Little Loan Shoppe installment loans - Need information about them.

I just got a response from the Little Loan Shoppe installment loans -- 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 installment loans Canada and they're address is in Spokane, WA.

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.

Little Loan Shoppe installment loans:
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.

And, I didn't apply for an installment loan--they gave you the option of "installment loan" or "cash advance"--I picked advance.

When you pay them, do you have set installment amounts and a paymen schedule that pays down on the interest and principal?

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.

What are you paying? In other words, how much money do they debit from your account and how much did you borrow?

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.

For how long?

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"

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.

I just got a faxed copy of my "contract"--it is not what I agreed upon.

Does it have your esignature on it?

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.

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"

There doesn't have to be a bank backing it - If they are doing it on their own they would need to be licensed by the state.