legal in IA?

Date: Fri, 05/21/2010 - 09:04

Submitted by jcarrell
on Fri, 05/21/2010 - 09:04

Posts: 27 Credits: [Donate]

Total Replies: 3

Ok, so I have a question. I also have a "line of credit" with First America Credit for $700. When I first got this, he said I would pay $70 each time with part going to interest and part to principle. Well, the first payment only went to advance fee. No principle. Can anyone tell me what the deal is with this? I mean, the payments are not that much but I don't want to keep paying 70 each time toward nothing. I live in IA. Are they legal to lend here? Are they a pdl or something different? Thanks

They have a pretty bad rating with the BBB (F), and I have read

They have a pretty bad rating with the BBB (F), and I have read where other members have complained about them also. I need to do firther research but will try to return later and reply.

lrhall41

Submitted by Shazzers on Fri, 05/21/2010 - 11:03

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It states: Nature of Business: This companies nature of business

It states:
Nature of Business:
This companies nature of business is Advance Fee Loan Company

Scary, sounds like a disguise for payday lenders.

lrhall41

Submitted by Shazzers on Fri, 05/21/2010 - 11:05

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Ya know, I am inclined to say this is another unlicensed payday

Ya know, I am inclined to say this is another unlicensed payday lender disguised as a financial company extending lines of credit. If I were you, I would close your account and offer to make payments to them thru the mail (via money orders), it's all too fishy to me. Contact the Iowa Division of Banking at (515) 281-4014 and point blank ask them where you would look to find a license for this type of company, explain that you are questioning their honesty.

lrhall41

Submitted by Shazzers on Fri, 05/21/2010 - 11:09

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