Installment Loan Help !

I took out a PDL by installment for 2,000.00 through Checkngo, but it ended up under Ohio Specialty Finance dba Checkngo. I live in Ohio, and have been paying 293.00 every 2 weeks since June. I called to pay the balance early, and was told that the amount was approx 2,800.00 to pay off. I asked if anything had been applied to principle, and couldn't really get a straight answer, but was told that if I pay it off in a couple week I will actually owe MORE, even after additional ach withdrawls were made. So, I'm confused but here is the breakdown.

Amount borrowed: 2,000.00
APR: 285.01%
Cost amt: 2,986.39
Total amt to be paid: 4,986.39

My payments are scheduled by ach every two weeks until March. Is there any way to pay back the amount without all of this interest ? It was noted that I could pre-pay, but appears it won't save me anything. Lesson learned...I will NEVER get involved in this again !

Any help is appreciated....thank you.

Welcome jharper154,

Find out if Check n go is legal in Ohio. They can’t charge any interest rates if they are not licensed in Ohio. In that case, you’ll have to pay back the principal amount. If they are legal, then you’ll have to pay the interests and fees. There is no other way. Wait for the forum experts. They will reply to your question shortly. You have learnt a big lesson ideed.

I am also awaiting an answer to this as I am in the exact same position with an installment loan in the same amount from ChecknGo. I honestly thought that if it was paid early, then the entire amount would not be due. It is a legal loan, so we might be out a great deal of money. I am defaulting on my right now as of last week and am curious if anyone had luck with payment arrangements or any tips I could use before contacting them.

I will certainly learn from this and do everything in my power to let people know NEVER to use these types of loans. The interest on this is worse than a regular payday loan!!

You can contact with Ohio Division of Financial Institutions in order to know whether or not payday loan companies are licensed in Ohio.