Can any1 explain this?

Hi! Welcome :D

We can help you figure this stuff out, but can you tell us what companies you're dealing with, and what state is this info for?

I'm not a pro but it looks like: Lenders are legal (generally as long as they are licensed)They can not loan you more than $1000. or 25% of your gross monthly income (not to exceed the $1000. The loan can be for a term up to 45 days. Max interest they can charge in fees is $15.50 per $100. not to exceed 402% apr. The loan can not be held for roll overs and fees added. If you pay the loan off you can not borrow again for a min. of 7 days. They are required to make a repayment plan with you. They can not present your check or debit more than 2x after it is refused and can only charge you 1 $25 nsf fee.
They can not put you in jail,arrest you, etc. No criminal charges can be filed.

Thanks Morningstarr,

So in other words a PDL that was rolled over was illegal? And if the same company did another PDL say the next day is illegal as well?

Sorry, I'm just trying to understand all this.

And what exactly is a rollover? Is that like an extension?

Where in the world do I go to find out if a PDL company is licensed?

Most internet payday loans are illegal if not licensed in your state. If you go to your attorney generals web page you will find a link for the DFI for Illinois. There you can look up info on payday loans and also check to see if they are licensed in your state. Many pdls pretend like they are reloaning the money to you even though you didn't pay it off. That's how they try to get around the roll over thing.

I'm like so confused here! I'm trying to find what of my PDL's if any are licensed and can't find a 1 of them any where!

What pdls do you have Litlee?? Like I said before most of them if not all are not licensed.

If you're putting in the names and doing a search and nothing comes up, then they are not licensed. If they were licensed in your state, they would show up. So more than likely (not surprising) none of them are licensed to do business in your state. None of mine were and I had 12 to begin with. Not one. Was I surprised? Absolutely not. They are lending illegally. And a rollover is when you just pay the "finance charge" or "fee" rather than the entire loan amount. So if they're doing that, which I'm sure they are doing, then yes, that is also illegal. Can you tell now that you're doing business with illegal companies? LOL! I know it's confusing, but that's how they want us to be. Confused. First of all, they shouldn't be lending to residents in your state. They are. Second, they shouldn't be "extending" your loan by just paying the "fees". They are.

I have the following PDL's

CashNetUSA
NetCashUSA
CMG Group
One Click Cash
SGQ
National Opportunity
and PayDay4U2day

I'm sorry to be such a bug about all this.

and some Westbury Ventures called me too, but I have no clue who they are, but they say I owe them money too!

Oh and I live in PA, not IL. I was just trying to understand IL's paw there as that's where CashNetUSA is

ok...now can you tell us how much you borrowed and how much you have paid so far on each one?? Are they are internet loans??

You will follow PA's laws not Illinois. You follow the law of where you live not where the lender is.

litlee - you're not a bother. We are all here together to help each other out. First of all, is CashNetUSA licensed? I believe I read somewhere (maybe sassnlucy?) saying they are licensed to do business. Some of the others, I can tell you right now are soooo not licensed or legal. I'm concerned with CashNetUSA, as I believe they may be. I'm not for sure though. One Click Cash is MTE Financial - nightmare. Cash2Day4U is Cash Today & so illegal it's unbearable. Westbury Ventures - I recall reading something on the forum regarding them. They must use a d/b/a so who knows what pdl it is unless someone comes along and knows. If anyone knows if CashNetUSA is licensed and who Westbury Ventures is, could you please help us out??

Yes, all are internet loans

CashNetUSA $400 - $360 on 1 and $900 - $0 on a 2nd PDL with them
NetCashUSA $400 - $120
One Click Cash $200 - $60
National Opportunity $300 - 37.50
CMG Group $200 - $0
SGQ $200 - $0
PayDay4U2day $200 - $0

The last 3 I did not apply for, I have no record of any contracts or anything

cannr, I've been told that CashNetUSA is, but I can't find it any where.

I have payments set up with them, THEY said I had to pay $336 every 2 weeks and they set them up for my non pay weeks!!!! So I was told to just send what I can and they will still cash it, which is what I'm doing!

litlee, okay, it looks like you still owe money. We need to get your state law posted. What state are you in? Did I miss that? LOL! We can see what the maximum you should be charged for each loan is according to your state law. Of the last 3 that you have no documentation on, I'm a little confused, but not really. Cash2Day4U does a "verbal" agreement over the phone. The others may have also. Do you recall doing any phone loans?

I'm in PA and yes you did miss it lol

I had a couple calls at work, but I said no to them that I did not want them....

What???? CashNetUSA says for you to pay them $336 every two weeks? What the??? Oh, we really need sassnlucy or someone to please advice regarding this pdl. That can't be right! On a $400 loan? What??? Oh, no wonder you're confused. I'm so lost here! You can't possibly continue to pay these fees! Normally, when we hear that these are all internet loans - we advise to CLOSE YOUR BANK ACCOUNT! This will stop them from debiting you to absolute death, and they will until you friggin die. If you close your bank account - and it's just my suggestion - I want to hear more about CashNetUSA - make sure that it is totally CLOSED. Ask them if any pending debits will "force" your account to re-open. Then the pdl debits will go through and your bank will charge you overdraft fees. If your bank can not guarantee that your account will not re-open, then put a HARD DEBIT BLOCK on your account. No debits will go through. Nothing will. No checks, debits, your ATM card. Nothing. It will be rejected. Go to a new bank - completely different bank - and open a new account. If you have direct deposit, get it switched over immediately. If you have a HARD DEBIT BLOCK on your account, your direct deposit will still go in as it will still accept credits but no debits. But try to get a new bank account ASAP and close that existing one out. You're first step is to get that taken care of. If you can go tomorrow, do it. Suck out every penny you have, ask them to close it/block it/freeze it, whatever. Get control back of your money. Get your new account and your money will be safe. Do not give ANYONE the new account information. Do not apply for anymore pdl loans, as some have "sister companies" and are associated. If they catch wind of your new bank account, the old pdl's will be informed and then start debiting your new account. I need to hear more if CashNetUSA is licensed. And we need to get your state law posted. But please listen to me about the bank account. Once the pdl's can not debit your account any more, they will contact you by phone or email. However, you are more free to negotiate a payment plan since they can't suck the money out anymore. I'm getting way ahead of myself here. But I'm freaking out!

Oh, PA. Shoot.That means something. I've read on here there is some kind of "gray" area or "loophole" regarding internet pdl's in PA. We need an expert here who can explain it better. I was totally confused when reading it. Goudah? I think she's who was posting regarding PA internet lending. We need Goudah or Sassnlucy on this one.........

Goudah is helping me out too, she's doing some research on these companies, but I need to send some money out to a couple tomorrow, is why I was trying to find if they were licensed or what not!

I have already closed my bank account, actually the bank did it for me and re-opened me another 1 in the same day. The manager helped me out with all this as she suggested it cuz I was being eaten alive and not seeing 1 penny of my pays and always in the negative because of the PDL's.

Yes PA sucks PDL wise, I believe Goudah said I have to follow te PDL companies state laws as long as they are licensed there!

And yes CashNetUSA set up the payments and told me I had to pay that amount and when. They would not hear that that date was not even my paydate! So tomorrow I'm sending a money order certified for part of a payment and taking it from there....

And I keep hearing that I need to file complaints with the AG and everyone, but with this loophole what good is going to do? They probably won't even help!

Man, this bites. Goudah is probably your best choice for help. She was posting about PA the other night. Talk about confusing! I'm glad I don't live there! LOL! However, she will find something. Also, ask her if filing the complaints will work. If that "loophole" is actually something that is working against you, I would have the same feeling you do. I do have a question regarding your new bank account. First, I'm glad to hear your bank is working with you in a positive way. Some people have really gotten screwed by their bank. However, did the lady at the bank assure you that your new account is safe? Since it's at the same bank, I get all paranoid that pdl's can find it. Just call me paranoid! As long as they know your situation and they are helping you, you're probably fine. I just get nervous! But I'm glad you already got the bank thing taken care of. I'm sure Goudah will have answers for you. She researches stuff and finds out the answers. I'm sorry I can't be of more help. But PA pdl laws kind of suck.

That's ok, no need to be sorry, ya know sometimes it all just helps to talk to someone about all this mess to make a person feel better and not so down about it all!

Yes my bank assures me there is no way they will get my new account. And IF they do, then she will do the same thing all over again for me she says, but I think I'll switch banks if they find my new account. I don't need to be driven any more nuts through all this!
I trust the manager at my bank, I had 2 checks get returned twice from this PDL crap and I believe some how she actually had them paid because I haven't heard a word from the store about them yet and it's been a month since my old account was closed!

Oh and yes Goudah is a gem!

Well I hate to run off, but I need to get to bed it's almost 11:30 here and I'm beat after working 10 hrs today to try and make up some time from my being off work sick 3 days this week!!!!!

In PA they do not license companies not located in PA. So internet companies are allowed to lend to consumers in PA as long as they are licensed in another state. They do not have to be licenesed in PA, or follow the laws of PA.

find more info here banking.state.pa.us

This information can also be found in more detail on the Pennsylvania Dept of Banking website. Go there, click on laws and regulations, interpretive letters, Consumer Doscount Company Act, then the letter regarding Internet companies lending.

But odds are good that the majority of the companies you have loans from are not licensed anywhere, making this a moot point. Cashnet USA is licensed, lending to PA consumers under it's Nevada license. I have a feeling Net Cash is licensed, but still haven't been able to track it down. The rest I can't find anything for. I'm still looking, it can be hard to track them down . . . .

I would still file complaints. Some people say they've had help from the AG there, and other's haven't had a great response. But either way, at least it helps to clue in the state to the problem, and maybe look into doing something to toughen up their laws.

Plus, the companies that aren't licensed anywhere are operating totally illegally. And that is the majority of your loans! So please, file those complaints asap.

Those last three, the ones you never signed anything for, are going to be the most illegal ones. I wouldn't worry about paying anything to them until you get Cashnet USA and Net Cash (if I can find their darn license!) totally paid off.

Point on the last 3 that you say you didn't agree to...if and when they come calling ask them to supply you with the written contract for the loan. Or the tape of the verbal agreement.

Good point, morningstarr. I would not worry a bit over the "verbal" ones or the ones with no documentation. However, they will hound you. Cash Today is a nightmare. They call and call. Is CMG related to Westbury Ventures? I have no clue as to why, but CMG is ringing a bell to me here. That other one, I've never even heard of. However, do note that these people will call you to death even if you don't have documentation with them. Goudah is working on finding out about the other licensed place that PA allows. I think PA pdl law stink. And I agree with Goudah. I would file complaints, even if it's just to draw attention to the companies. I would file with the BBB and the FTC also. Enough to get their names out there as illegal businesses or harrassing businesses.

Goudah, I thought I heard one time that NetCash was related to Payday Avenue, Sonic, etc??? I am probably wrong.

Yeah guys, as goudah said, CashnetUSA is a legal company and is licensed. They operate just like a storefront!!

I'll try searching under those names too . . . .

And as Morningstar and Cannr said - About those loans that you didn't even apply for - They are going to be the worst in harrassment. They are the bottom of the barrel in payday lending. You apply for a loan somewhere, and they buy that information and just give you a loan, without even contacting you and asking if you want it. So yeah, they have no signature, no agreement, no contract, nothing. The only thing they can prove is that they put money into your account, but that doesn't prove a loan. Just because it's the right thing to do, I would pay them back principle. But that's after you've paid off the other companies . . .