Similar Situation
Date: Thu, 11/22/2012 - 11:56
I am in a similar situation like the ones I have been reading. I took out a 150.00 loan to desperately pay a ticket that I couldn't afford from UnitedCashLoans. Initially, I'm very confident that when I logged on to their website, it said that I only had to pay 200.00 for the loan. Now, I logged in last night (after making 3 payments of 45.00 making 135.00 paid to them), it said that I still owed them 195.00. Since I just started reading that UCL is illegal in my state (MN), should I either wait till I make one more payment to pay off the initial loan amount that I took out or should I go straight to my bank and close off my account? Also, how are all these loaners still around when every single one of them is illegal somewhere in the country?
Step 1 > Revoke ACH, send copies of the letter to your bank and
Step 1 > Revoke ACH, send copies of the letter to your bank and to the lender
Step 2 > Close your bank account and open a new one (optional)
Step 3 > Use a prepaid debit card or a money order to repay the remaining principal.
These lenders are still around because for one, most people do not even know they are illegal, never bother to read the fine print on the website or on a loan agreement and on top of everything, these lenders are incorporated as an 'arm of the tribe' and as such have immunity against Federal/state laws.
