Loan Company Calling...

I needed a large amount of money quickly, 2800 to be exact.. i was 200 short of this and decided to get one of those quick within an hour loans, wrong choice of course but out of desperation i turned to that thinga-ma-jing kind of loan.. interest payments were 47 per every two weeks..and it does NOT go towards what you borrowed, you are bound to 4 payments..to pay it off you can add and pay implements of 50 along with the 47 in interest after the intitial 4.. i admit i quickly did this without reading what i got myself into. Okay things happen and i missed the 3rd payment, got a couple calls telling me i was in default of the loan exlaining what could happen (lawyer fees, wage garnishments, credit report fees, misc this and that.. i could face owing 3600 in fees) not only that but they called my job 10 times a day (embarrassing) i didn't call them back until i had all the money, what i thought would be full payment wasnt.. now.. i borrowed 200 but what i owe is 500..if i dont give them 500 i'll owe 3600... it almost seems they make more money the any casinos!
It's a black hole of payday loan.. now i don't look forward to payday like i should..im miserable.. i'm so mad i have to pay them.. i'll NEVER do it again!

Oh Imagin - so sorry to hear that.  These are the biggest legal scams going.  I've seen the adverts on TV here. The interest rate is something like 4,400% (some are lower at around 1700%).  It's crazy.

I hope you sort it out soon.

blue

That's a tough situation and I fully understand it as my mother put herself in a similar spot a few years ago and barely managed to sort it out with the help of almost the entire family. I agree that such services should be outlawed, you can't charge such rates and fees taking advantage of a person's difficulties. I hope that you sort things out, I really do.

They have a word for what they are doing to you imagin!

usu·ry noun \ˈyü-zhə-rç, ˈyüzh-rç\
plural usu·ries

Definition of USURY
1archaic : interest
2: the lending of money with an interest charge for its use; especially : the lending of money at exorbitant interest rates
3: an unconscionable or exorbitant rate or amount of interest; specifically : interest in excess of a legal rate charged to a borrower for the use of money

I always thought there were laws against this???

I know how you feel Imagine...I got sucked into that once. $2,000 borrowed and repayment was supposed to be $3600. Then lost job and housing (This was back in 2006)  :'(

Great thing was it was an online group which after I moved out of state, never did get a phone call from them and the bank wouldn't shut account off.    ;D

So loans never repaid and bank went $2600 NEGATIVE (These are FEES BTW not real money. They still demand repayment..Never gonna happen  LOL ) and so I learned never to deal with those type of bloodsuckers....Them and WF (Major Bank...Real scum frankly) >:D >:D

Oh and you can tell them to stop calling your work and they MUST stop of face fines for doing such. Of course, that takes a lawyer to collect...But the demand should be met..(I know I did it once)

Yes i did contact a lawyer, and they did tell me that they could be fined 1000 per phone call, he could help me it would cost ME 250 for his services to rid the 500, BUT that there is a chance i could still be held liable (of course you win some you lose some).. they are an online loan company, they did have the money in my account within a hour, they did not start harrassing me til i was in default so there is some things they did within the laws, i looked up information about loan companys online, they will hire people from out of the country, give them US phone numbers to make the calls (some calls the person barely spoke english) with an accent like from India or a middle eastern nature.. one other thing about these loans.. IF you keep paying just the interest you never pay it off, you can only pay it in implements of 50 PLUS the interest for example in my case 97 per 2 weeks but only AFTER the intial 4 interest only payments, i failed to read this in the terms. It does not go to a set amount until AFTER you are in default

im going to call it..
"A lesson learned" rather then go through this just pay the money and NEVER do it again.. If i ever need a loan i'll deal with a reputable loan company and completely read the terms.. but it is true how they take advantage of a person in dire need, it's sickening

I know it is easy to get mad at the evil lender.  And yeah, they are taking advantage of loopholes and ommisions in the law.  But, Imagin, "buyer/borrower beware!"

          Hey Imagin,  this is a tough situation.  Gene's right about them not being able to call work if you demand they stop.  The FTC has strict rules on this.  By the way, you might want to think about changing your checking account to a different bank to not allow them access to it.  You might also be able to get a settlement arrangement if enough time has lapsed.  They've probably already made a profit from the finance charges and interest.  Call and see what type of offer they will accept.
If it has been sent to collections, you might be surprised.  Good Luck.