store front loan question
Date: Mon, 12/11/2006 - 13:03
11-17-06 the apr is 401.50% which they take out 175.22 one time per month for 5 months which I will pay them back a total of 400.00 original loan and 476.10 in fees...can they do this or what..if I pay it off early I wont pay as much in fees but what do I do?? is this legal?? Thanks
What state are you in? Storefront lenders usually follow the
What state are you in?
Storefront lenders usually follow the laws in the borrower's state. If they have mentioned their fees in the contract and you have signed, it takes a legal note. You will have the rights to dispute only if they are not following the terms mentioned in the contract.
If I understand you correctly one lamb then who are our state la
If I understand you correctly one lamb then who are our state laws for then? I am in Illinois
You are in IL, the storefront has to follow the laws in IL.
You are in IL, the storefront has to follow the laws in IL.
Check the laws of your state and see if they are charging you mo
Check the laws of your state and see if they are charging you more on your account.
Quote:
Legal Status: Legal Citation: 815 Ill. Comp. Stat. Ann. ???? 122/1-1 Loan Terms: Maximum Loan Amount: lesser of $1000 or 25% gross monthly income Loan Term: 13-45 days Maximum Finance Rate and Fees: $15.50 per $100 Finance Charge for 14-day $100 loan: $15.50 apr for 14-day $100 loan: 403% Debt Limits: Maximum Number of Outstanding Loans at One Time: Two Rollovers Permitted: None (cannot rollover) Cooling-off Period: 7 days after 45 consecutive loan days Repayment Plan: Yes Collection Limits: Collection Fees: One $25 NSF fee (Presentment limit = 2) Criminal Action: Prohibited Where to Complain, Get Information: Regulator: Illinois Division of Financial Institutions Address: Consumer Credit Section, 320 W. Washington Springfield, IL 62701 Phone: (888) 298-8089 Fax: Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor http://www.state.il.us/dfi/ccd/ccd_main.htm |
well that is why I am confused it says no rollovers and this wil
well that is why I am confused it says no rollovers and this will be going on for 5 months they are charging me 476.10 in fees on a 400.00 loan shouldnt it only be 15.50 per 100.00 and no rollover or what?? total pay back is 876.10... i dont know i am confused
valarie the storefront has to follow the same laws as your used
valarie the storefront has to follow the same laws as your used when handling the IPDL
so they are charging me too much I should only have to pay 62.00
so they are charging me too much I should only have to pay 62.00 total in fees??
You have the contact info of Illinois Division of Financial Inst
You have the contact info of Illinois Division of Financial Institutions where you have to post your complaints about this storefront lender doing rollovers illegally and by charging a fee.
You need to approach this loan in the same manner you did the ot
You need to approach this loan in the same manner you did the others and yes they are overcharing you