payday loans
Date: Wed, 10/15/2008 - 10:04
I live in New York.I have a loan with Payday2Go ($300) which just turned me into ACA Recovery INC, 38 E. Ridgewood Ave, #395, Ridgewood, NJ 07450. They are threatening me with the usual stuff. I am sending them a cease & desist letter today but want to know if Payday2Go is licensed in NYS and what can be done about them if they are not. I also have a loan with ameriloan ($300) which they have been giving me problems until I sent them the c&d letter, haven't heard anything since then. Are they licensed in NYS?
Please let me know what you can about this. Thank you very much.
Payday loans are prohibited in NY, period. Quote:In the follo
Payday loans are prohibited in NY, period.
Quote:
In the following states internet payday lenders are not legal, either because of restrictive laws, or because the state does not license companies not located in that state, but requires a state issued license to lend. Connecticut Georgia Iowa Maryland Massachucetts New Jersey New York North Carolina Vermont Virginia West Virginia |
Quote:
New York State Information Legal Status: Prohibited Citation: Licensed lender law applies but interest rate is that agreed to by contract. N.Y. Banking Law ???? 340 et seq. A check casher licensee cannot make loans nor cash or advance any moneys on a post dated check unless it is a payroll check. N.Y. Banking Law ???? 373. Criminal law sets the usury cap at 25%. N.Y. Penal Code ???? 190.40. Small Loan Rate Cap 25% per year Where to Complain, Get Information: Regulator: New York State Banking Department Address: One State Street New York NY 10004 Phone: 1-877-BANK-NYS Fax: Regulatory Contact: Regina A. Stone Deputy Superintendent |
So if a person living in New York has payday loans that they are
So if a person living in New York has payday loans that they are paying on, should they send cease and desist? Close checking account? Contact the banking department? I have 5 loans that I have paid well over what the original loan amount was, not ever knowing they were illegal.
How shall I proceed?
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greetings chelsea.you say you have five pdls and live in NY?
well if you could give us the following.
the names of each pdl
amount borrowed from each
total amount paid back to each.
i would close your account and open a new one.if it is not negative you should be able to do this.provided no other bills are paid directly from the account.once that is done you send letters certified mail return receipt that you now know that pdl's are prohibited in NY and have paid back each loan.more than likely these are totally illegal pdl's and will give you a hard time.let them.they don't have a leg to stand on.just take care of your bank account,then send the letters asking for a PIF on your loans.
what if you can't close out your bank account then what?
what if you can't close out your bank account then what?
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then you put your account on DEPOSITS ONLY or put a hard block on it.see the manager for this.if they won't help you,then still open a different account.if your direct deposit in is your old account.see if you can get a live check for a couple of weeks.then setup a new direct deposit with your new account.
any way you can get your bank straightened out.
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i wish i could say yes,but to do that you have put a stop payment.that would cost 30.00 to 35.00 per request then it wouldn't stop the pdl's because they would change co name,amount taken,or if all else fails put a paper check through.sorry it's either close the account or put it on deposits only.you still can get your money in a deposits only.you just have to physiccally go to the bank to withdraw.
wow I didn't realize what a pain this would cause me. I'll do my
wow I didn't realize what a pain this would cause me. I'll do my best thanks for the help!!!
You have to do some legwork and some letter writing but trust me
You have to do some legwork and some letter writing but trust me, it's worth it; you might also contact the address above for the NY Banking Dept., as to any help they can offer you. There IS light at the end of the tunnel!
I live in NY. I have a payday loan that I took out for 1500 doll
I live in NY. I have a payday loan that I took out for 1500 dollars from a company called mycashnow.com. The people who are calling me is credit protection depot, which is affliate of mycashnow. Credit protection depot is located in nevada and mycashnow is located somewhere in the carribean. Do they have any leg to stand on? I have not paid the loan yet so how do I proceed from here?
Both are fake addresses. my cash now is Credit Protection Depot
Both are fake addresses. my cash now is Credit Protection Depot and the company is located in Chattanooga, TN.