help with Thinkcash in Michigan!
Date: Sat, 09/08/2007 - 15:23
Quote:
Your request to cease and desist collection efforts and ACH debits from your account was received on 9/4/2007. That request has been honored since 9/4/2007. The payment that has recently posted to your bank account was deducted on 9/2/2007. No refund is due. Please keep in mind that Think Cash provides installment loans through the First Bank of Delaware and is not a payday loan company. |
Need to find out if this is legit or not, so is this another cashcall that I have to pay back? please someone let me know. I live in Michigan.
In my search for information on this company, they claim to be s
In my search for information on this company, they claim to be similar to CashCall, which is bad news for the consumer. If they are indeed connected to First Bank of Delaware (as CashCall is), they are legal, and cannot be handled in the same manner as a payday lender, because they are not a payday lender. They are an installment loan company, and your only recourse is to either make payment arrangements with them or to stop paying and allow them to take you to court, where they will attempt to obtain a judgement against you. While the interest rate allowed by your state in this case would be lower than what they lender is charging, the lender would most likely wait quite a long time before taking you to court, in order to make your balance increase to a much higher amount, thereby negating anything you would gain by the lower state interest rate.
I would advise making payment arrangements if at all possible.
