My Cash Now Response to posted entries you do have rights. Internet

I am writing in response to posted entries in regards to pay day loan companies such as My Cash Now.

I know first hand the things that these places try to do to the consumer. But, believe it or not, you do have rights.

1. You do not have to pay back any more than the original pay day loan was for. In otherwards, they CANNOT tack on extra charges and collect them.

2. If they should turn your account over to a collection agency, the first thing you do is call the Department of Financial Institutions in your state to see if the collection agency is licensed to collect in your state. Most of the time they aren't. At that time you file a complaint against them. If they aren't licensed to collect in your state, they CANNOT bother you in any way, shape, or form. They especially CANNOT call you at work. If you tell them NOT to call you at work, and they persist in doing so, let the DFI in your state know. What they are doing is illegal. Most of the time they will back off after they hear from the DFI in your state. It's not worth the hassle for them to get licensed in your state.

3. They will try to use the words "fraud" and "illegal." Don't you believe it. They are considered a loan company, and owing them money is NOT fraud or illegal. It's a civil matter at best. These are merely scare tactics.

I have learned my lesson well. I ended up in lots of trouble with pay day loans when my husband had open heart surgery last year, and we were cut down to one income all of a sudden. I did what I thought I had to do at the time. But, I soon found it's NOT worth it, and I will NEVER do it again. I almost couldn't get a checking account because of them. Now I have peace of mind knowing what's in my new account at all times, and I know that there won't be any surprise deductions.

Missy
Fargo, North Dakota
U.S.A.