Express Credit Loan from Allied
Date: Mon, 11/08/2010 - 14:09
Hello...I have two different loans right now through Payday Lenders but they aren't exactly payday loans. I have one with Allied Cash Advance which is called an Express Credit Loan with a balance around $500 and another with Advance America, also a credit line with a balance around $600. The interest they are charging me is crazy...around 330% monthly.
Advance America had me sign an agreement to put a lien on my car if I default. (Even though my car is still financed through a credit union) I had every intention of paying both of the loans back and have made all payments on time but will not be able to this month because my hours are cut back at work...neither company has a payment plan available...so I guess my question is how long can they continue to charge me interest on these loans before they send me to collections? Can they garnish my wages? Is it best for me to close my bank account?
I'm in Virginia.....thanks
Advance America had me sign an agreement to put a lien on my car if I default. (Even though my car is still financed through a credit union) I had every intention of paying both of the loans back and have made all payments on time but will not be able to this month because my hours are cut back at work...neither company has a payment plan available...so I guess my question is how long can they continue to charge me interest on these loans before they send me to collections? Can they garnish my wages? Is it best for me to close my bank account?
I'm in Virginia.....thanks
I am assuming these are store front lenders, anyway, according t
I am assuming these are store front lenders, anyway, according to the CFSA site Advance America is a member, so maybe you should mention that to them when requesting an EPP.
You said they aren't 'exactly' payday lenders so I have to assume they are short term loans (of a sort), I couldn't begin to guess how long until they turn you over to collections, but you might try contacting someone at their corporate offices and ask for assistance there.
