Question About Storefront Illegal Practices
Date: Thu, 01/29/2009 - 17:21
My question is concerning a storefront payday loan. I have two loans with a local storefront-one which they treat as a regular payday loan with paperwork, etc. On this loan, however, they have violated state laws by allowing rollovers and charging additional interest daily. This place also offers other loans where you give a check as collatoral, but no paperwork is processed.
I have been in touch with the Department of Finance in my state and have been told that since they are operating illegally in both instances I could essentially walk away and there is nothing they can do. My loans are due Monday and I am considering either confronting them with this information, or putting a stop payment on these checks and considering them paid in full. In both instances, I have more than paid the original amount borrowed, so I am not shorting them.
Has anyone else experienced this type of situation with a storefront where they are operating illegally and what did you do about paying them?
I have been in touch with the Department of Finance in my state and have been told that since they are operating illegally in both instances I could essentially walk away and there is nothing they can do. My loans are due Monday and I am considering either confronting them with this information, or putting a stop payment on these checks and considering them paid in full. In both instances, I have more than paid the original amount borrowed, so I am not shorting them.
Has anyone else experienced this type of situation with a storefront where they are operating illegally and what did you do about paying them?
Here aresome instances of illegal storefront pdl practices and w
Here aresome instances of illegal storefront pdl practices and way outs: -
Possilbe illegal store front in Minnesota
Storefront PDL in Kentucky
