over paying
Date: Mon, 01/14/2008 - 17:27
payment only happen on internet loans or do storefront
also include in this for example, my original loan with hometown cash advance was 445, so for over a year i have been paying 55 every two weeks for the same 455 dollars, is this an overpayment
redshoes
It usually only applies to internet loans, because most of them
It usually only applies to internet loans, because most of them are not licensed in your state to lend anyway. SO then you have to figure out what you should have paid legally using your state laws.
But with the storefronts, they are licensed to lend. You will have to check your state laws to see if they allow roll overs and if there is a limit on how many roll overs you can do per loan. Because sometimes some lenders play the system when it comes to roll overs. If you are allowed 4 roll overs then if you do not come in on the 5 th time to pay it in full they will tell the computer that you did pay it in full and then make it look like you took out another loan for the same amount. So then you can keep with this same cycle until you decide to pay it off.
But seeing as you have been paing on this loan for over a year now, I would talk to them about a payment plan to pay this loan off. Becaue so far you have paid $1430 in interest on a $445 loan. you have paid this loan off 3 times already just in interest. I think it's time to tell them enough. If you need help in doing so please let us know. Also could you tell us what state you are in so we can check your laws for you.
