Is Western Skye, Cash Central, Payday 1 and Magnum Cash Advance licensed in Louisiana? If not, HOW DO I GET OUT OF PAYING BACK!

10 Answers

I have had loans with both of these places for a couple of years. I would pay it off and get another one a short time later. Here recently I started doing some research and found this blog site VERY HELPFUL! But before I send them C & D letters, can you tell me if both of these places have the right to loan in Virginia? I have went and printed off the "Money Transmitter Licensees" for Virginia and I dont see either of these companies listed there. What about Cash Net USA are the legal in Virginia as well?

Thanks in advance for any help.

I too have had the "run around" with both the OFI in Louisiana and The State Attorney General's Office...First of all, close you bank account and deal with them later..I attempted MORE than one time to "work" with my lenders before I went to the extreme of defaulting.  My lenders are LoanShop Online, who I have no idea how they got my info and they have NO website for me to go online and check anything out.  I also asked them to email me a copy of my original loan documents / promissory note that I signed and they can't provide that either...They want me to sign some document that I believe doesn't pertain to what I am asking for.  Also when I call them and try to get info they have me under the wrong social security number.  Thank god it is my son's so I am wondering where did they get this information from? The other lenders are 3B Pay day loans and AAA Cash advance or Pay day loans...All have been paid much more than the original loan amount and I will deal with them after my account has been closed...

I too am posting trying to find answers. I also live in Louisiana and was told the same thing by someone at Braud's office. They do not regulate internet payday loan companies. I asked what would happen if I closed my account down and was told the company could sue me. Two of these companies are tribally owned and I have paid over 1500 on a 500 loan and did not realize they have been taking money out since July 2011. I also have a loan with payday one and am paying over $250 every couple of weeks. How can you even touch the principal with that much in fees? I am confused also as to where to go for help. Am going to shut my account down and will have to deal with the consequences I guess.

Even more confused!

I called Louisiana Office of Financial Institutions
Address - P.O. Box 94095 Baton Rouge LA 70804, Phone number - (225) 925-4660 and Fax number - (225) 925-4548

They said that these payday loan companies (online) do not have to be licensed or be regulated in louisiana and that they are legal loans!

Also they can SUE you!  UGH! 

I don't want anyone to sue us, and I don't have the money to pay them back like they want!  How do I know what the truth is?  I'm still closing my bank account, and opening a new one.  I'll deal with the rest later I guess!  I'm not happy, but my husband and I are a nervous reck!

I'm confused

1) on Payday one.  We spoke with them when we got the loan, and the deductions are made from Payday One.  It's a $900 loan!

2) How do we deal with Western Sky?  We only owe them the principal which is what?  They said we qualified for $1500, but they only gave us $1000 and they also took out $15 for wire transfer fees!  How much do we still owe them?

I read a lot last night and found it interesting that LA allows only $350 loans and we have 2 for $500 and another for $900! 

I read this (drop down Louisiana)

Louisiana Payday Loan Laws

State Legal Status
Lending of payday loan is considered legal in the State of Louisiana.

Loan Specifications

  • Maximun Amount of Loan - $350
  • Term of Loan - 60 days
  • Maximum Rate of Finance and Fees - Documentation fee of $5 + $45 or 16.75% of check (whichever is greater); You have to pay 36% p.a if your default period is anything between 1 to 12 months or 18% p.a if default period is beyond 13 months)
  • Finance Charge on $100 loan for a 14 day period - $25
  • APR for $100 loan for a 14 day period - 650%

Debt Limits

  • Maximum Number of outstanding loans permitted at a time - Not Specified
  • Permissible number of Rollovers - None (Cannot rollover or renew. But the licensee can accept 25% of the total advanced amount to the debtor as partial payment along with the fees and then can enter into a new loan.)

Limits of Collection

  • Collection Fees Amount - 1 NSF fee amounting to actual bank charge (only if disclosed) + greater of 5% or $25 (only if disclosed) + costs of court + fees of a reasonable attorney
  • Criminal Action - Prohibited

File your Complaint and get Information

  • Regulator - Louisiana Office of Financial Institutions
  • Address - P.O. Box 94095 Baton Rouge LA 70804
  • Phone - (225) 925-4660
  • Fax - (225) 925-4548
  • Regulatory Contact - John J. Braud, Deputy Chief Examiner


Actually Vernon, they can't take the poster to the court since the loan is illegal. Poster you don't need to worry about getting sued. Moreover, your bank account can't be levied too. 

I too agree with my previous poster. Look at this page to know about how to deal with illegal lenders:

Wester Sky-CashCall is a long running scam. Western Sky originated the loan and sells it to CashCall who then attempts to collect it. Since the originator is an illegal lender, the loan itself is illegal. You just owe the principal on this and they can't sue you over this.

Cash Central is licensed in LA. You will need to pay them principal plus interest and fees. If you fail, they can take you to court.

Payday One is not a lender, rather they collect loan applications and sell them to actual lenders. You need to check your credit report and find out who the actual loan originator is. There is a good chance that they are illegal.

Magnum Cash Advance is an illegal offshore lender.

You just need to ask the bank to shut down your present account, no need to lie and tell them that you are the victim of identity theft. File complainst against the illegal lenders with the AG and the FTC.

REad this, you will have a clear idea of what to do:

You need not to worry, because Western Sky is an illegal lender. Illegal lenders won’t be able to take any legal action against you. You are required to pay them only the principal amount. Close your bank account asap to stop unauthorized withdrawal. No need to pay any interest or fees.

This happened to me once, but I live in Florida.  I couldn't take it anymore.  I was rolling and rolling and rolling loans like crazy.  My entire paychecks was going towards paying interest and yet I still owed all this money.  My advise, take your life back and just stop paying.  That is what I did.  I had about 10 payday loans going all at once.  Out of the 10, only one really came after me and garnished pay, but that was way after I had my life under control.  Western Skye was known as Cash Call and I still owe them money.  They stopped bothering me.  Only thing is that it is now showing on my credit report, but that was the only payday loan that showed up on my report.  Sometimes I still get a call here and there harrassing me and trying to scare me.  All these loans were sold offshore for pennies and they use scare tactics to try to get me to pay but I just ignore them.  Don't be scared.  Do Like I did.  Go to your bank and tell them that you believe your personal info was compromised and that you need to open a new checking account.  They will open your new account and all these payday loans will not be able to debit your account.  After that do not take any more payday loans and move on.  After some time they will stop harrassing you.  Now I have only one payday loan, but that is at a cash checking place.  Those you really need to pay because you have to provide them with a physical voided check.  I do not mess with them, I paid them like clockwork.  Good luck and let me know how it goes.  But do not be scared, take your life back.

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