Legal Question in Credit and Debt Law in California

Interne Pay Day Loan $525 cost for $300 loan

In desparation, I applied for an internet payday loan in the amount of $300.00 with the false understanding that the dollar amount the credit would cost me $90.00. I did not carefully read the fine print and have found the annual percentage rate to be 608.33%. Is this legal? In addition, my loan is 'automatically renewed' and fees and finance charges are being accumulated. In effect for the $300.00 loan I have paid a total of 'interest' and 'fees' in the amount of $525.00 over and above the repayment of $300.00. Is there any legal recourse for me?


Asked on 1/31/06, 2:06 pm

1 Answer from Attorneys
H.M. Torrey The Law Offices of H.M. Torrey

Re: Interne Pay Day Loan $525 cost for $300 loan

Yes, but we would need more information from you to give you a complete answer here. For a free phone consultation, contact us directly today.

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Answered on 1/31/06, 6:54 pm


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