Mobiloans Help in California

Date: Wed, 07/26/2017 - 10:58

Submitted by L716
on Wed, 07/26/2017 - 10:58

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Total Replies: 4

I have an original loan with Mobiloans for $1000.00 on November 2016. I made their bi weekly payments then borrowed $600 on January 2017 using their line of credit (I had paid down my original loan to $900). Continued making their biweekly payments and then borrowed two other times for $200 each on April and then June (I had paid down original loan to $1300 both times so when I borrowed again it went back up to $1500). From their last statement I have paid $1238.75 on fees and just recently made a payment for $123 before finding out it is illegal in the state of California. I went through all bank statements and added up all my payments totaling over $2000. I have a credit line of $1500 with them with a balance of $1430. Since all my payments add up to more than my balance I am sending them a ACH revoking letter and asking to consider my loan paid in full. Just wanted to know if the steps I'm taking are the correct ones? I've looked at the posts in the forum and most are from 2013 with the most current one being from 2015. I have been unemployed for 2 months now and having to pay Mobiloans twice a month is killing me. Thanks for all your help.

They are illegal and you know

They are illegal and you know this fact very well. You only have to pay the principal amount, which you have already done. Yes. Send the ACH revokation letter to them asap. Don't pay any extra money.

lrhall41

Submitted by SC on Wed, 07/26/2017 - 23:33

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See, as the payday lenders

See, as the payday lenders are illegal, you need to pay the principal amount you owe to them. If you have already paid the principal amount to mobiloans, then stop paying as soon as possible. If they don't stop pulling out money or update your account as "paid in full", then contact your state's attorney general to make a complaint.

Also, search online to get seasonal jobs available in your area to earn money.

lrhall41

Submitted by Sanders Patricia on Thu, 07/27/2017 - 04:59

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I was reading other posts and

I was reading other posts and I think I might have added up how much I owe to mobiloans incorrectly. I originally borrowed $1000.00 made payments than borrowed $600.00. Made more payments then borrowed $200. I made payments then borrowed for the last time $200. If I add up all four loans they total $2000.00 instead of $1500.00. I add up all my payments and they total over $2000.00. I still over paid them by $100. The letter I sent to them says I overpaid them by more than 100. Should i sent another letter with the new overpayment amount or leave as is? Thanks.

lrhall41

Submitted by L716 on Fri, 07/28/2017 - 17:38

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I believe it's better to

I believe it's better to forget about that $100. In case of any illegal payday loan, you shouldn't have paid even $1 more!!
But as you've paid them already, I don't think they'll pay it back to you....just leave it.
BUT DO NOT PAY MORE..OKAY??

lrhall41

Submitted by Barbara Delinsky on Mon, 07/31/2017 - 05:35

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