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 Posted: Mon Jan 29, 2007 5:38 pm Subject: Installment Loans-Beware!!! |
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PDLS are selling the installment product to avoid the restrictions of the Payday Loan Reform Act. The Installment Loan is much more expensive and dangerous as we get no protection when defaulting on this loan. Basically, I think I'm in big trouble. Can anyone help me find out if All Credit Lenders is even liscensed to do these type of Loans in Illinois?
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candiceann2003
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WHEREAMI
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texasconsumeractivist
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| Posted: Wed Jan 31, 2007 3:11 am Subject: installment |
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well both of these companies Americash & All Credit Lenders are liscensed to do these installment loans. Thank you guys.
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candiceann2003
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| Posted: Wed Jan 31, 2007 6:43 am Subject: |
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Most storefronts will at least have a CI license; they would face criminal charges if they didn't. I know the state is working on re-vamping the laws even further to keep them from doing this sort of thing, and force them to get a PDL license.
The main thing: when you go to take out a loan, look at the TILA disclosure. If you are borrowing $500 and they tell you it will be for 12 months, and then you see "Total of Payments" = $2500 and the apr = 678% --- then you know this installment loan is really a "payday loan in disguise."
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DebtCruncher
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