Help Please-Texas
Date: Thu, 04/21/2011 - 23:04
I live in Texas. I received one of those checks in the mail from Regional Finance of Texas in December 2009 for 1200. I went in to get a little extra money in August 2010 and receive $300 and they "renewed" my loan. I was never told that i would have to repay all the interest that i had already paid on my previous loan of 1200. In december 2010, I received another check in the mail for $1200, giving me a total of 2 loans, same company. In April 2011, i went to pay off both loans and to my surprise, I still owed $1,000.00 on my first loan. They said because it was illegal to have 2 loans from them in TX, i had to renew my first loan instead of getting a new one in August. By renewing my loan and getting the 300, i had to pay interest on the full 1200 all over again. By their method, if i would have borrowed $1, I would have had to pay nearly 700 in interest again since it was counted as a new loan. two things, either by them giving me 2 loans, it was illegal by their own admission. If not, i was most definitely deceived by the manager when she told me i had to renew (didn't mention that i would pay all the interest again) because it was illegal for me to have 2 loans with them in TX. Can i get some help? BTW, i went ahead and paid off my 2nd loan but waited on the 1st while i did some homework.
Though payday lending is legal in Texas, I don't think the payda
Though payday lending is legal in Texas, I don't think the payday lender that you've mentioned holds the license to operate in your state. You need to check out whether they have the license to operate in your state from the Office of Consumer Credit Commissioner in Texas. If they are not licensed, then you won't have to pay anything to the lender as you've already paid off the principal amount to the lender.
