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Do I have to pay off this payday loan?

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Hello, I have a question I took out a payday loan for 400$ and have been making payments of around 135$ twice a month for 7 months. The lender is called American Web Loan and claims to be on an Indian Reservation. Am I obligated to repay this loan? The interest rate is over 300%. I thought in Montana this was capped at just over 30%. Your advise is appreciated.




They are illegal, so you just need to pay the principal amount. If you have made more than that.ask them for the refund.

Sub: #1 posted on Fri, 06/07/2019 - 04:34

sanderspatricia29 sanderspatricia29

(Posts: 926 | Credits: )

You owe a refund from them. Though, it will be tough to get a refund from them. Revoke the ACH authorization at least so that they can't withdraw money from your account. Also, send them a letter and ask for a refund. State that the loan agreement is null and void.

Sub: #2 posted on Fri, 06/07/2019 - 04:47

Nick Jonas Nick Jonas

(Posts: 168 | Credits: )

You may ask for a refund. But the chances are quite low. Revoke the ACH authorization asap so that they can't withdraw money any more from you.
The lender is an illegal one, so you should only have to pay the principal money. Nothing more...

Sub: #3 posted on Tue, 06/11/2019 - 03:49

tiarajoseph11 tiarajoseph11

(Posts: 412 | Credits: )

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