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 Posted: Thu Jan 31, 2008 6:27 am
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I just got a response from the Little Loan Shoppe--they are saying that their loan does not apply to state laws because it's not a PDL--it's an installment loan. I can't find where they're licensed. Does anybody know anything about them?
UPDATE:They're licensed in Utah as Little Loan Shoppe Cananda and they're address is in Spokane, WA.
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cdollar
Joined: 08 Jan 2008
Posts: 211
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Posted: Thu Jan 31, 2008 6:45 am
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Do you know if its an installment loan or a PDL? If its an installment loan, they dont need a state specific license. Check your paperwork to see which type of loan it is.
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volleyballmom
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Posted: Thu Jan 31, 2008 6:51 am
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See, that's the problem. When I got the loan, they emailed me my "paperwork" and it was just a copy of the email. They apologized and said they'd email it back, and it was the same thing. They were supposed to "mail" it to me.
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cdollar
Joined: 08 Jan 2008
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Posted: Thu Jan 31, 2008 6:52 am
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And, I didn't apply for an installment loan--they gave you the option of "installment loan" or "cash advance"--I picked advance.
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cdollar
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Posted: Thu Jan 31, 2008 6:53 am
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When you pay them, do you have set installment amounts and a paymen schedule that pays down on the interest and principal?
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volleyballmom
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Posted: Thu Jan 31, 2008 6:55 am
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I don't have my paperwork, so I can't find anything specific. According to the fees portion of their website, a $250 loan costs $750 to pay back.
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cdollar
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Posted: Thu Jan 31, 2008 6:57 am
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What are you paying? In other words, how much money do they debit from your account and how much did you borrow?
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volleyballmom
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Posted: Thu Jan 31, 2008 6:59 am
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They are supposed to take $75 every payday for a $250 loan. Of course, today, I got an email that says they're going to take it every two weeks--I get paid twice a month. I've only made one payment.
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cdollar
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Posted: Thu Jan 31, 2008 7:02 am
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For how long?
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volleyballmom
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Posted: Thu Jan 31, 2008 7:07 am
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10 payments, I suppose. I called them and they can't seem to locate my application--they're not sure how I could get that (even though I was supposed to get a mailed copy) but they have a copy of my "Contract"
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cdollar
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Posted: Thu Jan 31, 2008 7:09 am
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That is what you need....your contract. Have the, give it to you. Then 10 payments of $75 would make sense, according to their fee schedule.
TOTAL OF
PAYMENTS
The cost of your credit as a yearly rate:
The amount you will have paid after
making payments as scheduled.
Loan Amount Total Paid
$500.00 $1500.00
$450.00 $1350.00
$400.00 $1200.00
$350.00 $1050.00
$300.00 $900.00
$250.00 $750.00
$200.00 $600.00
$150.00 $450.00
$100.00 $300.00
The Amount Paid is after 10
installments.
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volleyballmom
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Posted: Thu Jan 31, 2008 7:10 am
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I just got a faxed copy of my "contract"--it is not what I agreed upon.
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cdollar
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Posted: Thu Jan 31, 2008 9:01 am
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Does it have your esignature on it?
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volleyballmom
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Posted: Thu Jan 31, 2008 9:04 am
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It has my name at the bottom--This is complete BS. I filed something against them with the BBB. I absolutely did not apply for an installment loan. I checked their website--you can apply for a payday loan, which is what I did. I assume they just tell you it's a payday loan and then the terms are for an installment loan. They couldn't "find" my application to tell me if I had applied for an installment loan.
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cdollar
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Posted: Thu Jan 31, 2008 9:07 am
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It does seem fishy...I have been looking at their website and I cannot find what bank is backing the installment loan.
Ask them what bank is backing your so called "installment loan"
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volleyballmom
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