check'n'go and community credit services in CA
Date: Wed, 01/25/2012 - 00:57
I stupidly took out a "Title Loan" from Check'N'Go online back in September for $2600 (rolled over my $255 + $45 interest loan into it) so really I got $2300 from it. My monthly payments have been $608 and I just made my 4th one but I apparently still have another 4 more payments of $608 to make!!!
I tried making larger payments in the past but their website always gave errors when I tried to make payments online. I have no idea what my current balance is as their website offers minimal information, other than offering to "refinance my loan".
I did some Googling and apparently online "Title Loans" are illegal in California.. even on their website it states they don't offer them anymore.
I also took out a payday loan through Community Credit Services online, or "CCS", who's website doesn't even work nor did I ever receive any paperwork from. The loan was for $500 and the interest $125. I've made a total of 6 payments to them,
10/31 $82.50
11/15 $125.00
11/30 $125.00
12/15 $125.00
1/3 $175.00
1/17 $162.00
for a total of $794!
I also did some digging, and for online PDLs in California the limit is $300? How did I get a $500 loan.
Is whats happening here legal or what? At this point I don't want any of my money back I just need this to stop. Please help, what is my best course of action?
Ok so a couple things: On the CheckNGo site my loan is listed
Ok so a couple things:
On the CheckNGo site my loan is listed as an installment loan, not a title loan. I don't understand that because I'm 99% sure I applied for a title loan. Does installment loan vs title loan make any difference? How can an installment loan charge an APR of 200%.. I read that the maximum APR a PDL company can charge is 15%.
Community Credit Services is who the ACH payments and original contact was with, but from the correspondence I had with them it says my loan is through www.money2go.com. Their site states that they charge $25 finance fee / $100 loaned, which would make sense since I borrowed $500 and was supposed to payback $625.
Thanks again for any advice..
a couple of things
an installment loan is legal in CA and CNG does installment loans.they are not subject to pdl laws unfortunately.now some good news.the pdl is illegal in your state and you overpaid as since this pdl has no license in CA you are only obligated to pay the principle,and all those "fee debits"go towards the loan whether the lender likes it,or not.there is a sticky ohiogal put together go to that it's at the top of this forum.you will have to make alternat arrangements with CNG as again they are legal as an installment lender.just know you owe squat to cccs.in fact they owe you.
Thank you! I received today FedEx with a check from CCS with
Thank you!
I received today FedEx with a check from CCS with everything I paid over the principal.
Now time to pay off this installment loan.=(