unstanding illinois law
Date: Mon, 10/05/2009 - 13:48
Sorry if you have answered this before for someone else but I am still a bit confused. I have several loans. One is with Platinum Cash. I do not think they are licensed in the state of Illinois which is where I live and got the loan. According to information and correct me if I am wrong, i only am required to pay the principal or must I include interest according to illinois law at 15.5% per $100. I borrowed $400 and have made two interest only payments of $120 each. Do I still owe $160 ($400-$240) or do i owe $222($400 + $62 interest -$240=$222)
Thanks for any help you can give. This is a great website that has given me courage to handle my tough financial problems.
Thanks for any help you can give. This is a great website that has given me courage to handle my tough financial problems.
CLICK HERE to find out how to deal with illegal lenders.
CLICK HERE to find out how to deal with illegal lenders.
Per Illinois Law, if they are not licensed by the Il Dept of Fin
Per Illinois Law, if they are not licensed by the Il Dept of Financial Regulation, then the loan is illegal. They could not sue you in court and win (... kind of like trying to sue a drug dealer for not giving you the drugs you paid for ...). The courts will not hear cases that are based upon illegal acts. SO you really don't have to pay them anything and there's nothing they could do to you.
Some people choose to pay back the principal as a matter of morals/ethics. That is for you to decide.
Thanks debtcruncher. Useful information. Something for me to t
Thanks debtcruncher. Useful information. Something for me to think about.
