ICashDirect, Inc.

This company advertises payday loans via internet websites along with a fraud protection plan. Potential customers visit the Company’s website and apply for payday loans. Those who do not qualify for the payday loan seem to be automatically enrolled in the "Fraud Protection Plan." The plan is provided on a subscription or similar recurring fee basis sometimes called continuity a plan. The company asks for an ACH authorization to facilitate payment. The Quick Bucks Direct website does not disclose the terms or conditions which apply to the Fraud Protection Plan nor does it disclose the company who offers the plan. According to the company's attorney the terms and conditions of the Protection Product are available on the website of the business which provides the Fraud Protection Plan sold by the company. ~~In California companies who engage in deferred deposit transactions or payday loans must be licensed by the State. The State requires licensees to maintain a net worth of at least $25 000 and requires all advertising to display the company’s State license number.~~The State also requires licensees to provide specific disclosures to consumers before entering into a transaction. These include but are not limited to; information about charges for deferred deposit transactions that if the customer's check is returned unpaid the customer may be charged an additional fee of up to fifteen dollars ($15); that the customer cannot be prosecuted in a criminal action in conjunction with a deferred deposit transaction for a returned check or be threatened with prosecution; that the licensee may not accept any collateral in conjunction with a deferred deposit transaction and that no customer may be required to pay treble damages if this check does not clear. ~~All agreements must be in writing and provided by the licensee to the customer. The written agreement should include full disclosure of the total amount of any fees charged for the deferred deposit transaction expressed both in United States currency and as an APR as required under the Federal Truth In Lending Act and its regulations. It also should include a clear description of the customer's payment obligations the name address and telephone number of the licensee the customer's name and address and the date to which deposit of check has been deferred (due date).