finance loan companies?

Discussion in 'Credit Talk' started by acegirl, Jun 6, 2001.

  1. acegirl

    acegirl Well-Known Member

    is it really legal for these companies to come to your door and demand payment? is there anything that you can do about that? awhile back had a finance loan company show up at my mother inlaws she was not so happy. I do not even live there. she paid so they would leave. I could not believe they could do that? the loan was for $200 and the payment was for $45.00. They actually showed up for the $40.00 bucks at the door. is there any kind of law for these little loan companies or do they have the right to do what they want. also I did make arrangements with them and they still showed up at her door. They have all my information address and phone. so can they collect from someone I listed as a reference to get the loan out?
  2. Maer

    Maer Well-Known Member

    What kind of finance company was it?

    It almost sounds like one of those check/cash advance places. I have heard horror stories about those people going to peoples place of employment and demanding money from their boss etc...
  3. brad

    brad Well-Known Member

    Are you sure they were not loan sharks?Were they carrying baseball bats,and one of them was named,BIG LOUIE?
  4. keltexx

    keltexx Well-Known Member

    Check the contract that you signed intially with these blood suckers. Usually it is very detailed (in small fine print) as to what they can and will do to collect.

    As for whether they can do what they did legally, it depends on where you are located. Some states have very strict rules for sales/leaseback or payday loans. Others (like texas) are rather lenient. A search of the web under payday loans or sales leaseback programs should give you some idea on their rights.

    These programs are really difficult to get out of if you are having a rough time financially. The interest rates that they charge every two weeks for payment can be as high as 35%. I did this stuff for about two years, and seriously regret it-paid 180$ on a 300$ loan every other week.

    Pay them off, in full, as soon as you can, even if you need to pay the minimum on your other bills to get away from these vermin.

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