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Hi, I have been reading a lot of the forums regarding Payday One and Rise Credit. I live in Ohio and currently have a loan with Rise Credit. Some personal things have happened and I fell behind and am unable to make the full payments. I offered to pay them $100 a month but they refused.

I know Payday One is a licensed lender in Ohio. And I am little confused on some of the answers that Rise is illegal because it is a part of the tribal lenders. It doesn't state that anywhere on their website and my loan agreement states that the lender is RCL Finance out of Arlington, Tx. Can someone please explain to me whether they are legal or illegal in Ohio. I really need some help with this stupid loan.

Thanks,
Stephanie




I think they are illegal in your state. You owe them nothing more than the principal balance. No interest, no fees. Close down your old bank account and open a new one to stop debiting money from your account.

Sub: #1 posted on Wed, 11/20/2013 - 15:46

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Stephanie,

I too am confused on the issue and never received a straight agreed upon answer. I fell into a similar situation with Rise like you and the only way they would help is if my account defaulted.

Because they aren't able to offer a payment plan I can realisitically meet, I have no choice but to let it charge off and take it from there. I'll negotiate with the 3rd party company to pay principal only or less, if I'm lucky and get them to agree to not to report on my CR.

Crazy enough, I asked Rise if they'll report the chargeoff on my account and they said no.

I'm just confused on how they were legal as PayDay One, but are now illegal as Rise.

If anyone else has any info, please help. I've looked it up on my states' (Louisiana) site and saw nothing, but rise has on their site that they're legal in a number of states.

It's all so confusing.

Sub: #2 posted on Thu, 11/21/2013 - 20:07

JujuNola JujuNola

(Posts: 102 | Credits: 17.38)

That's what I've decided to do too, just let it charge off and deal with the collection agency. They call 6-8 times a day but yet, they are not willing to work with me. So, at this point I just don't care anymore.

Did they tell you how long it takes for them to charge an account off?

Sub: #3 posted on Thu, 11/21/2013 - 21:58

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They emailed and told me that the account will charge off at 61 days past due.

Sub: #4 posted on Thu, 11/21/2013 - 22:04

JujuNola JujuNola

(Posts: 102 | Credits: 17.38)

PayDay One/Rise are the same people however they are both licensed as a CSO and have to follow the CSO laws of Ohio. They cannot be the lender. RCI is the lender and is licensed in Ohio. Rise offers to arrange installment loans through their unaffiliated lender (LOL) for a fee.The loan should come from RCI and paid to RCI from my understanding of the CSO law. I am fighting a loan from them from when they were PayDay One. Back then, their website stated that they were a CSO but offered payday loans in Ohio. A little confusing because the lender isn't licensed for "payday" loans in Ohio. I sent a complaint to the attorney general of Ohio and calling Ohio DFI as I think they misrepresented the loans they were offering in Ohio. Maybe, this is why they changed to Rise. Either way, from my understanding, in Ohio a CSO cannot make or collect a loan. ORC 4712.01(C)(2) "Credit services organization" does not include any of the following: (a) A person that makes or collects loans, to the extent these activities are subject to licensure or registration by this state;"

I want to get clarification on this as if a CSO cannot collect the loan, why did I pay PayDay One and why does it not say RCI on the direct deposit. Who made the loan...Many questions. Maybe this is why they changed their lending structure to installment loans using Rise credit.

Sub: #5 posted on Mon, 12/02/2013 - 10:19

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