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PayCheck Today

Date: Tue, 03/25/2008 - 09:01

Submitted by kolodin616
on Tue, 03/25/2008 - 09:01

Posts: 157 Credits: [Donate]

Total Replies: 11


I have sent out numerous letters to this company and this is the response I got from them when I sent them my state of NJ laws on small loans (30%)


You received a loan from us for $500. That is the amount we are requesting back. We are able to fund to NJ. Please respond as to when you will pay back the $500 you borrowed otherwise we will have to forward this to a third party collection company.

Mike


This is my response back to him:
You are licensed in the state of NJ and you only charge 30% apr on small loans? Send me your license # as well as my previous loan documents, send me that you only charged me 30% on that loan?

They still call my job after I have told them not to and I got a call last week from them asking to speak with my supervisor about this loan. Does anyone know who their affiliates are or other names for them-I have got different numbers and different names that call me. The rest of the payday loan companies except for Payday Loan Yes are contacting me, but Paycheck Today has to be the worst.


I thought they were illegal as well, on Paycheck Today's website it list like 6 states that they do not fund to and one of them is NJ. I challenged them on that last week. There really are no laws on payday loans specifically but they have the criminal usury set on small loan rates and it is 30%, also they have to have a license to do business in NJ, not their state. Who is MTE?


lrhall41

Submitted by kolodin616 on Tue, 03/25/2008 - 09:25

( Posts: 157 | Credits: )


Thanks kash, I have to count my lucky stars as when I joined a few weeks ago I had 10 internet payday loans and out of the 10 only 2 are contacting me. I got 2 PIF's from B&L Marketing and ASAP Processing, so all the advice you people gave me was right on. I just wish they would stop the calling at my work. I have filed complaints with BBB and sent an email to the AG. So thanks again, this company has my blood pressure up.


lrhall41

Submitted by kolodin616 on Tue, 03/25/2008 - 09:35

( Posts: 157 | Credits: )


Payday lending is not exactly prohibited in New Jersey - In actuality there is just an interest rate cap that makes it unprofitable. There could be lenders, but they would have to only charge very low interest, making it not worth it.

BUT - New Jersey's statutes do not address internet lending. This is from the NJ Dept of Banking:

Quote:

This is in response to your email corrrespondence addressed to the
Commissioner concerning Payday Loans. Payday lending is deemed to be a
prohibited activity in the State of New Jersey based on the criminal usury
limitations (N.J.S.A. 2C:21-19), however, there is no actual law that
specifically addresses Payday lending. Thanks for the opportunity to be of
assistance.


lrhall41

Submitted by goudah2424 on Tue, 03/25/2008 - 10:30

( Posts: 7935 | Credits: )


And another email:

Quote:

Thank you for your message. New Jersey does not have a specific law that regulates payday lending like many other states. Instead the state has a criminal usury law that sets the maximum rate of interest that can be charged on loans.

Since NCSL provides assistance to state legislators and their staff in comparing and developing policy options, we are not permitted to offer an interpretation of state or federal laws regarding legal matters of individual citizens. Please consult with a qualified attorney or contact the office of the Attorney General in your state for assistance in applying state and federal laws to your situation.

Sincerely,
Heather Morton
Program Principal
Legislative Information Services
National Conference of State Legislatures
7700 East First Place
Denver, CO 80230


lrhall41

Submitted by goudah2424 on Tue, 03/25/2008 - 10:31

( Posts: 7935 | Credits: )


Goudah is correct regarding the NJ pdl law (of course :D )! However, let me step in and just verify what kash posted regarding them being legal. NO!! They are one of MTE Financial's d/b/a's and are not licenesed to lend anywhere in the US. So, let them send you their license number! I love it! They are not licensed. Period.


lrhall41

Submitted by cannr on Tue, 03/25/2008 - 15:42

( Posts: 9317 | Credits: )