Speedy Cash/ Ad Astra Questions

Looks illegal to me. Wait for another expert to come in and give a second opinion but according to my research Louisiana requires licensing for lenders in their state. In this case a Missouri license means nothing.

Are these the people you borrowed from?

http://www[.]speedycash[.]com/

Speedy Cash is licensed in LA. As far as going above the max lending limit, does your contract state you have a "payday" loan or is it a CSO agreement, CAB agreement or installment loan?

Do you have a link on that? If you go to their site they are clamining their Missouri license makes them legitimate in the OP's state.

Hello Ms.,
Our loan agreement for the states of both Louisiana and Rhode Island are governed by the applicable laws of the state of Missouri. We are legally entitled to lend in the state of Louisiana. If we may be of further assistance with your account, please feel free to give our Ad Astra department a call at 1-866-398-2089.
Thank you,
Cyndi


is this true?????

If you look at the Louisiana FAQ, it states this:
2. What is the most I can borrow?
Under the Louisiana Deferred Presentment and Small Loan Act, the maximum amount that you can borrow is $350.

3. What is the most I can be charged for a payday loan?
Louisiana law allows a lender to charge $20 for every $100 borrowed, plus a $10 documentation fee. However, the total amount of the fees cannot exceed $55 when the amount borrowed is $220 - $350.


Since I was loaned $500, wouldnt this be in direct violation of louisiana laws? Does that make the loan illegal then? They keep telling me to contact the collection agency but I am not sure about what I should do here since I am questioning the legality of the debt

Does your contract call it a payday loan or something else?

You're right about the max amount so, if they lent you $500 and your contract states it's a payday or "small loan," then they've broken the law and should be reported.

In the mean time, what can I do about it being in collections? how do you dispute a debt that has gone to collections???

Any advice on getting the line removed from credit report?

Oh and on the OFI list, the Speedy cash that is licensed is a storefront place, not sure if they are affiliated but I applied and was approved via internet site.

Most states allow an internet loan if there is a physical, licensed presence in the state.

You have to dispute the trade line with the credit bureau if it's not reported correctly.

You should really call your financial regulation office to find out what's what with this loan. There's a lot going on here.

Did you check your contract regarding how it's listed?

Quote:

No point calling those guys in LA. They are worse than useless. I had to deal with them for a friend of mine and all I got was the longest run-around in the very short life (I am a quarter of a century old) that I have lived till now. After a week of running between offices and writing letters, it turned into a game of pass-the-buck.