One Click Cash

You can't get your loan documents, because they don't exsist. One Click Cash is a dba of MTE Financial, and if you search for them, you'll find that they are oh so much fun to deal with (sarcasm). The 3 payments that you have made are what they call "rollovers", since they automatically renew the loan until you hit the 5th payment, and then they start paying it down. However, please tell me what state you are in, and we can find the state laws for you so that you do arm yourself in your battle with this company.

I'm in Minnesota

What are the obligations a licensed lender should follow in MN?

Quote:

So, I would send One Click Cash a letter, because they are in violation of the MN law, by rolling over the loan, as this is not allowed. Also, the legal amount of interest you can calcuate how much you still legally owe them. You can search for a template for a letter of what to send them, I'm not very good with that, but some others on the board, are. State these laws in your letter, and tell them that is what you will be paying them. DO NOT give out your new banking information, debit or credit card information. Pay by money order if possible. DO NOT give them anymore access to your financial information.

So anotherwards they have to follow MN laws right meaning that they are not allowed to roll over this loan and they have done so 3 times already and I already have paid $225. I'm not sure that I am understanding this right

Right, they have to follow MN laws, as you took the loan in MN. And, yes, you are correct that they are not allowed to rollover the loan, and the $225 you have paid, is to be applied to the principle, as they can't roll over the loan, and say that the fees you have paid is only applied to the interest. So, if you took the loan out for $250, legally, you only owe them $25 + 32.50 in interest, and $30 for the return check fee. So, you only still owe them: $87.50, legally. Does that make sense?

Yes it does to me- now is it going to make scence to them by the sounds of your sarcastic statement it's not going to be that easy. I appreciate your help for explaining this to me.

Oh, you are welcome. I'm not trying to scare you with dealing with them. I've had my share of crap from PDL's, and I'm just trying to help people know their rights. But, as long as you are armed with the knowledge, you are an informaed consumer, and you can do battle. Did you send a cease and desist letter? Also, I would say in your letter that if they refuse to acknowledge what you still legally owe them under the MN laws, that you will have no problem filing disputes with the BBB, the state attorney general of MN, as well as the state of Oklahoma's AG (where they are located). This usually scares them, as the state of Oklahoma ordered them to stop lending in OK, so legally they can't lend to anyone anywhere.

Leah, Goudah, does all of this sound right? I hope you are proud, you both helped me to be so knowledgeable to help others!

On 5/29/07 a credit of $300.00 was deposited into my bank account from CashClickOne and to this day I have never seen any loan documentation describing the terms of the loan. Here is a report of all of the money this "Company" has taken out of my bank account by way of ACH debits...

6/15/07 $90.00
6/29/07 $90.00
7/13/07 $90.00
7/31/07 $90.00
8/15/07 $90.00
8/15/07 $50.00
8/31/07 $75.00
8/31/07 $50.00
9/14/07 $50.00
9/14/07 $60.00 GRAND TOTAL TO DATE IS $735.00!!!!
I don't have any way to contact CashClickOne and the bank is of no help. Can someone help me out here? I live in California and I know that this is wayyyyyyyy to much repayment on a $300.00 loan....HELP PLEASE

In MN they do not have a long arm statute. So in MN it is legal for companies to loan in MN as long as they are licensed in another state. They would need to follow the laws of that state.

[quote]
Emails to and from the MN Banking Dept:

From:
Sent: Monday, March 26, 2007 3:44 PM
To: Financial.Commerce(at)state.mn.us
Subject: Payday loan questions

Hello,

I have a question about internet payday loans. Do these need to be licensed in MN to be legal? Also, how do I calculate the legal amount of interest they can charge me according to MN laws? I see the laws state:

Maximum Finance Rate and Fees: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month)
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

So for a $300 loan how would I calculate the interest? And since no rollovers are allowed and the companies I have loans with have rolled them over countless times, would I be correct in saying that they are breaking the law? I've been told by several of them that they don't have to follow MN laws, even though they solicited me, because they are licensed in the state that they are located in. Is that correct?

I really appreciate any help or direction you could give me!

Thanks!

Response:

From: Terry Meyer [mailto:Terry.Meyer@state.mn.us]
Sent: Tuesday, March 27, 2007 6:40 AM
To:
Subject: FW: Payday loan questions

First we don????????t license lenders that are domiciled in other states. Minnesota law does not have a long arm statute and allows residents to seek loans wherever they want. Solicitations via the internet or ads do not place the lender in Minnesota, only a physical location would [the exception being residential mortgage lenders].

The way to calculate the APR for a 14 day loan is either using a T-I calculator. A fast check using the example for a $100 14 day loan is;
$15 finance charge divided by the $100 loan [proceeds of the loan, or amount financed] = .15, or 15%
.15 divided by the number of days in the loan, or 14, gives you the daily rate of .0004109589
Multiply that number by 365 [days in the year] = 3.91071428415, or 391.07% APR

Does that help ???????? and in Minnesota rollovers or refinancing is not permitted. Name the MN lender and file a complaint.

Reply:

From:
Sent: Tuesday, March 27, 2007 8:45 AM
To: Terry Meyer
Subject: FW: Payday loan questions

Terry,

So to make sure I understand this, a payday loan company located in another state doesn't have to be licensed to lend to MN consumers. But do they have to follow MN laws about rollovers and interest? Or can they follow the laws of the state in which they are located in?

Thanks for you help!

Response:

From: Terry Meyer [mailto:Terry.Meyer@state.mn.us]
Sent: Tuesday, March 27, 2007 6:58 AM
To:
Subject: RE: FW: Payday loan questions

It is similar to credit cards ???????? I would bet, assuming you are a MN resident, that none of your credit cards are from banks located in MN. The Supreme Court ruled in both 1978 that rates, and 1996 that fees could be imported for credit cards issued by out of state lenders to other states borrowers. Its agency law. The use of the laws of the state in which the lender is licensed is required.

Please explain your interest and the firm you represent.

Reply:

From:
Sent: Tuesday, March 27, 2007 9:04 AM
To: Terry Meyer
Subject: RE: FW: Payday loan questions

Terry,

I don't represent any firm. I was just trying to get some more information about the laws governing these kind of loans. The reason I was curious about the specific point of if state law governs out of state pdl's is because where I live, Oregon, they do have a law saying that out of state pdl's much be licensed in OR and follow the laws of OR. I was hoping the same thing applied to MN, because in that case all his pdl's were grossly overcharging him.

Thanks!

Response:

From: Terry Meyer [mailto:Terry.Meyer@state.mn.us]
Sent: Tuesday, March 27, 2007 7:30 AM
To:
Subject: RE: RE: FW: Payday loan questions

Good luck ???????? we recently received a complaint on a Payday loan from Malta. Since MN doesn????????t have a law like OR each state would have to be contacted for their payday loan law to determine if a violation occurred. [/quote]

BUT - This company isn't licensed anywhere, making it a moot point. Please do a search here about One Click Cash. NE is currently trying to kick them out, and are taking complaints from people in any state that have had a loan with this company.

Debtfreein08 - Yes! I'm very proud! You are doing an awesome job!

so from what i have been reading it looks like i am going to have problems with also? or am i wrong?

Problems with???

Cash Click One - customer service

Phone Number 1-800-230-3266
Fax Number 1-800-803-9136

Please, does anyone has a phone number for these guys.

I got a loan through one click (this is actually my second loan from them. I had no problems the first time because I asked them to take all that I owed them out of my account the first time.)and until today I never noticed the rollover thing. I got $200 from them and so far have paid them $350. The only reason why I'm going to pay them the remainig $195 is because it clearly states on the reciept that: Your loan will be renewed on every due date unless you notify us of your desire to pay in full or to pay down your principal amount borrowed. You will accrue a new fee every time your loan is renewed. Any fees accrued will not go toward the principal amount owed.

You will renew your loan four times. On your fifth renewal and every renewal thereafter, your loan will be paid down by $50.00. This means your account will be debited for the renewal charge plus $50.00, this will continue until your loan is paid in full. (EXAMPLE: For a $300.00 dollar loan, the fee is $90.00. On your fifth renewal, you pay $140.00 = the $90.00 fee, plus the $50.00 pay down. The next time you want to renew, your balance will be $325.00. After your fifth renewal, your loan must be paid down every due date until your loan is paid out.)

I do feel cheated and I will never get a loan from them again. How can I find my state law reguarding this company and others like it. I live in New Jersey.

can someone tell me the laws for oregon on this oneclick cash company?

I borrowed $300.00 from them back in July & repaid them....Including fee that totalled $390.00

Come to find out they FRADULENTLY continued to debit my checking account and took out the $390.00 OR TOTAL REPAY & an additional $935.00....I just caught it & and ONE CLICK been FRADUENTLY debiting since 9/12/07 and I just discovered it this past week...ONE ClICK was debiting small amt $35-$90 but it totalled $935.00...Customer Service had the NERVES to call me asking WHY I had my bank STOP payment!!!!!!!!

Also, I already made contact with District Attorney Fraud Dept....CUSTOMERS RUN RUN RUN!!!!!!!


ONE CLICK IS A MAJOR MAJOR MAJOR SCAM.....CONTACT YOUR BANK ASAP & LOCAL DISTRICT ATTORNEY'S OFFICE!!!!

Nakeish30 and Patty Ammons - You do not have to worry about your state law with One Click Cash. One Click Cash is a d/b/a of MTE Financial. One Click Cash/MTE Financial is not licensed/legal to lend in any state in the US. They are not licensed - period. What you need to do is close your bank account to prevent them from debiting it any longer. They will continue to debit you until they have thousands of dollars. Just read the post by X Customer Ripped Off above. It just shows you what they are capable of if they have your bank account information. You need to close that account (you can not just block them as they use so many different names to debit). And you need to file complaints with the BBB, the FTC, and your state attorney general regarding them.

What exactly does that mean that you do not have to worry about your state law and that they are not licensed? Does that mean that someone who has taken a loan from them does not have to pay it back? I'm just curious is all! I'm doing a research paper on this subject and stumbled across this post and I was just wondering if you could clarify what that means from a legal perspective! Thank you!!

I took out a loan with one click cash company on 1-1-08 and they are only taking out the $90. fee. They instructed me to call a number that never answers or the one time they did, they could not find my account. I need to get hold of them to pay off this amount before interest kills me. Can anyone help me get hold of the company to pay them?
I live in New Mexico, USA.
Thanks

Months later and this company is still reeling in desperate people! My son is trying to get a record of his loan figures, but nobody answers emails or phones -- although the bank withdrawals continue like clockwork. Does it matter that we're in Montana, or should he just close his account like cannr says before things get worse?