My Cash Now and Discount Advances of Credit Protection Depot

M--I have a loan through my cash now also which is in default.... and their main address is in NY. I don't have the number for the banking division and couldn't find a link on the AG site for licensed lenders.

I'll let you know what I find out but my moneywires are going to Nevada. I guess I have some homework to do this weekend!

I'm totally confused now, mperez. I was told point blank by my DFI that internet loans are illegal in my state and also cannot be collected upon because they are not recognized as a legal debt. Now, all my internet loans were not licensed in my state, but I didn't go so far as to check to see if all of them are licensed in their state. I do know that a majority of them are not even licensed in their own state. However, do I now need to go back and check every single one of them to see if they're even licensed in their state? I'm confused. Why would my DFI tell me they are flat out illegal and uncollectable and then I read your post and they tell you that if they are licensed in their state, they are legal, even though internet lending is illegal in your state?

Believe me Cannr I was confused too and still am. Internet lending is not illegal in NY - there just aren't any laws governing that area of cyberspace - payday loans are which means they can not have a loan business in the state of NY. You are going to find that the majority of PDL's are NOT licensed. They set up shop in states that do have legal payday lenders and try to scam us into saying we have to agree to the lending laws of that state. According to my sources in order for it to stand as a legal loan they HAVE to be LICENSED. Out of the 15 loans I had only one was truelly licensed so the remaining 14 are going to be fair game for the BBB and AG. my cash now and Discount Advances are actually from Grenada so they won't be seeing anymore payments from me. I can't find the thread but earlier today someone posted a link to another website that had tons of articles. The one on Internet lending really helped me understand what information I was getting. I think it is the same site you go to get the state info on payday loans.

Thanks for the info! I'll check out that site. Talk about confusing! Thank God the majority of your pdl's aren't licensed. I'm sure you weren't too surprised! So did you go to the site for each pdl and look them up according to what state they are in to see if there was a license? I think I might do that today just to be on the cautious side. It makes me feel better knowing that my DFI said internet lending is illegal in my state. I guess they don't have a "gray" area like some states do. I'll check out that info. on the link for paydayinfo and read up. Meanwhile, let me know how you looked up your pdl's. By the state in which the address is for them? Since 1/2 of them use 8,000 addresses, that might be a pain to try to find them!

I still find this all SO confusing and contradictory. Internet lending and payday lending are pretty much the same thing, no? I mean all the companies I got loans from were considered payday loans, so they would be illegal here in NY I would gather. I am relieved that the PDLs I am fighting aren't licensed (all MTE), but I'm still perplexed by all this confusing information.

I had loans with both Discount and MCN, but I paid them in full before I found this site.

Jen,
I think what this is saying is a payday loan company cannot have a NY address. I think the majority of them open up in states where they are legal but because of their predatory nature they don't want to follow any regulations so they add the blanket statement that you are contracting with the regulations of say Delaware. However if they don't bother to license in the state of Delaware then they can't enforce the Delaware (lack of ) regulations on PDL's. Does that make any sense?

Cannr - NONE of the MTE PDL's are licensed so you don't need to worry about them. What I did was look at the contracts or websites and look at the disclosures. If it states you are contracting with the state of Delaware then I would google to find the proper web site to find the list of licensed businesses. Some are right on the state website and some were in the state banking websites. I wouldn't worry about checking back through unless you have already had push back from a particular PDL saying they are legal because of the laws of some state. Ask the PDL to verify the state and number of their license. They still have to disclose in your contract that you signing up under that particular state and their regs. They can't just pull the license out after the fact if it wasn't disclosed in the contract. Even if they are licensed there are still grounds for dispute on our side. This is just the reason that the jerk in the AG's office told me my loans were "legal".

I think I'm sort of getting it Mperez, I just find it so ridiculous. I was under the impression in the beginning that NY was one of the few states that was actually coming down hard on these guys, and it seems in order to avoid extra work on their part, they are coming up with this little loophole that these vultures can jump through.

But, the good news is, that at least we know the majority of them are not licensed, so that is a bit of a comfort. Particularly MTE, I want to see those suckers go DOWN! :)

I think it also may be a case of whom you speak with...here in Indiana I kept getting conflicting answers...and finally Goudah was able to get someone of the phone who confirmed what we thought we knew..no license...not legal to lend. But depending on who you talk to you may get different answers...that's the part that is so confusing.

I agree on not only is it who you talk to but what you ask them too. I think it is pretty solid once I knew how to ask the questions I got the same answers from NYS Banking Senior Investigator, NY AG Internet Division, Regional AG office and NY State Bar rep. The loophole we have is that the fact they are illegal in NY it isn't just enough to have the PDL reside in a state that allows them - if they aren't licensed then the entire transaction is fair game. I finished all my BBB filing today and now I'm hand writing all of the AG Internet division complaint forms and plan on sending the package certified in the morning.

I know it's a lot of work!! I did it on one of my days off from work...and the whole day just flew by..it was night time when I finally finished and had everything organized and ready for the mail!!

I read these posts before getting a loan with them and decided to go with cashloancity.com
I hope it was the right choice, but I'll keep this post informed

The better thing would be not to take out a payday loan at all...please be careful!

If they are not legal loans, then JUST STOP PAYING THEM!!! I believe that that will be the end of it, after a few weks of threatening phone calls and emails. I doubt these people will be able to take you to court and get a judgement, and if they try you will just motion to dismiss based upon the fact that they have no license to lend in the state. I too fell into the mycashnow trap, I live in ny. Since closing my checking account I got an email saying that they would have the fraud dept look over my loan and if they found anything fraudulent they would refer it to the FBI. My God, these people are such scum. They collect based on fear and threats. They have nerve threatening to complain to the FBI when they are charging usery interest rates. I shouldnt take that personal though since its a form email that everyone gets. Dont pay these dirtbags a dime. They will eventually go away. I am curious, has anyone here ever heard of anyone actually being sued or gotten a judgement from one of these PDL companies? I doubt it

jonboy's comments/suggestions/questions have been answered on another thread. Just a heads up to everybody. :D

You think it is okay to borrow money from someone and not pay it back? They call that Stealing where I live. I cannot believe you people go online, read the terms, agree to the terms and then say ILLEGAL and I am not paying. Why not just get yourself a gun and go to the bank? I happen to know for a FACT (because I have had MANY LOANS) with this company that the customer is not allowed to extend their loan more than three times before they must pay on the principal. This is to keep the customer from paying and paying and paying and paying. This is for the benefit of the customer, not the company. Check out Realcostofcredit.com if you want to see some really high interest rates.

why not go back to the phones sherry.we don't either care about or want your shill opinion.if we are so wrong all of the state governments would be telling us that,but they don't.so you had your say troll,now...BEAT IT!!!!!!!!!!!!!