Last month and the month before I needed cash quickly to cover some emergency medical expenses and rent, so I foolishly went online and borrowed from four different companies. I did not read the loan agreements carefully enough and my monthly payments would come to a total of around $2,000, or around $1,000 every two weeks. I just do not make enough money to handle these interest rates.
Fast forward to today and I have not made a single payment yet, revoked ACH authorization with my bank, and am trying to figure out the best course of action. I did some digging and found that the four lenders are not licensed in WA state and are in violation of usury laws.
The lenders are:
Blue River Lending (borrowed $525)
Lendgreen (borrowed $900)
Mountain Summit Financial (borrowed $700)
Inbox Loan (borrowed $900)
I’ve found a ton of information on the internet about payday loans, but since these are installment loans I’m not sure what to do. Do I just owe them the principle balance? Are the loans collectible or enforceable at all? I am thinking of contacting them and offering to pay the principle on my terms and my time and file a complain with the DFI.
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