Question by kit-kat: finance question about payday loans?
ok so i paid off a loan for 1,728.00 on tuesday. i went into the store today wednesday to get my papers that said paid in full. i ask for my voided check back and they said it was at the corporate office and would be mailed to me, so i stated that they would not be drafting my account again because it was paid in full. and she replied that it takes 4 to 5 days to stop that process and they would be drafting $ 119.00 on friday. ans my refund would be in a form of a check and take 3 to 5 weeks to get. i replied by saying and how much interest will i be recieving on my money for that time and she laughed. then she composed herself and replied none. is this legal. i am so glad to be rid of this company. i will never use a payday loan again i?d rather starve. by the way there finance charges are 290.00 %. ouch!! thanks kit-kat
Best answer:
Answer by icgiucuem
Hey Kit Kat.
Yes they can do that. when you took out the loan you signed papers that says you will repay what you borrowed with interest. but nowhere on the papers does it say they will pay you interest.
But good thing you got out of the payday loans. You said their interest rate i over 200%. Yes they are. What they can charge is govern by the state (or country) they are in. I have seen it up over 1000%.
If is best to stay away from payday loans.
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