MyCashNow Licensing Question
Date: Sun, 01/11/2009 - 07:46
Quote:
*Important Notice: MyCashNow and its affiliates do not provide payday loan services to those who live in the following states: California, Nevada, Colorado, Georgia, Kansas, Montana, Ohio, Tennessee, Virginia, and West Virginia. |
Even though I have been told that PDLs are illegal in the State of CT where I live, I don't see it listed on here. Does anyone know if this means that MyCashNow is licensed and can operate in CT?
I think it's because PDLs are illegal in GA period. Not to say
I think it's because PDLs are illegal in GA period. Not to say that they wouldn't lend to someone there....but they are prohibited.
Look at your state laws for CT....I'm in AL...the state allows pdls but there's a limit of $500 and only one rollover is allowed.
They don't abide by that at all ....can get up to $1000 and they keep rolling over. They do begin to add to your payment after I think the 5th or 6th rollover - that goes toward the prinipal. However, they still change the loan fee.
Thanks, I've looked at the laws several times over and in some p
Thanks, I've looked at the laws several times over and in some places it seems to indicate that they are legal in some respects but not in others. If they are legal, I don't want to revoke my PDL and tick them off for no good reason but if I have already paid them enough ($1088.16 on an $800 loan), then I don't want to pay them anymore than that.
No, they are illegal in CT period, they should not have lent to
No, they are illegal in CT period, they should not have lent to you. I would take care of your account if you haven't already and then send them the letter...
When iPDL's list states they won't lend in it's usually because
When iPDL's list states they won't lend in it's usually because the authorities in that state have issued a cease-and-desist or otherwise got involved. It's a technicality but a loan isn't automatically "illegal" just because the lender isn't licensed. Either a court or the state agency that enforces the licensing laws has to make that determination.