cashnetusa

I agree! I emailed my AG, Congressmen, and Senators about one I was dealing with, also did the same on a Debt Collector and some of their practices! If they don't know what's going on, they can't do anything about it, and the more complaints they get, the better!!..Karen

I'm not sure why this has slipped by the state depatments, but, if that is the case, I'm afraid that more and more PDL companies are going to to go that same route. THEN we will have nothing to fight them with !!

The thing we can fight them with is speading the knowledge not take these types of loans out at all...I swear I would sell everything I own and live out of my car before I would ever do it again...

Thanks Karen and Morningstar for replying. I know, everybody is probably tired of hearing about this CSO thing, but, even though this is suppose to be a 'legal' way for them to operate, I'm sorry. I see nothing legal about it. Cashnet has rolled my loan over...ILLEGAL !....instead of charging 10% + $5.00 for the fee's, they charge $38.79 for a $150.00 dollar loan...ILLEGAL!.....I'M SORRY, I FIND NOTHING LEGAL ABOUT THEM!! Instead of us writing about how they are legal, let's start doing something about it. Ok... I'm on my soapbox...........
More than likely, if it wasn't for the people on this forum, emailing and filing complaints to the state departments, payday loans would be sleezing on about their merry way, making loans to people that do not realize that they are being abused financially. I know... you all probably have filed complaints. I just think that we need to get something done about them. NO HELL LIKE A WOMEN'S ( OR MAN'S) SCORN. Cashnetusa, does scam a lower rate for their loans that they broker, big deal! I plan on continuing to try and get the state of Florida to do something about it too. The sad thing about this is when I talked to Sandra Smith, which is a SENIOR INVESTIGATOR for Florida, she is telling me that CASHNET USA IS ILLEGAL !!! What's wrong with this picture people ?? She doesn't know the difference because her department hasn't had enough stuff stirred up about CSO'S ! Can't we try to do something about that??

Ok, I wish I could say that "I feel better now". I don't feel any better at all !

Going 'Nutsie' in Florida

sorry... I got so fired up I didn't sign in..... that was me... Nutsie1

Nutsie....this is only my opinion and only based on what I have been reading here in our forums...but the way I look at it is...the internet pdls were all unregulated as they started too...and look what has come down...I'm sure they have been around longer than our group has been fighting for legality.CSO's right now are the same in as they are unchartered territory again...so they will run rampant and I think that will be the new wave of the future for the pdls...however I agree with you to complain, write letters and bring it to the front..maybe then regulation would take place much sooner rather than after 1000's of people have been hurt by these types of loans again...

thanks Morningstar for replying...

I feel the exact same as you! I never even knew mine was a CSO until I got a colelction letter! I have mailed them asking for a copy of the contract, then I intend to pick through it with a 1000x microscope...as it is I still feel they were passing themselves off as a payday loan, I am strongly considering taking the company to small claims court over it as deceptive practice, even if I lose, at least I tried.

thank you for replying. They didn't ake me for that much. But evev a little is too much>>
thanks again,
Nutsie

Maybe frogpatch will come around. He's pretty good at the whole CSO stuff and goudah, too. :D

Federal law has found that fees charged to a CSO cannot be considered interest. In Florida, Cash Net USA is charging a $25 fee per $100 and 18% interest. Since the fees cannot be considered interest, they technically are only charging you 18% interest, which is within the law.

The U.S. Fifth Circuit Court of Appeals opinion, in Lovick vs. Rite Money, held that payments to a registered CSO loan broker could not be treated as interest, so by law the fees cannot be considered interest.

Nutsie you also need to remember that Cashnet Usa falls under statue CH 516 not CH 560.

Pybasj - How does it fall under that? Since they aren't a lender in Florida, they wouldn't fall under consumer finance laws. I know that officials in Florida were looking at applying the law to pdl's, but Cash Net USA isn't a pdl in Florida. They are only a broker.

Lisa Jackson one of the investigators in Florida told me that they fall under Ch 516 because of how they were registered. Because they are acting as a CSO and are registered it would fall under small consumer loan. But because they are not licensed anything over 18% interest is not legally enforceable. She did tell me they are investigating and want all my paperwork to see if they can find either a loophole or a way to make them illegal. I do not completely understand it all but I am trying. They are having difficulties with the fact that their registration is under one name and they operating with another even though they are similar.

But they aren't giving out consumer loans?? And they aren't charging more then 18% interest . . . . That's the part that confuses me.

But I do hope they find some way to stop CSO's from doing this crap.

I am just as confused as you. Get this they are looking at 500fastcash under ch516 also! Now that one really confuses me. I understand Florida does not have anything really governing CSOs and they feel ch516 is the closest so they are trying to enforce under that, but 500fastcash?

I am at the point make all CSOs and all PDLs illegal in FLorida. Yes they can help you out in a pinch but then you are stuck. It helps short term but makes it even worse long term. I am giong to be able to wade my way out of this with penny pinching and a tight budget, but I have to feel bad for the family of 6 that only has one working and they are making minimum wage. They are going to have a hard time getting out of the cycle if they get sucked in.

Yeah - These loans help very few people . . . . I would be very happy if Florida did make these loans illegal!

But I still don't see how they can apply laws about consumer loans to a company that isn't "loaning" money. They are only brokering the loans, and the fees cannot be considered interest per federal rulings.

I will let you know what Florida comes back and says after their investigation. I have no clue. I know what she said to me and I was just as confused after talking to her as I was before talking to her.

pyb, did you inform these people that 500 Fast Cash isn't even licensed/legal? What the?? That one is WAY out there. They are totally illegal. I'm confused.

So that makes 3 of us! :D

Thanks, goudah! I re-read the entire thread thinking I was missing something! What??? 500 Fash Cash??? Hello. Someone is not understanding and I don't think it's us! :wink:

I don't want to knock anyone, because I would never think that I know more then someone that is paid to deal with these companies, but I don't see any sense in what she is saying.

I think it's great that they are looking to plug the CSO hole. But I don't see anyway they can say that Cash Net USA is breaking any law. Everything I see says they are acting within the laws. And how can you make a broker follow laws that apply to lenders? If they aren't a lender it wouldn't apply . . . . And 500 Fast Cash??? The deferred presentment laws would apply so much better then the consumer loan laws . . . . Aside from the fact that they are an illegally operating company in the first place!

Thanks, goudah. Thought I was losing it for a minute! Someone is terribly "mis-guided" here. And, I also, am not saying any of us are "right" over anyone else. It's just not making any sense.

Exactly - I could be totally off base . . . . Normally things are clearer . . . . . But hopefully we will get a good answer soon enough.

Oh my !!!! I am so sorry, but I am so confused !! You guys are too smart !! These laws are confusing as he!!. I received copies of 3 complaints from Lisa Jackson for my payday loans, VC funding, United cash loans and 500fastcash.

I'm sure you all know what the complaints say.

Here is what is confusing to me. Under chapter 516, section 516.2 it reads that a person must not engage in the business of making consumer finance loans unless he or she is authorized to do so. they must first obtain a license from the office. A person who is engaged in the business of making loans, except as authorized by this chapter or other statues of this state, may not directly or indirectly charge, contract for or receive any interest or consideration greater than 18% per annum upon the loan, use or forbearance of money.

I NOW can see the loophole that they have crawled under. But STILL my loan with Cashnet USA had been rolled over. According to Cashnet, they can roll my loan over 3 times. Being that they are a CSO, does that make it legal for them to do the rollover and to re-charge the 18% again?? I think what they do is make a new loan all over again. This way they do skirt the law a little. Right??

I'm sorry, but the average person would have a hard time figuring these laws out. I cannot believe that they can get away with this. I had no idea. I just think that it is a sad thing that Sandra Smith, being a Senior Investigator for the State of Florida told me that CashNetUSA is not legal. This means that she doesn't know that they are licensed as a CSO.

I have a PDL with Geneva Roth... I emailed them asking for a copy of my loan papers.. the idiots sent them to me, but didn't send me their audit number. The ridiculous part about them is them made me TWO $300.00 loans. Had steadily charged me $90.00 every two weeks for 3 months per loan. I was stupid and let it go on. Now I found this forum and hopefully will get alittle smarter. You guy's have done wonders for me. I just get so pi$$ed about the CSO thing. Now to even think that 500fastcash may fall under that same guide line as a CSO?? Oh well, live and learn.... I am going to send these papers on to Lisa Jackson and also try to get a response from her about this CSO thing.

Sorry guy's for being stupid, but I just don't get it. These laws are hard to understand. You guy's amaze me with your knowledge. !!
Nutsie

I think that since they are a CSO the rollover laws for Florida pdl's don't apply. There is nothing in the laws regarding CSO's that says they can't do that.

500 Fast Cash is not a CSO . . . . No way! They are an unlicensed illegal pdl.

You are not stupid - This CSO stuff is confusing. It's pretty new to me too.

THANKS GOUDAH. I just got a email from Unitedcash loans that my account has been sent to collections. The print was very small and in blue. all it said was, "your account has been sent to collections, thank you" I re-copied the Florida law, and my recind letter to them and said that I will have no further conversations with them and to please contact Lisa Jackson in the Florida Department of Regulations with any questions they may have about my account. You know, I have read some of the threads on here where people have been 'beat up' by these thugs. I have to say that I have been lucky and have not had to many calls from them. You and cannr, ( she was the first one to kick me in the butt and made me listen) are a wonderful source to fall back on. I sent out letter after letter and fax after fax. Now, when I do email any of these crooks back, stating over and over that I am done giving them money that I do not owe. ( they have been more thatn paid) I send the email to them 5 times. I just keep sending it to them. I kindda like being a pain in their butt's !!

Good! :D Now just imagine if everyone with a loan from them did the same thing . . . . Their email server would be overloaded! :D

Trust me I was floored when she said they were looking at 500fastcash under ch516. She has all my paperwork on that one, so I am waiting to see what she comes back with.

pybasj, I sent her mine too for 500fastcash. Can't wait to see wht happens !

I wish that everyone would start emailing them ten times a day asking them to prove themselves as legal. Wouldn't that be funny??

Hey goudah,
can you tell me what the Statue of Limitations are on credit cards for the state of Florida? My daughter has two that she cannot pay and hasn't paid on for awhile due to a nasty divorce. I'd like to try and get some info for her. Here is what I found:

Contract or written instrument and for mortgage foreclosure: 5 years. F.S. 95.11.

Libel, slander, or unpaid wages: 2 years.

Judgments: 20 years total and to be a lien on any real property, it has to be re-recorded for a second time at 10 years.

The limitations period begins from the date the last element of the cause of action occurred, (95.051). NOTE: The limitation period is tolled (stopped) for any period during which the debtor is absent from the state and each time a voluntary payment is made on a debt arising from a written instrument.

Almost all other actions fall under the 4-year catch-all limitations period, (F.S. 95.11(3)(p)).

nutsie, VC Funding, United Cash Loans, and 500 Fast Cash are all not licensed. You need to bring that to the attention of this person who is "helping" you. If what she is looking at states the company must be licensed - guess what - they're not. I can't wait until you hear back from here. Don't just focus on 500 Fast Cash not being licensed, as the other two aren't either.

oh, I know that they are not licensed. She never said that they are licensed to me. Sandra Smith is telling me that CAshnet USA is not licensed to loan. I think that it is a shame that she doesn't realize what is going on with this CSO stuff. Believe me, I am not focusing on any one of these jerks. I am focusing on them all !

Thanks, nutsie! I think your "helper" needs to dig a little deeper and find out what's going on. Which, I understand she is doing now? Please keep us posted on this. I think many anxious eyes are waiting to see some sort of answer!

oh, you bet I will. I hope that we all can open their eyes up a bit. Sometimes I think they lose sight of what is going on outside of those brick walls.

That's just strange because when I talked to Sandra Smith what 2-3 weeks ago, she knew they were a CSO. But she told me that if it was anything other than CH 560 then she was not too sure of the fine details.

Sandra is starting to scare me now. :?

Hi guy's,
I just spoke with Lisa Jackson a few minutes ago. She has 3 of my cases and a Robert Tamaras has a few and someone eles has a few... anyway. I was talking to her about CASHNET USA, which is actually Mr. Tamaras's case... I asked her if she knew about CSO'S. She didn't know anything about it. That scared me ! She is going to have Tamaras call me since cashnet is his case. I will let everyone know what happens !!!!!!!

The good thing about this is that it's making them aware that pdl's are masquarading as CSO's . . . .

It makes me feel better that she didn't know that they were a CSO. Things make more sense with that.

Lisa said it was not her case? I have a copy of the letter sent to them and she signed it teling them to contact her. OHHH they are confusing me.

Join the club! I think we are all confused about this . . . .

I think what she meant was that MY case against Cashnetusa is not hers. She is handling Unitedcash Loans, 500fastcash and VC funding. Those are the ones that are mine that she is handling for me. There are quite a few investigators that these cases are divided up among.

pybasj- She may be handling YOUR case against Cashnet. I had quit a long talk with Robert Tamaras today. Here is what he told me:

Even though CashnetUSA is licensed with the Secretary of State for the state of Florida, they have to be registered with the Florida Department of Regulations in order in be involved with lending money, directly or indirectly. Which, they are claiming to be a broker, so to speak. That would make them indirectly involved with brokering a loan. You can register your, tire business, your paint store or any other business like that with the state, BUT, in order to loan or broker a loan, you must be regulated by the State. Also, I told him that their name is listed on my checking account as the one who DEPOSITED the money and the one who is DEBITING my account and taking the money out. He said that makes them involved directly with my loan. Which is illegal ! If Anyone in the Florida would like to talk with Robert, just PM me and I will give you his number.

That is great news! Now we just need Texas to start working on plugging it's CSO holes!

Amazing how you guys ask for money then try to figure out how to get over on someone. Why not just actually save for a change and not deal with the headache. People are sad now a days especially everyone on this thread trying to figure out why cashnetusa is or isnt illegal why bother asking a loanshark for money knowing you can pay it back ask your parents for some money. losers !!!!!!

Wow..someone was up early and apparently woke up on the wrong side of the bed. The Man...how creative are you? It is so manly to get on a web site, at an hour of the morning when few members are around, without identifying yourself and hurl insults at people whom you know nothing about nor do you know their situation. It takes a big man to do that. And if you are referring to yourself as "the man" in the governing, organizational sense, get over yourself you hippie reject.

Uh oh..."the man" is here and he is here to be the end all.

Okay, "the man" "now a days" as you put it is actually one word spelled "nowadays" and might I suggest you invest in some punctuation.

We appreciate your concern about the people on this thread having headaches. I find that very caring and quite touching actually. Additionally, I would be glad to ask my parents for some money if they werent both deceased, but thanks for the suggestion. The last time I asked my parents for money was in high school. By the way, what grade are you in?

OH Volley, You never let me down!!! :lol: I am going to start compiling all responses to the pdl's eveyone posts and write a rebuttal on "the maual"..You however, will need to come up with a catchy title.