Cashnetusa - No longer lending in AZ

Hi, I was searching the DFI website trying to verify what you said, I couldn't find anything so I sent an email to consumer affairs to request verification.

Can you tell me where you heard this news?

Shazzers, I did some checking on some Arizona news sites, didn't come up with anything, either. However, hopefully tdw is correct, that would be some good news!

Cashnet USA is very diligent regarding the laws of the states they are doing business! They often have an agreement with a company in a particular state to work under that license! If the agreement ended for some reason they would stop lending!

It's true, here is the email I received the licensing Manager from the Arizona Department of Financial Institutions, below. I would suggest that anyone living in Arizona who had borrowed money from Cashnetusa after 2006 to file complaints with the DFI and your Attorney General's office, because whatever interest they charged was totally illegal and you are entitled to a refund. Cashnetusa should be fined by the DFI for extending loans to AZ residents after 2006, maybe if enough people complain the DFI will investigate. Meanwhile, I would contact Cashnetusa and tell them they owe me all the interest I paid to them, due to the fact they were operating illegally in the state of AZ. I would also let them know you are filing complaints!
[QUOTE][LEFT]AzDFI records show the following company was licensed as a Deferred Presentment Company (also called payday lender) from 2004 until 2006 when they closed their license with this Department:[/LEFT]
[LEFT][FONT=Arial][SIZE=4][COLOR=#0000ff][/COLOR][/SIZE][/FONT] [/LEFT]
[LEFT]The Check Giant, LLC DBA CASHNETUSA CASH ADVANCE[/LEFT]
[LEFT]7702 E. Doubletree Ranch, Suite 300[/LEFT]
[LEFT]Scottsdale, AZ 85258[/LEFT]
[LEFT][FONT=Arial][SIZE=4][COLOR=#0000ff][/COLOR][/SIZE][/FONT]
[/LEFT]


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Not this time! So much for their reputation as always licensed! I wonder how many other states there are.

Does this affect them servicing on-line loans to Arizona residents as well?

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that's great :)

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The issue is not that CashNet did anything wrong or are bing punished for the DFI. Last Fall, there was a vote to extend the legislation that allowed for PDL's to operate legally in AZ, the vote was to not extend it. This means that at the end of June (I believe), all PDL's will be illegal in AZ. The only option for the consumer will now be to go to the internet and borrow from illegal, off-shore or unlicensed/unregulated lenders.

I am suprised at some of the comments denigrating CashNet by a few on here, as this change has been discussed many times....

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[QUOTE=Shazzers;707002]It's true, here is the email I received the licensing Manager from the Arizona Department of Financial Institutions, below. I would suggest that anyone living in Arizona who had borrowed money from Cashnetusa after 2006 to file complaints with the DFI and your Attorney General's office, because whatever interest they charged was totally illegal and you are entitled to a refund. Cashnetusa should be fined by the DFI for extending loans to AZ residents after 2006, maybe if enough people complain the DFI will investigate. Meanwhile, I would contact Cashnetusa and tell them they owe me all the interest I paid to them, due to the fact they were operating illegally in the state of AZ. I would also let them know you are filing complaints![/QUOTE]

Here you go Shazz. This is a company that works within the state regs and is stated in this thread many times, but you also stated that they are operating illegally.

The reality is more than likely they had some sort of reorganization and the license changed to a different umbrella corporation in '06. I am not going to waste time digging, but this has happened with many of the large PDL's.

The information I received was directly from the licensing Manager from the Arizona Department of Financial Institutions. I'm not assuming anything.

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