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I am closing my bank account and then sending letters to work out debt agreements with the following:

ACE Cash Express -- $500 - $165.75 payment twice per month
American Web Loan -- $600 - $180 payment twice per month
CashNetUSA -- $1000 - $180 payment twice per month
CheckNGo -- $500 - $130 payment twice per month
Integrity Payday Loan -- $500 - $150 payment twice per month
Mobiloans.com -- $1128 - $192 payment twice per month
Plain Green -- $1000 - $137.11 payment twice per month
Riverbend Cash -- $500 - $150 payment twice per month

All were online loans. I live in Ohio. Which are illegal? Can I negotiate with the legal ones based on the Short Term Loan Laws to reduce interest? Is there any hope to get out of this financial mess?




cashnetusa,chech-n-go,and ace are legal.all the others except for integrity are tribal.integrity has none as they are illegal as well as the tribal lenders.all three legals will,or should work with you.as for the illegals how much was debited by them thus far.being as they are illegal not only do ou just owe the principle,but anything debited they call"fees"gets deducted from that.find either helpinaz,or soaplady's primers on dealing with illegal lenders.you did the first step.closing your account.now follow every other step in the primer.do that,


Sub: #1 posted on Tue, 08/13/2013 - 23:44

paulmergel paulmergel
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(Posts: 15506 | Credits: 1356.56)

can I push the three that are legal to reduce the interest rate? Am i misunderstanding the laws in Ohio regarding short term loans and interest rates being cappe at a certain percentage? Do you thin it is better to straight up ask for a payment plan based on the principal with the legal, as a number of payments have already been made(they have made plenty off me)? Does that make sense? Thanks.


Sub: #2 posted on Wed, 08/14/2013 - 00:01

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each has a CSO(credit service organization)clause in there contracts.meaning they are not a pdl so those laws don't apply.you can try for a settlement,but they might not go for it unless you default.that's the rub here.you might have to contact their corporate offices on the payment plan.


Sub: #3 posted on Wed, 08/14/2013 - 00:05

paulmergel paulmergel
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(Posts: 15506 | Credits: 1356.56)

ACE Cash Express, CashNetUSA and Check N Go are legal lenders. You are liable to pay them both the principal and interest. In this case you may try to negotiate with your licensed lenders and if possible set up a payment arrangement with them. As far as the illegal lenders ( American Web Loan, Integrity Payday Loan, Mobiloans.com, Plain Green, Riverbend Cash ) are concerned, you owe them only the principal balance. Don’t pay them any interest or fees. In this case it would be better for you to close down your old bank account and open a new one to stop debiting money from your account.


Sub: #4 posted on Wed, 08/14/2013 - 10:57

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I am also in Ohio, and I have been reading this forum. I have a PDL with Net Cash 123 which is based out of Costa Rica. I have been trying to work with them on payment arrangements since I've lost my job. In doing so, I have discovered they are not licensed in Ohio. If I am understanding the payday loans here, it a requirement that an online lender be licensed and have a storefront location here.


I have say the guy I have been speaking with his rather rude and sarcastic.


Here is a line from his email that has me somewhat confused

We are a Legit and licensed business sheltered by Federal Law due to the existing treaties that allow us to exercise our business in ALL the states except in those where is it prohibited by State Law"


Doesn't this company have to follow the short term lenders laws in Ohio since I am a resident here? I have paid the principal back and then some in fees. I have also filed a complaint with the Ohio AG's office.


Thank you.


Sub: #5 posted on Wed, 08/21/2013 - 05:44

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that is typical BS your state laws apply.that is there feeble attempt at trying to convonce you they are legit.they are not.you are owed a refund if you have i fact paid more than the principle so don't back down.


Sub: #6 posted on Wed, 08/21/2013 - 20:19

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

I just think its total bs that ohio is still allowing these people to operate under laws that were never ment for them to use. The CSO laws were ment to protect clients from credit repair companies that really did nothing to help the client and in some cases hurt the client worse.

Sub: #7 posted on Sat, 09/07/2013 - 02:24

bdbatch bdbatch

(Posts: 2 | Credits: 0.2)

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