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CashNets Arbitration Clause, can someone interpret for me?


daisyduke
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Served suit last week.

OC:cashnetusa

Jdb: UHG LLC

State: Tenn

Debt: $1400

This is a 2018 debt, original amount about $500. Made about 2 payments and when I saw debt not going down and my hardship getting worse I stopped paying.

I looked at cashnets arbitration clause but doesnt it exclude consumer debt? The first clause states...

THIS ARBITRATION SECTION DOES NOT APPLY IF (1) ...... (2) OUR DISPUTE INVOLVES THE EXTENSION OF CONSUMER CREDIT...

Link (cashnetusa.com/terms-of-use.html)

Arbitration clause is toward very bottom of page.

Am I reading it wrong?

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The link you provided is for the Terms of Use page for their website.  It essentially covers use of the company's website.

The arbitration clause on that page states, "If any controversy, allegation, or claim arises out of or relates in any way to the Site, the Services, Content, Submissions or these Terms (collectively, “Dispute”), excluding any claims relating to any of CNU’s actual or alleged intellectual property rights..."

You need to find the agreement that pertains to your loan with CashNetUSA.

Also, was this a personal loan or a business loan?

 

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Personal loan.  I don't see account terms for the loan anywhere other than that page.  It was an internet loan.  Received one of those "you're pre-approved" letters and applied online.  I believe they consider this as one of their "services". 


In the first paragraph "Ownership of Site" a few sentences down it reads:

"...These Terms govern your use of the Site and any of the products and services made available via the Site (“Services). Your compliance with these Terms is a condition to your use of the Site and Services. By using our Site or using or applying for a Service, you are agreeing to these Terms and the terms of our Privacy Policy..."

 

Website also states their terms are based on the state in which you reside.  And when I click on Tenn this is the only info:

Link:www.cashnetusa.com/rates-and-terms/tennessee

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6 hours ago, daisyduke said:

Personal loan.  I don't see account terms for the loan anywhere other than that page.  It was an internet loan.  Received one of those "you're pre-approved" letters and applied online.  I believe they consider this as one of their "services". 


In the first paragraph "Ownership of Site" a few sentences down it reads:

"...These Terms govern your use of the Site and any of the products and services made available via the Site (“Services). Your compliance with these Terms is a condition to your use of the Site and Services. By using our Site or using or applying for a Service, you are agreeing to these Terms and the terms of our Privacy Policy..."

 

Website also states their terms are based on the state in which you reside.  And when I click on Tenn this is the only info:

Link:www.cashnetusa.com/rates-and-terms/tennessee

Did you sign a contract?

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Credit card companies are required to post their terms and conditions online, and you can find those at the Consumer Financial Protection Bureau website.  I don't know anything about this lender, but it appears to be a highly predatory payday loan type lender. (275% APR?)  It might be that they simply use the website terms.  It might also be the case that there are terms associated with the loan that you agreed to when you digitally signed for the loan.  My guess is that they are going to present terms to you if they work in their favor, and would make you legally request documents if they work against them.  In other words, it will probably be difficult for you to get anything that will help you out.

 

I would suggest reaching out to a consumer protection lawyer for a consultation, many provide a consultation at no charge.  Consumeradvocates.org has a list of them that you can sort by state.  You might be concerned about paying a lawyer, but at the worst case you get a free consultation.  At the best case, the lawyer might know of state or federal regulations that this lender violates and can sue them for damages and have cashnetusa pay the lawyer fees.  I do not know if a lawyer will be able to help you or not, but these types of lending companies skirt the laws intended to protect consumers.  I would almost be willing to bet that they sometimes cross over the lines of the law, and are ripe to be sued by consumer protection attorneys.

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21 hours ago, daisyduke said:

Well....I applied online.  I don't remember if there was any sort of electronic signature.

I saw on the their website that they use 3rd party lenders.  You need to see if a 3rd party lender was used for your loan because that lender’s agreement may be the one you need.

I agree with @JohnJohnthat you should speak to a consumer attorney.

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Ok thank u.  I will speak with a consumer atty as part of my research.  If I request my contract and terms and info on when and how I signed up for this directly from CshNet and not the JDB are they obligated to give it to me? 

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