installment vs. payday
Date: Wed, 02/11/2009 - 11:59
I am in Illinois
I have a question, I have one account with The Cash Store (store front) which is more an installment loan. Is there any help with these?
amount fin. $882.81 (odd amount because I rolled it over)
fin charge $1,368.40
monthly payment $136.84 (intrest only)
started Nov 13 - $136.84 X 7 = $978.88 paid
$136.84 X 2 = $273.68 remaining
Total paid = $1,125.56
$1.019.65 due as final payment
NO POSSIBLE WAY CAN MAKE THE FINAL PAYMENT
Total $2,251.21
Thanks for any help, finding this site has been a good first step.
Hi I am from Illinois as well. Check out the Illinois Division
Hi I am from Illinois as well. Check out the Illinois Division of Financial Institution to first check if they are licensed and next check if they are charging the right APR on this installment loan. Usually when you take out an installment loan you pay back more than the interest on the due date and this will lower the interest. When you verified this, call and set-up an interest-free repayment plan in which you are entitled to after 35 days in default according to the IDFI and the Illinois Payday Loan Reform Act.
Illinois Division of Financial Institution
Start doing your homework on this site, idfpr.com, scroll down to the Division of Financial Institution and select Payday Loans. Alot of info to work with. Good Luck.
It does not seem as though IL has much regulation on Installment
It does not seem as though IL has much regulation on Installment loans. Go Here and click on the installment loan information.
