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SureAdvance.com Installment Loan

Date: Mon, 03/25/2013 - 13:35

Submitted by T Buck
on Mon, 03/25/2013 - 13:35

Posts: 7 Credits: [Donate]

Total Replies: 3


I took out a payday loan in New York State from Sure Advance.com. It was for $400. They have debited 2 payments of $76.96 each. I sent them an email stating that payday loans are illegal in New York State but I was willing to repay the principal minus what I've already paid. They responded that it is not a payday loan, but an installment loan, and are licensed in Delaware as a short term lender. They state my balance is $414.57 including principal and interest. What should I respond?


All payday loans are prohibited in New York - I doubt that you drove to Delaware to get the loan -so since they are trying to skirt the issue by saying they are licensed to lend in Delaware and that it is an installment loan remind them of the above that you never entered in to Delaware and I am sure that they are charging way above the allowed Interest rate cap on small loans of 25% per annul and you can also check with the New York State Banking Department to see if they are licensed to lend in the state, I am sure they have a website to look them up..


lrhall41

Submitted by HelpinAZ on Mon, 03/25/2013 - 16:27

( Posts: 1870 | Credits: )


$400 does not qualify as an installment loan under NY laws. That is just a load of horse dung. They know that pretty well but are still attempting to con you. Sure Advance already got sued by MN's AG Lori Swanson for $760,000 in consumer restitution and they are banned from lending in the state any further till they obtain proper licensing and stick to MN usury laws.
Given those facts, revert to them stating that you wish to repay the leftover principal balance on your own terms. Its a take it or leave it offer and its their loss if they leave it.
In case they agree to your terms, repay ONLY using a money order. DO not give them your banking/CC information.


lrhall41

Submitted by Steve Barris on Mon, 03/25/2013 - 20:44

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