Payday Loan Questions
Date: Fri, 07/06/2012 - 16:55
Good Evening,
Thank you so much for your time. I have been reading all the helpful information provided and have been educated a great deal. I currently live in Florida and have a loan for $600.00 through an internet site, paydayaccelerated.com. I was matched to this lender through Money Mutual. I have not yet defaulted on the loan but can forsee this happening. I am paid twice monthly and each pay period, Paydayaccerlated deducts $180.00, the total amount deducted is now at $720.00. I have searched on the available links and applicable state websites provided however, I have been unsuccessful in finding if they are licensed in the state of Florida. Secondly, my understanding is in the state of Florida, payday loan companies can act as CSO's (Credit Service Organizations) which means they do not need to be licensed, and are generally 100% legal in what they charge. How can it be determined whether CSO or PDL?
I truly appreciate your response.
Respectfully,
KM
Thank you so much for your time. I have been reading all the helpful information provided and have been educated a great deal. I currently live in Florida and have a loan for $600.00 through an internet site, paydayaccelerated.com. I was matched to this lender through Money Mutual. I have not yet defaulted on the loan but can forsee this happening. I am paid twice monthly and each pay period, Paydayaccerlated deducts $180.00, the total amount deducted is now at $720.00. I have searched on the available links and applicable state websites provided however, I have been unsuccessful in finding if they are licensed in the state of Florida. Secondly, my understanding is in the state of Florida, payday loan companies can act as CSO's (Credit Service Organizations) which means they do not need to be licensed, and are generally 100% legal in what they charge. How can it be determined whether CSO or PDL?
I truly appreciate your response.
Respectfully,
KM
My understanding was only legal storefronts can be CSO's...I cou
My understanding was only legal storefronts can be CSO's...I could be wrong. However if they are not licensed, they are illegal. Follow the link in my signature line for information on how to deal with this loan.
