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 Posted: Wed Nov 07, 2007 8:18 pm |
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i took out a pdl with a check cashing store that does payday loans also.. it was for 200 they told me that after 2 weeks i can roll it over. and when i asked how come they can roll over and rollovers are illegal he didnt awnser me.. i paid the rollover fee once before defaulting ive been paying 20 a mounth thru t&c
my questain is this store front operating illegally?
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perry968
Joined: 18 Jun 2006
Posts: 238
Debtcc Points: 5241
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| Posted: Wed Nov 07, 2007 9:53 pm |
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sometimes what storefronts do is they will take the interest payment and make it look like you paid it in full and then took out another loan. They are not supposed to do this but they know how to cheat the system.
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puddlejmpr
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Joined: 15 Dec 2006
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| Posted: Wed Nov 07, 2007 10:04 pm |
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Maybe because of the way it's worded? I'm just guessing here.
Rollovers Permitted: None (cannot repay with proceeds of another loan by same lender)
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cannr
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| Posted: Thu Nov 08, 2007 7:55 am |
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I'd call and file a complaint against them. The state will invesitgate, and it's possible the storefront could get into some trouble if they are breaking the law.
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goudah2424
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