My Cash Now/CashnetUSA/PaydayMax--a little different question!
Date: Mon, 08/08/2011 - 08:05
Over the last year I have taken several emergency loans from these lenders. They are all paid in full, never took an extension---I have one now, however, from MyCashNow, that I MAY have to extend. As I was researching this process, I found you!
In reading posts, I've grown curious as to whether a ton of interest I've paid back with these loans is even legal in TX. I called the Office of Consumer Credit and they were nice, but not exactly helpful. I've placed a call to the AG as well.
The online resource database of lenders in TX does not list them, but I'm not sure just how comprehensive it is. I do know CashNetUsa is based in the states, but it seems the other two are in various locations, with the money funneled through out of US countries. I'm certainly not trying to get out of paying the principal---I borrowed it! But if I've overpaid twice what I owe and wasn't required to legally, I'm prepared to do battle.
Thanks for your help!
here is the skinny
cashnet should be in your DFI(dept of financial instituiton)website as a CSO(credit service organization)so they are legal.however since neither paydaymax,or mycashnow are located in the US they are illegal and you only owe the principle.you say you never extended the loans.meaning you paid them off without fee debits being taken?well then you can ask for any interest back as again neither of these two are entitled to interest.that is up to to you however.
thank you!
The amount of interest I've paid to the illegal lenders is MORE than what I owe in principal on this latest loan. It is not due for a week, which I suspect is not enough time to get this straightened out. Ugh. I'm afraid I'll have to take an extension just to attend to it. I would be happy to go through proper procedure (the letter template on this forum is great), but I really do not want to pay this last loan immediately if there's only a tiny chance I'd get a refund. I don't have a ton of faith!
I no longer work at the place of employment where I initially was when I applied. As right now I'm not "in trouble", I wonder if I should call and change my work/phone now. Really don't want them to be calling somewhere I don't work anymore!
one more thing....
As I'm planning on using that awesome letter template in the dealing with illegal lenders thread, I wanted to ask where I can find the language to insert regarding WHY they are illegal and in the "(Insert Your State payday loan laws here)" section. PDLs are legal in TX, and the language they provide does not indicate that out of country lenders are either legal or illegal.
I think I'm understanding that the legality issue is because neither company is licensed in TX to do business, and the contracts basically refer to the laws of British West Indies (although it's my understanding they are also in TN, but as the contract says BWI....). How do we know if they are licensed? I'm just wanting to make my letter as thorough as possible.
I hope that made sense. As I plan to offer to trade what they owe me for what I owe them, I'm hoping to get a PIF. As I've always been a good customer (and never will be again!), and never had any issues, I'd like to hold out hope for a quick and easy resolution.