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Posted: Sun May 25, 2008 6:24 pm Subject: Installment Loans

I made the mistake of taking out an "installment" loan through the Check-n-Go website. this loan is funded by the Bank of Delaware (i live in CA) and now when you go to the Check-n-Go website they no longer allow customers from California to take out an installment loan. Is this legal? Do i still have to pay the enormous fees attatched to this loan? Borrowed $1400 will pay back $2,228.

Posted: Sun May 25, 2008 8:01 pm Subject:

Are they not licensed to loan in your state? Is this why they no longer loan to Ca. residents?

Posted: Sun May 25, 2008 8:56 pm Subject:

I'm not sure if they are licensed here or not. Or if the same "payday" rules and restrictions apply to them. How do i find out?

Posted: Mon May 26, 2008 7:01 am Subject:

Installment loans are NOT payday loans, and cannot be treated as such. To do so will lead to major problems. Installment loan companies are usually legal, licensed, backed by a bank, and can and will take you to court if you don't pay them.

With this situation, I would say a phone call to the California Financial Services Division is in order.

This gentleman is a board member of the California Deferred Deposit Advisory Committee. He should be able to answer your question regarding whether this loan is still legal or not - or he should at least be able to send you in the right direction:

Paul Leonard, California Director
Center for Responsible Lending
1330 Broadway
Oakland, CA 94612
Phone #: (510) 379-5510

Posted: Mon May 26, 2008 7:14 am Subject:

Thank you, I will call him tomorrow. This site is so wonderful, I just joined yesterday and already I have the wheels in motion to get out of debt.

Posted: Mon May 26, 2008 8:11 am Subject:

that's why we're here, bmblebe69 - we came here ourselves with PDL troubles, debt troubles, credit questions, etc. - we receieved the same help you're receiving, got out of our own troubles, and stayed to help others. We hope you'll do the same!

I look forward to seeing the outcome of your own situation. Smile

In case you didn't know, since you are now a registered member, you can PM other members and Mods by using the PM button at the bottom of their posts. You can also encash your DebtCC Points for cash - once they reach 1000. Each point is worth $0.01 - it doesn't sound like much, but 1000 points is $10.00, and it quickly builds from there.
From one single mom to another - that sometimes is VERY helpful.

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