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I have 5PDL, I'm not sure if they are CSO vs. PDL

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I live in Texas, and have 5 PDL.

All were down through the internet:

CashnetUSA Loan900, Paid 675
CashAdvance Network Loan 400, Paid 360
EZPayDayCash Loan 350, Paid 365
The Cash Spot Loan 500, Paid 250
First Bank of Delaware Loan 750, Paid 840.56

which ones are legal in this state? Which one are PDL? I would like to know what the laws are in the state of Texas. all information I have found is a bit confusing.




Just wanted to acknowledge your post. Someone more familiar w/ PDL's in TX will be along to answer your questions soon.

Sub: #1 posted on Sat, 08/09/2008 - 15:28

NASCAR_Devil NASCAR_Devil
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(Posts: 4666 | Credits: 308.23)

Hiya Sunshine and welcome to the community. I am moving your topic to the payday loan section so it will receive more attention. :)

Sub: #2 posted on Sat, 08/09/2008 - 18:54

Shazzers Shazzers
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(Posts: 17342 | Credits: 1592.83)

Sunshine, I am not very familiar with CSO's, therefore I am going to let someone else tackle this. Please keep checking back periodically, it tends to be less busy on the weekends but I can assure you, someone will be along to advise you asap. :) I will however post your state laws.

Quote:
Texas State Information

Legal Status: Legal

Citation:
7 Tex. Admin. Code ???? 1.605; Tex. Fin. Code Ann. ???????? 342.251 et seq. and 342.601 et seq.

Loan Terms:
Maximum Loan Amount:
Loan Term: 7-31 days
Maximum Finance Rate and Fees: $10 per loan + 48% annual interest
Finance Charge for 14-day $100 loan: $12
apr for 14-day $100 loan: 309%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($500 aggregate loans outstanding to all licensees)
Rollovers Permitted: None (if renewal charge is less than maximum interest rate permitted; otherwise convert to declining balance installment note)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: Texas Office of Consumer Credit Commissioner
Address: 2601 N. Lamar Blvd. Austin TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610
Regulatory Contact: ,
Regulator Website

Licensee Database

Sub: #3 posted on Sat, 08/09/2008 - 18:57

Shazzers Shazzers
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(Posts: 17342 | Credits: 1592.83)

Sunshine, welcome to the fourm. We will do our best to help you with your pdls. I can tell you the person who is really good with CSO information is Goudah and she is not usually here on the weekends. If you happen to have your contracts from these companies, it should tell you on the contract if it is a CSO or a pdl. Just from looking I know that Cash Advance Network is MTE and will not be licensed or legal no matter which state, country, or plante you are on. :lol: First Bank Of Deleware is an installment loan..you will need to work out a payment plan with them. They are licensed and perfectly legal and are different from a CSO and Pdl. I will check the site and see if I can find out any more on the companies you listed.

Sub: #4 posted on Sat, 08/09/2008 - 20:33

RoxyNY RoxyNY
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I thought Cash Net USA was one and they are....please read this thread regarding them and dealing with them.

http://www.debtconsolidationcare.com/paydayloan/cso-texas .html

Sub: #5 posted on Sat, 08/09/2008 - 20:34

RoxyNY RoxyNY
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(Posts: 4178 | Credits: 133.13)

Looks like EZ Payday is a PDL and not licensed in Texas...found that on one of Goudah's threads. And as far as I can tell...Cash Spot (aka American Consumer Credit) is not licensed in Texas.

Sub: #6 posted on Sat, 08/09/2008 - 20:39

RoxyNY RoxyNY
Moderators
(Posts: 4178 | Credits: 133.13)

First Bank of DE is also legal.

Sub: #7 posted on Mon, 08/11/2008 - 19:13

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.9)

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