I have a loan with purpose loan

Date: Fri, 08/31/2007 - 20:21

Submitted by anonymous
on Fri, 08/31/2007 - 20:21

Posts: 202330 Credits: [Donate]

Total Replies: 4

I've been reading posts about this company and I'm finding out that this company is ripping people off. The only way you can pay back the loan is by your checking account. I have to open another account because I closed my other 1 because I was having too much finance fees taking out of my account. I called purpose loans and the woman said it HAD to be with a checking account. My question is..........Even if this is an installment loan they MUST abide by your state law in the interest they charge? they want me to pay $ 209.80 on this coming friday and I dont have that much.....

I have paid back 139.26 so far. The loan was for 300.00....has anyone else had problems with this company? I just see me paying an outrageous interest fee and the princpal amount wont ever get paid....

Please give imput! Thanks.

I may be mistaken- so someone correct me if I am! But I think th

I may be mistaken- so someone correct me if I am! But I think that I read somewhere that Purpose Loans is backed by an FDIC Bank,Delaware Bank. So if this is true, the interest is legal because being a bank, they can charge the interest from where the bank is located, being in Delaware .

This is one debt I would try to pay off as soon as you can. I was in a similiar situation, and I starting putting as much extra money toward it to get it paid off quickly when I realized what was happening.

Feel free to ask questions..KAren :D

lrhall41

Submitted by Bossy4455 on Fri, 08/31/2007 - 20:51

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Yes bossy you are correct about purpose loans. Unfortunately th

Yes bossy you are correct about purpose loans. Unfortunately they can charge as much as they want because they are in Delaware I do believe. If you do a search in the search box you will read about purpose loans.

ladybug

lrhall41

Submitted by ladybug on Fri, 09/14/2007 - 11:46

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Yes they can. I think that purpose loans is similar to the check

Yes they can. I think that purpose loans is similar to the checkngo installment loan. They are both backed by first bank of Del. and they are extremely difficult to get paid off. If you can, guest, do as Bossy said, and pay them off ASAP.

lrhall41

Submitted by eleroo on Mon, 09/17/2007 - 05:48

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Yes, unfortunately, this is JUST like CashCall & CheckNGo instal

Yes, unfortunately, this is JUST like CashCall & CheckNGo installment loans - they are backed by a bank, and therefore, legal - and the interest rate they charge is legal too.

Get them paid off ASAP and turn your back on them.

lrhall41

Submitted by SUEBEEHONEY70 on Mon, 09/17/2007 - 07:22

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