Humble anons of Sup Forums I come to
You with a question
What kind of issues am I going to be faced with if I take out this awful, awful online payday installment loan and just cut off my bank account and get a new one at a new bank. Rents due tomorrow
You'll have to pay it nonetheless?
400% rate? how is this even legal?
Exactly what I was wondering. Why would I have to pay it nonetheless? I don't care about my credit, and legally I can not be jailed in civil court concerning a loan
Then do it. See what happens.
I just may. It's just having to worry with going and opening a new account is really my only hassle. This is a shady online loan company who has no real way to contact me besides email and phone calls. Also with this 400% I'm wondering if legally they even have recourse? Due to how shady they are to begin with?
>I can not be jailed in civil court concerning a loan
You signed a contract that may not be easy to denounce as illegal, leading to spending time you don't have and spend money you may not get back.
I don't think signing with a loanshark is a good idea.
>575 loan
>3070 final payment
>400% APR
holy shit
Why the hell is your rent due 3 days before the end of the month?
Shouldn't be be due next monday since thats the first weekday of the month?
My rent is actually late
pretty sure the contract would be considered illegal by a court.
check the max usury rate in your state, that should be around 10% / mo.
enjoy getting kicked out of your appartment.
You think these sorts of operations would exist if people could get out of them by just closing their bank account? What kind of people do you think take loans from places like this? Upstanding citizens or shady fucks who think they can game the system? They know you're gonna try to fuck them, OP, they deal with desperate people. You are not as clever as you think.
Love the website: "Speedy Cash. Loans Your Way."
Feels like a failure from the start.
I've done a lot of research and there is actually a lot of evidence against these organizations
So why do they still exist? If they can't get their money back from people, do you really think they'd keep doing this?
Most people are afraid when they received a "Dear Sir, Madam".
Also dubs.
What my underlying point is, in the end, an officer of the law will not end up on my doorstep demanding this payment. Their reach will go no further than attempting to sue me in civil court after maybe a year?
We'll, if you think it's that simple, go for it then. Just remember, you can't afford that 575.00 now, if you get stuck with having to pay the rest, you're gonna be completely fucked.
not OP
I'm just saying i have seen people do stupid things when someone pretending to have power over them, and that may be the reason why OP feels confident. I agree with your point - OP is fucked if $600 is too much now (especially since he's already late on payement)
It's usually a civil matter, not a criminal one, so not likely to see a law enforcement officer.
Except for the process server who will track you down and serve you with the court papers when the payday loan service takes you to court. If you're lucky.
It's far more likely that the payday service will have someone other than a process server pay you a visit. And by someone other, I mean an unsavory character who will not be very kind to your person and/or property as they explain the finer points of paying back your loan.
Don't do it.
>pretty sure the contract would be considered illegal by a court.
32 states allow it. Others allow lower interest percentages that are STILL highway robbery.
If they are offering it, it's likely legal in the state.
Thanks for all the help guys. Have a good day. I won't be taking out the loan. I'll find a better way to take care of this. If the end amount was much lower, then maybe. But that 3,000 is defintely scary
lendup.com has much better rates. prob wont be able to get more than a few hundred at first though
What about paying that interest? If you do that you're crazy. I was in a situation like that awhile ago, but sold car parts and stuff on FB and Craigslist to make it work. Do you have things to sell? Maybe the Raspberry Pi that you're using to post this thread?