Gov), and the US Consumer Financial Protection Bureau (CFPB - http:www. consumerfinance. govcomplaint) 080613 - Cash Express Loan The Department of Business Oversight issues a warning notice regarding Cash Express Loan. An entity calling itself Cash Express Loan may be offering consumer loans andor deferred deposit transactions (also known as payday loans) in California without any license issued by the Commissioner of Business Oversight in violation of the California Finance Lender Law andor the California Deferred Deposit Transaction Law.
Cash Express Loan payday loans online san antonio texas to provide the following telephone number and email address: 1 872-588-4199 and supportcashexpressprocess. com, but no website or physical address. In or about May 2013, this entity contacted at least one California consumer offering a 2,500 loan conditioned upon payment of an upfront 280 fee, which was to be paid by purchasing a Vanilla Reload Network card, a type of stored-value card. After loading the funds onto the card, the California consumer was instructed to give the pin number of the card to the entity, which then withdrew 280 from the card.
However, after paying the 280 upfront fee, the California consumer never received any loan funds, and repeated calls and emails to the entity have gone unanswered. California consumers are advised that this entity is not licensed by the Department of Business Oversight to engage in offering or originating consumer loans or payday loans.
In fact, its payday loans online san antonio texas for a lender to threaten a borrower with arrest or jail. Nonetheless, some payday lenders have succeeded in using bad-check laws to file criminal complaints against borrowers, with judges erroneously rubber-stamping the complaints. The Consumer Financial Protection Bureau advises anyone threatened with arrest for nonpayment to contact his or her state attorney generals office.
You should never ignore a court order to appear in court, even if the criminal complaint was filed mistakenly. A chance to negotiate. A lender would rather collect money directly from you than sell your debt to an outside collections agency.
Third-party debt collectors may pay just a few pennies on the dollar to buy your debt. If you can, start by offering 50 of what you owe to settle the debt. Get any agreement in writing, and make sure the document states that your balance will be reduced to zero. Tell the lender: Look, I simply cant pay you and Im considering bankruptcy, says John Ulzheimer, a credit expert who has worked at credit scoring company FICO and credit bureau Equifax.
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