Legal Question in Credit and Debt Law in Illinois
I recently took out a payday loan advance of 500.00...but accordingly to their payment schedule it would cost 3 times the amount. I was in desperate need of the money so I sign the document. I had to give them a check to hold as collateral. I made my first payment and missed two of my schedule payments. I told the customer service representative that my goal is to pay the entire debt one time. She told me their company assess 11.00 a day which was not told to me until NOW. As I was trying to figure out why the debt didn't go down. So now...they are threatening to garnish my wages. What should I do?
1 Answer from Attorneys
It is my experience with Payday loans that they charge EXORBITANT, through the roof interest.
You signed a contract that contains all fees and other costs related to your loan. Consult the document that you signed. If the terms are in the contract/document, then you better believe that you will be responsible for those costs.
Any they will most like be able to garnish your wages.
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