Hi everyone,
Last fall I had to resort to Installment/pdl to make endsmeet after an unexpected bill. Now I'm getting trapped into another debt spiral because of the repayment terms of these loans.
I have two loans:
1. Inbox Loan
Loan amount: $475
Interest: 640%
Loan date: 9/25/17
Loan repayment date: 9/21/18
Amount paid back to date: $1824.01
2. Lendgreen/Niiwin, LLC
Loan amount: $1200
Interest: 780%
Loan date: 11/6/17
Loan repayment date: 8/13/18
Amount paid back to date: $3612.88
I live in Massachusetts and it looks like neither of these companies are licensed to lend in my state (can't find them on the NMLS either).
In reading through the forums it appears that the loans are in violation of MA usury laws and otherwise unenforceable due to the lack of lending license in MA. Do I have any recourse to either get these interest rates lowered or get out from under these loans? I'm not one to not repay debts, but these are killing me.
Sub: #1 posted on Tue, 03/27/2018 - 04:24
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Sub: #2 posted on Tue, 03/27/2018 - 05:51
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Lendgreen has emailed me back, twice. The first email was trying to get me to pay $1567 in a lump sum. I replied back that they have no license to lend in Massachusetts and their contact is unenforceable. They replied to that stating that my account is now marked as paid in full. I threatened them with a complaint to the state AG and FTC. They didn't say anything about a refund though, is it worth pursuing since I can't really afford a lawyer to go after them?
I'm still waiting to hear back from inboxloans.
Sub: #3 posted on Tue, 03/27/2018 - 15:20
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Sub: #4 posted on Tue, 03/27/2018 - 15:22
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Sub: #5 posted on Wed, 03/28/2018 - 21:00
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I'd love to get a refund too, but I'm not going to bet on it.
Sub: #6 posted on Thu, 03/29/2018 - 07:14
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Sub: #7 posted on Fri, 03/30/2018 - 06:03
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Sub: #8 posted on Sat, 03/31/2018 - 04:17
True. It's tough to get a refund from these people.
Sub: #9 posted on Mon, 04/02/2018 - 02:39
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Yes. Immediately.
Sub: #10 posted on Mon, 04/02/2018 - 02:40
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