pay day loan hell

Posts: 1
Credits: 605.5

I dont know what to do I am in payday loan hell and I dont think I can get out. I feel like I am in a grave and the dirt is coming in on me. Please help if you can. I have LOTS of pay day loans. Some clear back from 8/06!! Is there a way out?


Sub: #1 payday loan hell
Sat, 08/22/2009 - 00:57

Do you have to set up a new account at a different bank? I checked with my bank and after closing my current account, they assured me no one could get at my new account without the account information.


Posts: 2937
Credits: 17361.249242083

Sub: #2 Glad we could help. Best of luck to you :wink:
Mon, 07/27/2009 - 14:19

Glad we could help. Best of luck to you :wink:

"We are what we repeatedly do. Excellence, then, is not an act, but a habit."



Sub: #3 Loan Paid in Full
Mon, 07/27/2009 - 13:59

I just want to thank this website and everyone else for putting in their input. After reading things on this website I took action and sent an ACH revocation letter to the companies that I have loans with. I also called the Texas Secretary of the State and the Office of Consumer Credit Commissioner & found out that they are not registered nor are they licensed to do business in the state of Texas. I received an e-amil today from one of the companies (Loan Point USA) that states.....

Thank you for your email to Customer Service at Loan Point USA. Congratulations! The company has marked your loan as paid in full. According to our records, your loan balance is now zero. If you need further assistance regarding this matter, please contact Customer Service. The office hours are Monday thru Thursday; 8am to 7 pm, Friday; 8am to 6pm Mountain Standard time.

I was so happy I wanted to cry!! This is a great victory one down 3 to go!!!! With loan point usa I had overpaid what I borrowed by $200.00. I told them they could keep my $200.00 if they would consider my loan paid in full!!

Thank you for all the help!! I plan to keep working on the rest!!


Posts: 2584
Credits: 11799.75

Sub: #4 Considering their contact information is a gmail account, there
Tue, 05/05/2009 - 05:46

Considering their contact information is a gmail account, there is no phone number or address to contact them and when you try to leave a pop up comes up asking you are you sure you don't want the cash, I am going to definalty illegal and unlicensed.

To infinity, and beyond


Sub: #5 60 Day Loans
Tue, 05/05/2009 - 03:50

Is this a legit company? I can repay the payday loan within 60 days, that's not a problem, but I am afraid to give anyone my bank account information. They need it to do an auto deposit when you are qualified for the PDL, and presumably take money from that same account on agreed days to repay them. Do they abuse the bank account information and take more than agreed upon? Are there any online companies that you can trust? Are honorable and legit? Please reply ASAP I'm really in a bind!!! By the way, I'm in Washington state, if that matters. Thanks.


Posts: 2584
Credits: 11799.75

Sub: #6 I know Magnum is illegal. I think Vince is as well. There ma
Sat, 02/28/2009 - 03:38

I know Magnum is illegal.
I think Vince is as well.

There may be an issue with CashNet USA. They practice as a CSO but I know their bond expired in Texas but I am still not sure if that makes them illegal.

You can check the Texas database to see if they are legal but you have to check both the payday one and the CSO one.

CSO database.

Payday database.

Make sure you use the wildcard in the CSO one. You can read about how to at the bottom of the page.

If they are a CSO they do not follow the payday loan laws.

To infinity, and beyond


Sub: #7 my screw ups
Fri, 02/27/2009 - 18:38

I also am in deep trouble with payday loans. I went to my bank after reading your advice, but they won't close my account because it is in overdraft. They also said that everytime these people try to get their money it would reopen the account. They suggested that I get the account back to zero and they would close the account and move my money to a new account. However, when I pressed them, they said it would still be a problem if the companies kept debiting my account. So I went to my company and stopped the direct deposit. Next payday I will get a paper check and can pay my rent and utilities first, then use any thing left to try to pay for some of the overdraft charges. It won't pay it all and I still will need to make arrangements to pay them, some very new, and some older. I really don't know what to do. I live in Texas. My loans are with Cashnet Usa, GECC, Vince enterprises, paycheck today, cash direct express, good time cash, Magnum cash,

Posts: 882
Credits: 5668.05

Sub: #8 Have you gone to your bank/credit union for a personal line of c
Mon, 12/15/2008 - 11:14

Have you gone to your bank/credit union for a personal line of credit?


Sub: #9 If you are unable to close or freeze your account!
Thu, 09/11/2008 - 13:53

Some banks will not close or freeze your account, in this case ask the bank manager to fill out a Compromise Authorization form and fax to their Fraud department. You have to open a new account the same time you fill the form out, explain to the bank the position you are in, and they will assist you.

Good luck, you are not alone!


Posts: 1147
Credits: 4827.05

Sub: #10 Hi kmil780750r, You should start your own thread in the PDL sec
Thu, 09/11/2008 - 13:29

Hi kmil780750r,
You should start your own thread in the PDL section, that way you would get more help. First we need to know the company name, how much the loan was for and how much you have paid to date. I am posting the info for WA from Goudah, its pretty straightforward, but someone with a little more experience should be along to help out.

From there depending on if the companies are legal or not, you would want to file complaints for the illegal companies with the BBB, FTC & banking department for WA. You also need to send them a cease & desist letter revoking your electronic withdrawl authorization, revoking your authorization to contact references and any wage assignments that you may have signed. Here are the laws:

Washington State Information

Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)

Wash. Rev. Code Ann. ???? 31.45.010 et seq.

Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Cooling-off Period:
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.

Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone: (360) 902-8700
Fax: (360) 725-7827
Regulatory Contact: Chuck Cross,, Director of Consumer Services

Emails to and from the DFI:

From: James Rogersen []
Sent: Saturday, April 26, 2008 5:08 PM
To: Bortner, Deb (DFI)
Subject: Payday Loan Information

Good Afternoon,

My name is James Rogersen. I have extensive knowledge about some of the internet lenders preying on Washington consumers. I write extensively about them at My main question, however, is whether or not it is legal for an out of state licensed payday lender to lend to Washington residents without having a Washington license. A response would be greatly appreciated.

Thank You,
James Rogersen


Subject: RE: Payday Loan Information
Date: Mon, 28 Apr 2008 08:54:38 -0700
From: "Leslie, Berri L (DFI)" Add Mobile Alert
To: "James Rogersen"

Good morning,

Thank you for your question. Yes, to lend money to Washington residents an entity, even out of state, must be licensed.

Berri Leslie, Program Manager

Administration and Licensing

Department of Financial Institutions

Division of Consumer Services

(360) 725-7839

(360) 664-2258 (Fax)

What does this mean?

Internet companies must be licensed by WA and follow WA law.

Specific rates may be charged.

No rollovers are allowed.

Unlicensed lenders cannot collect on the loans.

Thanks to James for providing this info

<a href="">

Add new comment

This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Share post

Page loaded in 2.910 seconds.