First Bank Of Deleware

FBD is a legal lender and they charge very high interest rates as these are generally loans for people with poor credit. If you cannot afford the payments, call them and explain your situation. Ask if you can extend your payments or reduce your interest rate and/or your payments. They may work with you.

first thing's first....you need to verify which state has the jurisdiction on this loan.

Many loan contracts and credit agreements have a clause in them which states "this entire agreement is governed solely by the laws of the State of _______". Check to see if you have such a clause in this loan agreement. If you do, then you need to check with the laws of that state to see what the maximum allowable interest rate is. Each state has its own laws on this. If you do not have such a clause in your loan agreement, then it is safe to go by Kansas laws...Chapter 16a of the Kansas Statutes discusses this issue.

If you live in Florida for example, the laws of Florida still pertain regardless of any clause in the contract! Many states have laws that will supersede any non resident lenders laws. Amended Section 516 of the FCFA is one such example. Other states will abide by the rules of the lenders geographic location! Sorry Sky but I must disagree in certain cases! Kansas unfortunately will abide!

hey, froggy, no problem....

but I dont recall Kansas having a statute that takes jurisdiction regardless of any such clause. They might, I am not entirely certain....but I dont recall it being that way up there. In either case, it is always good to check the laws of your state so that you can get up to speed on things like this. Kansas will likely have a lower max interest than what FBD charged this guy anyways, so it would likely work in his favor....