PDL and their aka names

The questions you are asking relating to state laws isn't a black and white answer . . . . . Some states have very good laws that do fully prohibit payday loans, while others don't. Most states that have laws prohibiting payday loans don't specifically prohibit internet loans. It's a really gray area of the law.

Most of the companies that do lend to consumers in states where lending is not allowed are taking a risk that they won't be able to collect. See, they think that most of the people that take out payday loans are uneducated and don't know the laws, and can be bullied into paying anything. They bank on that, and sadly, they make a ton of money.

There are 2 cashnets - Cashnet USA and Cashnet 500. They are completly different companies not related to any of the others listed.

CashNet if it is CashNetUsa is a separate entity. The others I do not know. PDLs cannot collect in your state if payday loans are totally illegal. They will however try to claim that they are not governed by the laws in your state and will try almost anything to get you to pay. The only thing they can't do is win in court in your state because they broke the law in the first place. If I was from South Carolina where fireworks are legal and shipped them to NJ where they are illegal I would have to be insane to take someone to court to try to collect on the illegal shipment in New Jersey. An illegal loan is basically the same wouldn't you think?

Goudah beat me by 2 minutes on that response but she is 100 percent correct!

I just replied, and darn if I lost it.. :(
ok well I was basically saying I am in NC, and according to the law, it just says "prohibited" it doesnt mention internet PDL.
so your right it is really a grey area.

so here is a thought, if it is illegal to for PDL to lend in my state, then would that make it illegal for me to accept a PDL living in NC?

No, it is up to the business to follow the laws . . . . Most everyone assumes they are dealing with a legitimate business.

Unless you are intentionally taking out pdl's, knowing they are illegal, just to steal the money.

The Loan Shop also operates under the names of DMS Marketing and Mt. Oread Ventures. I am not sure if they operate under any of the names you mentioned.

My loanshop debit showed up under pd6 ventures. I will tell you that I had a fairly easy time getting them to mark me paid in full, not that everyone is so lucky. It will depend on how much you have paid to them so far. But they were one of my easiest ones to handle.

Just my little tiny bit of advice (because I can't stay away!) is to email you Department of Financial Institutions. As goudah told you, it is very gray from state to state. So to ease my confusion (because my state says prohibited, but I wasn't sure if it meant internet, etc.) I emailed my DFI and got a response immediately. I was told in simple english that internet pdl's are illegal in my state. I was also told that trying to collect (ex. sending you to collections agency)is also illegal - as the debt is not even recognized as a debt. So, try emailing your DFI. I at least got it in plain english that they are flat out illegal and they can not sick a collection agency on you to collect what they "think" you owe them. The debt is not even recognized here. However, like goudah and frogpatch said - it varies from state to state. Some are not so cut and dry. So I'm all for emailing and asking straight forward questions. You may get a clear concise answer straight from the correct source.

I would email the DFI also. They can tell you more about exactly how to interpret the laws for your state. Cannr, your DFI rocks. I did not get any type of answer from mine, he said one thing and then in the next sentence contradicted himself. It is worth your own peace of mind to ask the questions before you act if you are still weary of what can happen to you. That way you are more confident in your actions.

Just for anyone's info. - I first emailed my state AG. My state AG referred me to my state DFI. It was the best thing I ever did. I just point blank sent an email and flat out asked if internet lending is allowed in my state. Got my answer. Then I emailed again and asked what if an internet lender turns you over to a collection agency. Got my answer. Now, I emailed the Compliance Manager of the DFI in my state. If that helps anybody. I got my answers really fast (same day) and in plain english (unlike blfow) and he was very straight forward and didn't question me or talk to me like I was retarded. He basically gave me the law - period. That was what I needed. And I now have his email if I have any other questions or run into problems.

Cannr,
You go girl. That is awesome that you got responses so quick from your emails.

cannr, check your mail girl!

Anyone know if internet payday loans are legal in the State of Tennessee?

bflow is in Tenn. She can give you the lowdown. I'm sure she'll be along to post any time now. Hang tight.

Payday loans are legal in Tennessee . . . . Here is some info from the TN DFI -

please find your state info here

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Ok, so they are legal in Tennessee...but, if you have grossly overpaid according to those Tennessee laws above...are you liable for what the Internet lenders are asking for according to DE, NM, AZ, etc...or is the TN DFI and AG helpful in making them understand TN law.

You would owe for TN - It doesn't matter what the pdl's say. TN law applies here.

I don't have any experience with how helpful the AG and DFI are in TN, but it's still worth it to file those complaints and get the ball rolling . . . .

I emailed the DFI and was basically told that they can't do anything regarding internet lenders. And he gave me no direction as to who COULD help me. Not helpful at all!!!

Jan,
This is the response to my email to Steve Henley in Tennessee at the DFI. Basically to my understanding (according to what this guy emailed me) we have to follow the state laws where they are located. Anyone else get that from the following response?

Dear Ms. Flowers, Tennessee requires that the business have a physical location in this state. If the company is not physically located in Tennessee but operates by internet, the business would be subject to the laws of the state where it is physically located.

Yeah, that happens sometimes. Sometimes you get a person that is just in a bad mood, or doesn't want to help.

I know. It can't all go smoothly every time, can it? That's ok. I ended up not needing him anyway. I'm moving forward on my own.

Bflow - I was not told that when I talked to them . . . . But I'm going to look into that, because there are several other states with similar laws . . . . It kind of sucks, but in the end most of the internet businesses aren't licensed anywhere, so it ends up being almost a moot point . . . .

Right, and who knows where they are actually located. Its a mystery! I'm ok though, worst case, they call me for collections, so what!

goudah, if you could find out more about the DFI response to TN law, that would be great. As I've been trying to help poor bflow and this dude has my mind turned to mush! He's just not as straight forward as my DFI guy, I guess. Or maybe he's not even sure himself? Oh, wouldn't that be nice. LOL! But some states really confuse me. If they are not licensed to do business in your state, does that not mean they are conducting business illegally? If that's the case, then why would a person have to abide by their state law that the company is in? They're not even supposed to be doing business in TN. This is where I get confused! And, soon, I think blfow is going to knock on the DFI's door and demand some answers!

Well I emailed him again today and asked a couple more questions to see if he may be able to answer this time. I am really thinking that he doesn't know the answers, LOL! But, I'm giving him another shot.

I emailed him too. We'll see . . .

Cannr - Some states don't require out of state busineses to be licensed by that state. So they wouldn't be conducting business illegally. There are quite a few states like this. They usually have to follow the laws of the state they are licensed in. There is an old post from Marcia Brady's Lovechild - I think it explains things pretty well as far as some of the issues surronding the licensing question.

You're information is awesome! Had to read it a couple times for it to sink it! However, now I have a question (surprised?). How do I find out if my pdl's are licensed - PERIOD? I did look to see if they were licensed in my state - which of course none of them are. However, how can I check to see if they are actually licensed even in their state? And if you can tell me how to find that information - what would I look under? The pdl name? The d/b/a name? The corporate name? What? There's too many damn names! But I am curious as to know how to see if they are even licensed - period. Since I am in a state which internet lending is illegal, I wasn't too concerned. But then something in your information caught my eye regarding "even in states where internet lending is illegal) and went on about being licensed. Please tell me how to find out! Thank you!

It's not my info - I copied and pasted it from another thread here - Don't want to take credit for work that isn't mine!

You would have to look at each state - It could get very complicated. It would be much easier if the pdl would just tell us where they are licensed! But that probably won't happen. It could take hours to research just one. It would depend on the state what name they were under, and even then they could be licensed but you may not find it because some states allow businesses to piggy back on other businesses licenses. I don't really have a solid answer for a foolproof way of finding a license - It could be like searching for a needle in a haystack. But I would suggest to start your search in the states that have the laxest pdl's laws . . . . They would be more likely to be licensed there then anywhere else . . .

In your case I wouldn't lose any sleep worrying over this info . . . . . You have enough solid info backing you up.