qxlonline HELP!!!!
Date: Tue, 08/28/2012 - 07:38
I took out a payday loan with qxlonline.com for the amount of $200 on 10 july 2012. I have so far made two payments of $79 to this company, and have only been paying interest, and have yet to make a dent in the principle. I have learned that the legal cap on interest rates in the state of arkansas, of which I am a resident, is 15%. My loan agreement is showing an APR of 848.09%. I am more than happy to pay back the original $200, but seeing as the interest rate is illegal in my state, I refuse to pay a cent more. I have contacted the company via phone, and they said that since they are not a company of the United States, state and federal laws do not apply. what are my options? what should I do? What are my legal options? I feel like I am being scammed, any help would be greatly appreciated.
payday loans are illegal in Arkansas. You need to close your ba
payday loans are illegal in Arkansas. You need to close your bank account, obtain a new one. Do not give out this info to anyone. You are only morally obligated to pay back the original amount borrowed. This means no fees, no interest. Send a cease and desist letter along with ACH revocation to their e-mail address. Only correspond with them via e-mail.
the only way they have to get in contact is a phone number.
the only way they have to get in contact is a phone number.