First America Credit- I need help
Date: Thu, 11/11/2010 - 11:03
I took out a loan with this company for $500 earlier this year. I have been paying almost $100 every two weeks for the loan and have made 8 payments so far. I am worried because the principle is not going down and when I checked my first america credit online account today, it is showing I am owing them $630. At this rate, I will never be able to pay it off. When I call to ask them why the principle is not going down, they always tell me it will after I have made a few more payments. At this point, I am not sure what to do. Do I close my account? I don't know if they are illegal? I am located in the state of Florida. Any help would be very much appreciated.
Is First America Credit a payday lender or installment loan?
Is First America Credit a payday lender or installment loan?
They say its like a personal line of credit loan. They operate
They say its like a personal line of credit loan. They operate like a payday lender but I'm not sure exactly what they are. They said my biweekly payment would go towards interest and the principle, but that is clearly not happening.
If they are an installment loan then they are probably legal. Yo
If they are an installment loan then they are probably legal. You need to read the loan document to check that.
If it's an installment loan, then the lender can lend legally even without obtaining a license in the state. These lenders are backed by banks and are normally legal in their operation.
