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How long can a loan company charge interest on a 200.00 loan

Date: Sat, 12/16/2006 - 08:30

Submitted by wheat_elaine_judy
on Sat, 12/16/2006 - 08:30

Posts: 5 Credits: [Donate]

Total Replies: 18


how long can a loan company charge interest on a 200.00 dollar loan. Can they garnish your wages if you don't pay the interest. How can i get them to quit calling my job


I live in Arkansas. I have a loan with route 66 and arrowhead investments, 500 fast cash. I was paying their fees when i got messed up in the bank. I would be glad to pay what I owe if their work out a payment plan and let me have their address so i can send money orders. but i need em to stop calling my job befour i get fired and not to garnish my wages.


lrhall41

Submitted by wheat_elaine_judy on Sat, 12/16/2006 - 08:39

( Posts: 5 | Credits: )


I wanted to order something from them, then decided to cancel but they won't do it. they just keep hitting my bank what do i do to stop it.


lrhall41

Submitted by wheat_elaine_judy on Sat, 12/16/2006 - 08:44

( Posts: 5 | Credits: )


The first thing you need to do is close you bank account, you need to regain control of your finances. Do not promise or send them any more money and do not give them new banking informatiob. If you send me a PM with your email address I will help you get through this mess. good luck and keep posting


lrhall41

Submitted by PDLFREE on Sat, 12/16/2006 - 11:51

( Posts: 1245 | Credits: )


Welcome to the forums PJ. What state are you in? Are they internet or storefront? KYSIDE38


lrhall41

Submitted by KYSIDE38 on Sat, 12/16/2006 - 16:26

( Posts: 2477 | Credits: )


pjblake, welcome to the debt boards. We are all here to help you in any way we can. What state do you reside in? I would recommend that you close your bank account espcially since finances will be tight. Then they can't take anymore money from you and you regain control. keep posting and good luck


lrhall41

Submitted by PDLFREE on Sat, 12/16/2006 - 16:41

( Posts: 1245 | Credits: )


I am from New jersey. All of these loans are from the internet. I never sent any of these places paper checks or they asked for them. All I know I would fill out a form online or via email. Half the time I never even got a form from them, just an email. I believe I read once before on some of the sites that I can not close my bank account. My problem is I have been dealing with quite of few of these for awhile. The are not first time loans with these companies. I had a few and pay it bank and then renew and then do it again. Overall I am sure the fees have exceeded the principal on most of them over time. Here is what companies I have the loans with:

Paychecktoday $300 + $90 interest
ZipCash $500 + $150 interest
OneClickCash $250 + $75 interest
Soniccash $500 + $100 interest
Cash2daylimited $275 + $80 interest
ameriloan $400 + $120 interest
LoanPointUSA dba Geneva Roth Ventures $300 + $90 int
XpressCash dba DMS Marketing LoanShop#1 $300 + $90 int
XpressCash dba DMS Marketing LoanShop#2 $300 + 90 int

Please Help!!!!!!


lrhall41

Submitted by pjblake on Sat, 12/16/2006 - 19:10

( Posts: 40 | Credits: )


Hi PJ,
I am from New Jersey too. First thing pdls are prohibited in our state. You need to sit down and calculate how much you have already paid these people and close out your account so they can stop the debits. There is also a templete letter on Pollys Blog that you can tweak to your standards and send to these companies. Also please file complaints with our AG's Office, BBB and the FTC, like I did. If you need further help i will do my best. Just give me a pm.


lrhall41

Submitted by traci78 on Sun, 12/17/2006 - 04:31

( Posts: 106 | Credits: )


First, it depends if it is a legal contract. If they are not legal, then they cannot charge you any interest.

If it is a legal contract, then the way they can charge interest is outlined in the contract. Some charge a flat fee while others charge daily interest on a principle balance.

In the case of a daily accrual, it could keep going on until the account is paid off. But again, this would be if it was a legal contract.


lrhall41

Submitted by DebtCruncher on Sun, 12/17/2006 - 09:34

( Posts: 2293 | Credits: )


I don't know what a pm is? My email address is email address removed as per forum rules - Mike
. Are you a lawyer or what? How can you help me? Can I leagally close my bank account owing these 3 companys?


lrhall41

Submitted by on Mon, 12/18/2006 - 09:10

( Posts: | Credits: )


I don't know if any of them are legal contracts. All i know is that mine are all internet loans from payday places. how do I find out if its a legal contract or not? Half of these places don't even send you paperwork. If I called them I am sure they will all say that it is a legal contract.


lrhall41

Submitted by pjblake on Wed, 12/20/2006 - 13:21

( Posts: 40 | Credits: )