PA Pay Day Loan Help....
Date: Sat, 08/09/2008 - 00:36
I live in PA and right now I only have 2 internet loans open..
Cashnet usa for 400, paid 200 so far in interest only
paydayone for 500, paid 312.50 so far in interest only
now I have had other loans with cashnet and payday prior to the current ones and don't know if they tie into the ones I have now....
2 for cashnet with one being for a 100, paid off for 125 and another for 200 that ended up costing 450 when all was said and done.
Payday one their was one for 450 , paid off for 545.63 and another after an increase that was for 300 and when it was all said and done 541.30 paid...
now what are my options I only get paid once a month with my job and its struggle to get them paid off and the fees for payday one keep increasing (50 a pop) and cashnet's due date changed from what I had selected...
any help would be much appreciated....
Hello and welcome to the community! :) Do you have your bank ac
Hello and welcome to the community! :) Do you have your bank account secured yet? If not, then you will need to do that asap. Before closing or placing a hard debit block on your account CLICK HERE and read about it. I will post your pdl laws, and even though it says they are prohibited, keep in mind that Pa. has a loophole which means whatever state the Internet pdl is licensed, is the state laws you must abide by.
Quote:
Pennsylvania State Information Legal Status: Prohibited Citation: Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq. Small Loan Rate Cap $9.50 per $100 per year discount or 24% per year Where to Complain, Get Information: Regulator: Pennsylvania Department of Banking Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101 Phone: (717) 214-8343 Fax: (717) 787-8773 Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions |
CashNetUSA PO Box 547 Lake Bluff, IL 60044 Voice:(888) 801-90
CashNetUSA
PO Box 547
Lake Bluff, IL 60044
Voice:(888) 801-9075
Both of your pdl's are licensed, which means you are obligated to pay them back per your agreement. I would encourage you to contact them to see if you can work out some type of payment arrangements. Since they ARE both operating legally, and you are in PA, I am going to let someone else who has more knowledge with the PA laws then I do. Please keep checking back periodically on your topic. Hold off on my advice until someone who knows more about this topic can advise you. :)
PDL Loans in Pa Fight them, they are illegal
FOR IMMEDIATE RELEASE COMMONWEALTH OF PENNSYLVANIA
July 28, 2008 Department of Banking
Commonwealth News Bureau
Room 308, Main Capitol Building
Harrisburg, PA 17120
CONTACT: Dan Egan
(717) 783-4721
BANKING DEPARTMENT TO REQUIRE LICENSES FOR
INTERNET PAYDAY LENDERS
Companies Have Until Feb. 1 to Comply or Face Penalties
HARRISBURG ???????? Secretary of Banking Steve Kaplan announced today that Internet payday lenders and other out-of-state companies that make consumer loans to Pennsylvania residents will need to be licensed by the Department of Banking and comply with state laws.
???????Pennsylvania consumers should be protected by Pennsylvania laws regardless of where the company they????????re doing business with is located, whether it????????s down the street, in another state or on a Web site,??????? said Kaplan. ???????This new approach addresses the rising prevalence of Internet-based lending activity, especially Internet payday lending, which has left Pennsylvania consumers vulnerable to practices that our laws were intended to prohibit.???????
The Department of Banking had previously interpreted the state????????s Consumer Discount Company Act, or CDCA, to apply only to companies with a physical location or employees in the commonwealth. As a result, companies in other states were able to make loans to Pennsylvania consumers via the Internet or mail under terms that would not comply with Pennsylvania law.
The department????????s new position states that the CDCA applies to any company that lends to Pennsylvania consumers. The CDCA limits the interest and fees a non-bank company can charge for non-mortgage loans of $25,000 or less. If companies do not obtain a license from the
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Department of Banking by Feb. 1, they will face the potential for fines and other penalties. Today????????s announcement is the latest action by the Department of Banking to protect Pennsylvania consumers from excesses that have been associated with payday lending.
In May, the Pennsylvania Supreme Court upheld a lower court ruling in the department????????s lawsuit against Advance America, the nation????????s largest payday lender, for charging interest and fees on lines of credit that violated state law.
The department is now seeking restitution for Advance America customers who were charged nearly $150 per month in fees for loans up to $500.
Kaplan said some banks and credit unions offer similar loans that cost much less and can be paid back over longer periods of time than traditional payday loans. For example, the Pennsylvania Treasury Department and the Pennsylvania Credit Union Association partnered in 2006 to create the ???????Credit Union Better Choice??????? program. Today, there are 72 credit unions with 193 locations throughout the state that offer Better Choice loans. Consumers can learn more about the program and find participating institutions at www.patreasury.org and www.pacreditunions.com.
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EDITORS???????? NOTE: Notice of the new policy is available at www.banking.state.pa.us and the Pennsylvania Bulletin.
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