Texas Payday Loan Trouble!!!

Date: Wed, 03/28/2007 - 14:39

Submitted by debthelp999
on Wed, 03/28/2007 - 14:39

Posts: 4 Credits: [Donate]

Total Replies: 7

I'm from Texas and have a payday loan with QC Financial Services Of Texas, Inc. dba Quik Cash original loan for 700.00. I have had this loan for 5 months paid every two weeks around 135.00 interest only. I recently closed my bank account because I can't get a head. I have paid this company about 2,000.00 all together. The State Of Texas Canceled this companys license in 2005. If the lender is not licensed does it void the contract? Is there a Federal Law that states lenders can export rates from other States to Texas and charge what ever rate they wish? This is what I read: Texas payday loan lenders, using an out-of-state bank or national bank, can "export" rates and charge anywhere from 200 percent to 1,000 percent apr. What should I do next?

I understand that Texas has a fixed interest rate. Verify the la

I understand that Texas has a fixed interest rate. Verify the laws with your state AG.

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

lrhall41

Submitted by Bony on Wed, 03/28/2007 - 14:49

( Posts: 287 | Credits: )

Have you confirmed they are using a bank? Because you are right

Have you confirmed they are using a bank? Because you are right, the laws are different for payday loans backed by a bank.

lrhall41

Submitted by goudah2424 on Wed, 03/28/2007 - 14:49

( Posts: 7935 | Credits: )

Thank you for the reply. No I have not confirmed that they are u

Thank you for the reply. No I have not confirmed that they are using a bank. How do I find out? At the top of my contract it has Lender NCP Financial Limited Partnership in Daytona, OH.. Is this the company that should be licensed in Texas?

lrhall41

Submitted by debthelp999 on Wed, 03/28/2007 - 14:56

( Posts: 4 | Credits: )

One way is to talk to your dept of banking. They may be able to

One way is to talk to your dept of banking. They may be able to point you in the right direction.

I think it may say on your contract that the loan is being funded or backed by such and such bank/financial institution. I just did a quick search for NCP and all that came up were some complaints aganist a collection agency. If it were a bank, I would think that it would have a website.

lrhall41

Submitted by goudah2424 on Wed, 03/28/2007 - 15:26

( Posts: 7935 | Credits: )

I'm confused on who should be licensed in the State Of Texas? NC

I'm confused on who should be licensed in the State Of Texas? NCP, QC Financial or Quik Cash?

lrhall41

Submitted by debthelp999 on Wed, 03/28/2007 - 15:31

( Posts: 4 | Credits: )

I will have to look closer at the Texas law, but a lot of states

I will have to look closer at the Texas law, but a lot of states have excpetions that allow payday loans backed by a financial institution to not have a license. I don't know if that applies to Texas or not.

If they aren't backed by a bank, they would need to be licensed. I'd call your state's banking dept, and they can tell you what the requirements are for licensing in your state.

lrhall41

Submitted by goudah2424 on Wed, 03/28/2007 - 15:35

( Posts: 7935 | Credits: )