Share post
member profile picture

Hello. I like many of you have fell into the pdl trap and am stressing out over it. I need to know if these companies are illegal in ohio and if so, what can i do to get out of it?
500 fast cash, one click cash, and b&l marketing. I have borrowed 250 from fast cash and have paid 300 on it so far. 200 from one click and have paid 240 and the exact same from b&l marketing.. Please help me get out of this mess




Here are the laws for Ohio and none of them are listed HERE, so they are not licensed to lend in Ohio.
Quote:

Ohio State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???????? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance

Sub: #1 posted on Mon, 09/01/2008 - 09:23

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

I hope the information below will help you. :)
[quote]You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Sub: #2 posted on Mon, 09/01/2008 - 09:28

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

I think that is something they are looking very heavily in your state. Several storefront lenders are in the process of closing The one above are online payday lenders. I have dealt with one click and since they are illegal in my state, I only paid back what I borrowed. That was after a lot of back and front and a complaint to the Attorney Generals office

Sub: #3 posted on Mon, 09/01/2008 - 09:35

bdouble bdouble

(Posts: 354 | Credits: )

It's very important that you file complaints given the circumstances surrounding the controversy with the possibility of the new laws.

Sub: #4 posted on Mon, 09/01/2008 - 09:43

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17341 | Credits: )

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.


Page loaded in 0.686 seconds.