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I have gotten myself into the payday trap. Can anyone tell me if the lenders have to abide by the state they are lending in or the state I live in? I am from Ohio.




A lender must be licensed in the state of Ohio to lend to Ohio residents, and they must follow the state laws regarding interest/fees. :)

Sub: #1 posted on Thu, 07/24/2008 - 01:48

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Quote:
Ohio State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Ohio Rev. Code Ann. ???????? 1315.35 et seq.

Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
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: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
Regulator Website

Sub: #2 posted on Thu, 07/24/2008 - 01:49

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

By the way, I am moving this to the payday loan section, if you have any further questions or would like some help, feel free to ask. :)

Sub: #3 posted on Thu, 07/24/2008 - 01:50

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

If you list the following information, someone on this board should be able to give you some additional advice about your situation: each PDL company, whether it is internet or store front, amount borrowed from each, and amount repaid on each.

Sub: #4 posted on Thu, 07/24/2008 - 01:55

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

MYCASHNOW internet Borrowed 890 paid 505 so far
Think Cash internet Borrowed 500 paid 168 so far
NETCASHUSA internet Borrowed 500 paid 650 so far
cashland storefront Borrowed 800 will pay 912.50

Sub: #5 posted on Thu, 07/24/2008 - 02:17

Unregistered


Also are all these lenders licensed in Ohio

Sub: #6 posted on Thu, 07/24/2008 - 02:19

Unregistered


No they aren't all licensed. The only one that is licensed is Cashland. However, Cashland is a member if the CFSA, this means you are eligible for the EPP (extended payment plan) if you haven't defaulted yet! You must go into the store at least one day before your payment is due, ask them for the EPP plan, and you will make 4 equal payments on each payday.

The Internet loans are not licensed in Ohio, therefore you only owe them the principal amount you borrowed. You will need to close your account, or place a hard debit block on it so these lenders can not take any more of your money. After you have your account secured, send all of these illegal lenders an email revoking ACH transactions, wage assignments, and tell them to cease and desist any further contact with you other then by email or USPS. Set up payments arrangements with them on the balances, and tell them you will send them money orders to a physical address, ask them to supply one for you. They will probably tell you that you must follow the laws in the state they are licensed in, but that's not true, you must comply with your state laws. Hmmmm, it looks like you have over paid NETCASHUSA by $150.00. You're finished with them, in fact they owe you, you can request a refund, but I doubt if you'll get it, it doesn't hurt to ask though!

Sub: #7 posted on Thu, 07/24/2008 - 05:12

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Also, please make sure you file complaints against the unlicensed lenders, you can do this by using the links in my signature.

Sub: #8 posted on Thu, 07/24/2008 - 05:15

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Be sure to read this information before you close your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-acc ount.html

Sub: #9 posted on Thu, 07/24/2008 - 05:21

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

Does anyone know the ACH processors for MYCASHNOW, NETCASHUSA & THINKCASH???

Sub: #10 posted on Thu, 07/24/2008 - 10:11

jlw2345 jlw2345

(Posts: 22 | Credits: 5.53)

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