I took out a $200.00 loan and then I lost my job. Now i am working and i want to pay it back but they are saying i owe them $1400. Can they do that???
Do payday loans get to add on whatever intrest they want.?
look on your paperwork, 1400.00 is excessive, and there
are laws that the payday loan companies think they can get around.
Ask them for their EIN #, Tax Id #, where they Bank, and
the physical address because your %26quot;lawyer%26quot; needs the
information. If they keep pursuing then actuall consult
with a Contract Law Lawyer, research whatever you
can on the internet on the payday company
You can also write to the State Attorney General of
their State since you only borrowed 200.00 at a certain percent and the interest on it should only be (attached a copy of your paperwork). And how do they figure 1400.00??? They don't like being audited or exposed
Do payday loans get to add on whatever intrest they want.?
Wow, that's a lot of interest added onto your loan. Depending on the company, you'll have to pull out your loan documents that you singed for. Yes some companies can build up the interest on your account until the loan is paid off. Some companies, like the one I used to work for will keep it at what you owe, plus NSF charges and what not.
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