRB. This is federal law. Know your rights and exercise them. It's not a bank's responsibility or any of their business or concern to make decisions based on a contract you have with someone else. Period.

It seems curious that internet lending appears to be happening more in the United States than anywhere else --- http://www.bankruptcysolutionssite.com, http://www.howtofixyourdebt.com

Can someone please explain the California Laws.

Thanks

has anyone had trouble with flash loan out of georgia?

Dear Ms. Williams,

We respect a consumer who researches the services to which she uses. With that being said when you applied for and agreed to the terms of the loan, it would have behooved you to read the complete contract you agreed to with Twin Bluffs Financial. You are a citizen of NH, however the contract was not made in NH. The contract was completed via the world wide web, the governing law (clearly outlined in your contract) which you agreed to by your legal e-signature are the laws of the jurisdiction in which the lender is located. When you spoke with Maya on 3/29/12 at 8:53am CST, she clearly outlined how the loan works and what the finance charges were, yet you still accepted the loan.

Per the loan agreement, by revoking authorization for the lender to process payment from the account you in turn are authorizing the lender to prepare a payment to payoff the account when the loan comes due. If the payment is not successfully processed then you promise to pay the remainder of the debt by mailing a money order payment.

Your letter stated that you have paid us over $900 for the loan. Please recheck your records because we have not collected that amount from you. If you check your records, you will see that you have 15 returns on your account and have only made 9 good payments in the 8 ?? months that your loan has been active.

We are willing to settle with you for the principle amount remaining on your account which is $200. If making one payment to payoff the principle isn???t possible for you, then another payoff arrangement may be available. Please call to let us know how you would like to proceed and please request a supervisor. If we do not hear from you by 9/4/12 regarding a payment arrangement, we will debit the principle owed from the account on file on your next due date, 9/6/12.

We look forward to speaking with you.

My situation:

store front: all which i have initiated an EPP on extended payment plan that CFSA allows one per year to pay in 4 equal part with in next 4 pay-dates

speedy cash paid 2/4 = paid 150$ out of 300$ owe =150$ 8/14/12
check 'n Go 1/4 = 75$ out of 300$ owe =225$ 8/28/12
California Budget Finance(Qc holdings Co.) 1/4 = 75$ out of 300$ owe =225$ 8/28/12
advance america 1/4 = 75$ out of 300$ owe =225$ mature date 8/28/12

first question is there anything i can do with these initiated EPP? buy a little time anything? i feel that maybe during the last payment of an EPP I can postpone perhaps???..?....

had to open another Loan for 225 with owe about 300 do friday i guess initiate another EPP?

internet:
Checkcity.com will owe about 300 due in two weeks (8/14/12)


i only make 400 a paycheck so i that how i got in this "..paul to pay peter stuff"



any help would be so so much appreciated its effecting my health and mind im starting to get sores, major depression desperate

First time poster here.
As a result of tight and tough times, I join the rest looking for help to get out of the "help" I have dug myself into. :mad:
I have been combing the internet for valid phone numbers for (2) online PDL's and have come up with numerous phone lines. (Guess I could try them all, or I can go to a known source.)
1st: Payment Direct. Can't find credible contact information. Seems to be changing frequently.
Borrowed: $200.00 as of Feb 3, 2012; Paid to date: $1513.00
2nd: Red Stone Cash. Same thing. Side note: I stumbled upon a notice against them from the FTC. But, I'm sure that's nothing new to most of you here.
Borrowed as of May 11, 2012: $200.00; Paid: to date: $942.50
I need to know if these two are licensed here in Colorado. I'd like to contact them. If one of you believe it's a waste of my time, please tell me so. And if you'd also be so kind as to post links or info about how to go about fixing these. OR, would I be better off closing my account and waiting for them to contact me? I'm sure there are loop holes to screw one over. I don't want to be on the fence with this. Any help is much appreciated.
Thank you

HOLY CRAP! You overpaid by a ton! They both owe you massive refunds. They are illegal.

Does this mean that in the state of New Jersey the business must have a license to be able to lend to anyone in the state or does this mean that all internet payday loans are illegal in the state and any company lending to someone in the state is illegally lending them money?

All PAYDAY loans are illegal in NJ.

Both of your lenders are offshore and illegal. Follow the link in my signature line for information on how to deal with them. You need to make sure that you follow all of the steps.

Is it true if they are not licensed in your state they can't touch you with wage garnishments?

Hello Mary:

I urge you to be careful and try to find out as much information as you can before paying this company claiming to be from New Zealand. In my opinion, I do not think there is much they can do to you if they are from New Zealand or a company licensed to do business in New Zealand. I do not see how they can lend money to people in the United States if they are a business in NZ.


I would doubt they will have any legal way to sue you or post negative information on a credit report etc. I am sure there are more people out there that are much more knowledgeable than I am in regards to the situation but I would definitely check it out before you give them any money whatsoever.


I hope it all works out good for you and wish you the best.


Jon

I am an indiana resident. I currently have internet loans from Mycashnow.com and Cashyes.com. Is there anything that I can do to get out of these? I have paid the principal back but with the interest it hasn't even made a dent in the total that i owe. I cannot keep doing this...I just need advice on what my options are.

Use the link below. OhioGal has put together a nice step-by-step process for dealing with illegal lenbers such as these. You need to take all the steps including ACH revocation, closing your bank account etc.

http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html

So I contacted the financial regulator for state of Indiana. He states that these lenders do not have to be licensed in Indiana if I went online and started a loan. Apparently they only need to be licensed to solicit customers. Does this make any sense? Now I do not know what to do. I was ready to close my account and send out the email to mycashnow and cashyes.

So they are both definately illegal and I can do this? I am just worried because I do not want any legal issues.

your link "how to deal with unlicensed/illegal payday lenders" does not work anymore

Are they legal in Iowa? I have read on them & I know they are not in some other states, but Iowa is hard to figure out! They are a interent based company.
Thank you!
moggie

I have a few pdls. I live in PA and am wondering which ones are legal or which ones I should send a cease and desists?
Advantage Cash Services
500 Fast Cash
Magnum Cash Advance
Lakota Cash
one click cash
mycashnow
any ideas??

You should close that account. They will find ways to make withdrawals out of your account using other names. Go through the fraud dept if you have to. they are an illegal lender. I did this and my bank opened up another account for me. They even refunded the overdraft fees I received due to the illegal payday lenders overdrawing my account.

Send them another letter letting them know that you do not live in New Zealand and therefore are not bound by their laws. You are bound by the laws in your state. If they are unlicensed in your state then they are an illegal lender. They cannot go to your state to try and sue you because they are unlicensed and illegal. States consider these out of country lenders aka offshore lenders illegal.

Did you report them to the FTC and the state Attorney General? Tell them you have reported their illegal business practices to these government organizations.

You are only obligated the pay the principle of the loan if you choose to. They are trying to use scare tactics to get you to pay.

Hi,
I need some help gathering information for the fraud department for my bank. What evidence do I need to provide to the bank to make my case? I have seen on here that other people have a hard time with the bank since they do not understand the loan laws. I am disputing charges and freezing our account in the process. I am disputing the following loan companys.

-Hydrafund
-Access funds/global cs/midland coporation

I have notified all parties in writing by email and fax of ACH Revocation and that they are doing illegal business.

Hello! I live in PA and see above that it says "see article on the last page" and I am having a hard time finding it. Can someone please help?

Thank you!

Hi I need some help with Hydra Funds 1, I have been following the steps to paying back what I borrowed but nothing more. I received the following email from them. What do I do now? My bank is giving me a hard time about closing the account and they want me to go through the fraud department.

Dear Mary Douglas, February, 20 2013

Hydra Financial Fund I is a financial services provider duly registered under the laws of the Commonwealth of New Zealand . Your loan agreement with Hydra Financial Fund I is governed exclusively by the laws of the Commonwealth of New Zealand , and not by the federal or state laws of the United States . You expressly acknowledged and consented to be governed exclusively by New Zealand law when you signed your loan agreement. You were also given the option to rescind your loan agreement after it was executed, which you chose not to do.

You are bound by New Zealand law and must satisfy your debt pursuant to the terms of your loan agreement. If you fail to do so, Hydra Financial Fund I has the right to pursue remedies against you available at law.

Further, because you have revoked authorization for ACH withdrawals, you are required to immediately provide another payment method that is acceptable to us. Please immediately transmit the necessary information regarding your alternative payment method. If you have any questions or need additional information, please contact our customer service department.


Customer Service for Hydra Fund I 1-888-302-5282 Phone
1-888-877-1921 Fax

Confidentiality Statement & Notice: This email is covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and intended only for the use of the individual or entity to whom it is addressed. Any review, retransmission, dissemination to unauthorized persons or other use of the original message and any attachments is strictly prohibited. If you received this electronic transmission in error, please reply to the above-referenced sender about the error and permanently delete this message. Thank you for your cooperation

PDL's according to your list are illegal in my state, Louisiana. but when i looked at the terms of my contract with Ameriloan, it specifically states that you agree to do business according to the laws of the state where the lender is located. (quoted below) 

Short and simple. Live in Ohio. Borrowed from integrity payday loans. Emailed them but couldn't get the debits to stop. Never could pay down principal. Emailed them to ask how to pay off. No reply. Closed my account. They emailed me telling me to clear it up and pay. I emailed them a million times asking for amount borrowed, amount paid so far, and amount they say I owe. No responses. I saved them all. Got court papers in mail from their collection agent Everest acquisitions. It goes to court 1/15/2013. Searched for Ohio license under integrity and IPL Today which is what they call themselves now. Found nothing. What do I do now? Go to court and fight because they don't have license? Or will I look stupid because it's under a different name I can't find? What do I do? Help!

We live in New York. We are drowning in payday loans (7). What does this exactly mean to me? Please help....

Do you know if there's an online list of licensed CSO's in Texas (and their corresponding umbrella names)?

I have one I believe is in Nevis, West Indies. ABL funding. 888-824-6610

Was the loan from western sky or cash call.

Next time, please start a new thread.

got loan from cash call 2 yrs ago paid back 1000. moved to another state was contacted now supposedly owe 4000 threatening to sue me. I was living in va when I took out loan and according to your list they are illegal in that state. can you advise me as to how to proceed from here?

the loan was from cash call, sorry that I did not start new thread. I am new to site and not sure of proper procedure. thanks

Your cash call loan was an installment loan vs a payday loan. However the rate of interest they are charging is illegal...

Found this...
When it comes to purely consumer loans in the Commonwealth of Virginia, the generally recognized legal interest rate that has been established is 8%. This is the legal rate of interest on a personal loan that does not involve collateral and that does not involve a companion sale of goods.

Thanks for the info. Originally borrowed 1500 only received 1000, the rest was fees. Paid back 1000. Now being threatened with a lawsuit. Said I owed 4000 in interest. I have since moved to Florida. Should I try to hire a lawyer?

Legal help is always welcome.

I spoke to John DiToro RI banking regulation, and he stated that absolutely, the lender has to be licensed in RI. If they are not licensed in RI, they are considered illegal even if they are licensed in another state. He said the bad part is that there is nothing RI can do about them if they aren't licensed here. He was very nice. He did state VERY clearly that Western Sky and Cash Call are both ILLEGAL. Hope this helps!

Bustaloan - is giving good information on how to stop them from getting to your paycheck, not being negative!! Make sure you send a wage assignment cancellation letter and provide copy to your HR/Payroll department, informing them that you have been a victim of fraud, will in fact help protect your pay check..
Wage garnishment is not the same as voluntary wage assignments. Wage garnishment must be approved by a court of law - Wage assignments are voluntary and you agree in writing to allow them if you default on a loan.
If you think you may or may not have signed a wage assignment, better to take precautions with a letter and copy to your HR/Payroll.

As for Wage Garnishment in states where they are not allowed, they would never be granted by the court in the first place!

Although illegal in the states listed, as a collector in the in industry I can tell you that wage assignments happen every day. Read your contract to determine if you "opted in." A judicial judgement is not required to pull this off. If this is your situation, be certain to visit your HR department and tell them you're a victim of ID theft. This often prevents payday loan companies from getting to your paycheck before you do.