Need Online Payday Loan Help ASAP - TX
Date: Mon, 04/09/2012 - 09:18
I am in Texas and have three online payday loans, and have been paying interest only for the past few months. They are with the following companies:
CashNet USA
ItsMyPayday
Purpose Cash Advance
The payments are not getting the principle down, and are getting excruciating. What can I do to settle them, and are there any ways to get refunds on the interest?
I know they are a ridiculous way to get cash, but I was in a bind, and am now looking at over 3k in debt. Please help, and thanks in advance!
Licensing in Texas
It looks like Cash Net USA is licensed in Texas. They are a CFSA member, and will split your loan payoff into 4 payments for you (if it's a payday loan it's easy, installment loans are a little trickier and they only work with you once you default).
Purpose Cash advance acts as a CSO in Texas, and they are legal. Best to call and ask about payment plans. I have never used them or worked with a CSO.
At worst, with either of these two, if you default, they will work out a payment plan and stop charging interest.
It's My Payday claims it's licensed in Delaware, but nowhere else that I can see. Texas requires a license for online lenders, so it's an illegal loan. If you have paid the principal in your rollover fees then you are done. If you overpaid, they owe you money. Calculate how much you have paid them in renewal fees.
In any case, you should close your bank account to stop the drain, and open a new one. Talk to Cash Net USA and Purpose Cash Advance, and follow OhioGal's instructions on illegal lenders for It's My Payday.
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html