Short term loan companies
Date: Thu, 11/09/2006 - 07:31
Hello,
i read alot of posts here re: short term loans. I been in that situation many times, belive me. I currently have loan with M1Y and the original loan amt was 300....interest was 90 at the time which was taken out first time around. Then, they keep charging the same interest until you "pay down" the principle. I hve only paid down twice, and they reduce the interest by 30 dollars every time you pay down. I have yet to pay down the rest of the principle and now the 30 dollar interest is taken out every pay period. I shudder to think how much i paid into that company. Can a person really call their bank and have them stop the company from future transactions.
catluvr
i read alot of posts here re: short term loans. I been in that situation many times, belive me. I currently have loan with M1Y and the original loan amt was 300....interest was 90 at the time which was taken out first time around. Then, they keep charging the same interest until you "pay down" the principle. I hve only paid down twice, and they reduce the interest by 30 dollars every time you pay down. I have yet to pay down the rest of the principle and now the 30 dollar interest is taken out every pay period. I shudder to think how much i paid into that company. Can a person really call their bank and have them stop the company from future transactions.
catluvr
Definitely, you can have the ACH withdrawals stopped. Make sure
Definitely, you can have the ACH withdrawals stopped. Make sure you do it by company name, not amount, though, because they are sneaky and can change amounts to get it through. Is this your only PDL?
catluvr, be aware of your state laws also. Every lender should f
catluvr, be aware of your state laws also. Every lender should follow the state laws where the borrower resides. You have to be sure that the loan company is not charging something that is more than the permissible rates in your state. Read this topic posted by people on MY1 Direct You may find something not known to you.
