Payday Vs. Installment

Date: Mon, 11/12/2007 - 11:32

Submitted by anonymous
on Mon, 11/12/2007 - 11:32

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Total Replies: 5

I went into my local Cash Store in June to get what I thought was a pay-day loan. I found out today that what I have is not a pay-day loan but 140-day installment. All the money they have taken directly from my bank account was for the interest only. I borrowed $580, and so far they have taken well over $600. I guess I assumed that the money taken from my bank account was for the interest and some would go towards the principle. I closed my bank account and now they are calling several times a day wanting me to pay them $560. They say that I signed the contract for an installment loan so the pay-day loan law for Illinois do not pertain to this type of loan. I think this is just BS!!! This installment loan is no different than a payday loan only it rolls over every 2 weeks X 9, then you have to pay what you borrowed plus the interest on the 10th payment. What can I do to get out of paying these people any more money? They've gotten back what I borrowed, plus some. HELP!!

Unfortunatly, the company may be right. If they are doing insta

Unfortunatly, the company may be right. If they are doing installment loans, then the payday loan laws would not apply. Check to see that the company is legally licensed to give installment loans.

lrhall41

Submitted by goudah2424 on Mon, 11/12/2007 - 11:40

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How do I find out or where do I go to see if their legally licen

How do I find out or where do I go to see if their legally licensed or not. It is a storefront operation called the Cash Store and their affiliated with Cottonwood Financial. If they are in the right, there is no way that I have $560 to pay them, and Christmas is coming too. I will NEVER borrow from these types of places again!!!

lrhall41

Submitted by on Mon, 11/12/2007 - 12:07

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r

These two are licensed to give INSTALLMENT loans.

Cook Cash Store
107 North Main Street
Creve Coeur, IL, 61610

Cook Cash Store
1910 North East Jefferson
Peoria, IL, 61603

lrhall41

Submitted by cannr on Mon, 11/12/2007 - 13:45

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Are there Usury Laws in Illinois and wouldn't they apply to an i

Are there Usury Laws in Illinois and wouldn't they apply to an installment loan or are there ways around that like the way credit cards do it?

lrhall41

Submitted by njl32 on Mon, 11/12/2007 - 13:51

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Sorry njl54 I'm clueless when it come to the lending laws. I ju

Sorry njl54 I'm clueless when it come to the lending laws. I just need to know where I can look up or call to see if the store here is licensed to do installment loans. Cannr, I'm not sure of those 2 loan places are affiliated with The Cash Store here. The one here is affiliated with Cottonwood Financial. They have a website, just put in The Cash Store. Any info would be helpful, but thanks alot for the info already given!!

lrhall41

Submitted by on Mon, 11/12/2007 - 15:09

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