Spotloan Question

Date: Tue, 05/08/2018 - 17:19

Submitted by Unikitty on Tue, 05/08/2018 - 17:19

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Hi all. I took out a $500 loan with Spotloan in January. I've been paying $97.65 every 2 weeks since February and have paid $683.06 to date. I sent them an email today saying that since they are not licensed in my state that they are exceeding the 45% APR that unlicensed lenders are capped at. I asked if they could lower my interest rate to a reasonable/legal rate (it's currently 490%). I have not heard back from them but I am currently unable to access my account. Any advice/experience with Spotloan?

Total Replies: 3

Most likely, you won't get a

Most likely, you won't get a reply from them.
They are illegal. So you're not required to pay interest. Rather, they should pay you $183 since you have paid more than the principal amount. But I have a doubt if they will give you a refund.
Most probably, they have closed your account.

Just revoke the ACH authorization as soon as possible.

Check this url for reference:
https://forums.debtcc.com/paydayloan/overpaymentappliedto-outstandingprincipal.html

Submitted by ditchdebt on Wed, 05/09/2018 - 22:22

ditchdebt

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For an illegal pdl company,

For an illegal pdl company, you're supposed to pay just the principal amount and nothing else. They can't sue you.

Submitted by Good Nelly on Fri, 05/11/2018 - 07:04

Good Nelly

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You've already paid them your

You've already paid them your principal amount, so stop the ACH authorization by calling your bank. You can mail spotloan and ask for a refund. But as Ditchdebt said earlier, the chances are pretty low that they'll reply back to you regarding this matter. But be assured that they won't be able to sue you at any cost.

Submitted by tiarajoseph11 on Mon, 05/14/2018 - 00:44

tiarajoseph11

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