Closed Outback bucks account and payday loans
Date: Wed, 10/15/2008 - 08:50
I was in deep trouble from payday loans. I had 4 and I tried applying for another. In my desperation, I think I applied to some places that were not legitimate. I came to this site to research some companies, and I read some complaints that had me worried. The companies were Delaware Payment Services, who said I was approved but I never heard anything from them, and 200cash.com, but I never finished the application once I saw I had to pay $19 upfront. I read comments where people said they were approved, but then they never received any money and some people said that the company took money out of their accounts. I was worried about this happening to me, so to be better safe than sorry I closed my bank account. My current dilemma is that my next payday is coming up on the 20th, and I don't know what to do about my existing payday loans. I don't know if all the companies are legal or not, and I was wondering, since my account is closed anyway, is it okay to just not pay them, or should I give them my new account numbers? All of them are online. Here is a list:
One Click Cash-The original loan was for $400. My current Payoff amount is $455, next amount due $105.
PayDay Services-The original loan was for $300. My balance now is $250 but I am not sure what my finance fee is.
Outback Bucks-The loan was for $200. I haven't paid this one down at all yet and my finance fee is $60.
US Fast Cash-The loan was for $250. I haven't paid down on this one either. My next amount due is $75.
Thanks in advance for any help you can give me. By the way, I live in Maryland.
Maryland is known to have payday loan companies acting as CSO's
Maryland is known to have payday loan companies acting as CSO's (Credit Service Organizations). This means they do not need to be licensed, and are generally 100% legal in what they charge. You need to figure out which of these are actually payday loans, and which are CSO's. If any of these lenders are installment type of loans my best guess would be they are acting as CSO's. You can actually research them yourself by typing in the names of these companies into the search box loacated in the upper right hand corner of this forum. A list of member posts will come up, then you will need to read through them to see how other members dealt with them. I'm pretty sure that USFastcash isn't legal, or one click cash. Those are the only two I'm pretty sure aren't legal.
Quote:
Maryland State Information Legal Status: Prohibited Citation: Consumer loan act applies. Md. Code Ann. Com. Law II ???? 12-301 et seq. Small Loan Rate Cap 2.75% per month; 33% per year. Where to Complain, Get Information: Regulator: Maryland Commissioner of Financial Regulation Address: 500 North Calvert Street Suite 402 Baltimore MD 21202 Phone: (410) 230-6100 Fax: (410) 333-3866 Regulatory Contact: Michael Jackson Director, Regulatory Policy Regulator????????s Website Complaint Form Complaint Instructions Online Resources: Consumer Credit - Publications |
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