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Hello, I would like to know if these payday loan companies are legal, Sagamore, 500Fast Cash, Rapid cash Management, and United Cash Loans, I live in the state of Pennsylvania and are they allowed to give out loans to people in PA. I closed out my bank account yesterday and they put a hard block on my closed account.




However, there is a loophole in Pa. If any of these pdl's are licensed in ANY other state, you must follow the laws of the state they are licensed in. :?

Quote:
Pennsylvania State Information

Legal Status: Prohibited

Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, ???? 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. ???? 6201 et seq.

Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year

Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions

Sub: #1 posted on Wed, 07/23/2008 - 17:34

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

500 Fast Cash and United Cash Loans are part of MNE and as illegal as the day is long. Hope this helps.

Sub: #2 posted on Wed, 07/23/2008 - 19:35

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

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