Payday loans without checking account- Avail Payday Loans Without Checking Account Today

Payday loans without checking account- Avail Payday Loans Without Checking Account Today

Question by : I need to know if a payday loan company can legally charge 125% interest without telling you in the agreement? I borrowed $ 200 from an online lender and the agreement said my total repayment would be $ 260. I thought that was a bit steep as is. so I called on the phone and was told that that is the total charges i would be required to pay. now that the loan is repaid they say the $ 260 was just the finance charge and now I owe another $ 260. I refuse to pay 520 dollars for a $ 200 loan. What are my rights? they have my checking account # and the payments have been coming out eletronically. Best answer for I need to know if a payday loan company can legally charge 125% interest without telling you in the agreement?:

Answer by R T
Your rights and obligations are what you agreed to in the contract. Payday loans are an expensive scam and you are finding out why. Usually, a lot of the high fees are charged upfront with "origination" fees, "service" fees, "contract" fees and the like. So, they really aren't lying when they give you a particular interest rate, but you are still obligating yourself to a LOT of money. You can, and should, complain to your state's Attorney General and the Federal Trade Comission, but chances are you signed a legal contract so you will still have to pay up to get this to go away. If you believe a lender has violated the Truth in Lending Act, file a complaint by calling the Federal Trade Commission Consumer Response Center toll-free at 1-877-FTC-HELP (382-4357).

Answer by JIM
You thought $ 60 charges on a $ 200 was a "bit steep". Obviously you're very new to borrowing.

Answer by Jon K
Read over your contract with this company again. I have never heard of a fee that high. My concern here is that you said you borrowed $ 200, paid them $ 260 which they said was for their "Fees", Understandable, but if those were all fees then you should just owe $ 200, not $ 260. Sounds a little fishy. Read the contract again....

Answer by StephenWeinstein
They cannot, and they did not. Most of the $ 320 (that they added to the original $ 200) is for "fees", not for "interest".

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