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Do I have to pay off this payday loan?

Date: Thu, 06/06/2019 - 00:00

Submitted by FredDough
on Thu, 06/06/2019 - 00:00

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Total Replies: 3

Do I have to pay off this payday loan?


Hello, I have a question I took out a payday loan for 400$ and have been making payments of around 135$ twice a month for 7 months. The lender is called American Web Loan and claims to be on an Indian Reservation. Am I obligated to repay this loan? The interest rate is over 300%. I thought in Montana this was capped at just over 30%. Your advise is appreciated.


You owe a refund from them. Though, it will be tough to get a refund from them. Revoke the ACH authorization at least so that they can't withdraw money from your account. Also, send them a letter and ask for a refund. State that the loan agreement is null and void.


lrhall41

Submitted by Nick Jonas on Fri, 06/07/2019 - 04:47

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You may ask for a refund. But the chances are quite low. Revoke the ACH authorization asap so that they can't withdraw money any more from you.
The lender is an illegal one, so you should only have to pay the principal money. Nothing more...


lrhall41

Submitted by tiarajoseph11 on Tue, 06/11/2019 - 03:49

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