Legal Question in Consumer Law in Iowa
I took out a Western Sky loan which is based on an indian reservation in SD. They sold my account to Cash Call based out of CA. I live in IA. Cash Call does not lend to IA residents. I am wondering if it is legal for them to charge me the outrageous interest they are currently charging me. IA has usury caps and this is way over. I pay $298 a month of which $291 goes toward interest. It is 139%. What can I do about it?
Asked on 5/20/11, 7:44 am
1 Answer from Attorneys
Robert Luedeman
solo practitioner
If you agreed to the terms and conditions of the loan then they can charge you anything you agreed to. The usury law doesn't apply. Looking at the Western Sky website tends to support that idea as their rates are clearly stated. You can default and let them sue you and then let them try and collect.
Answered on 5/20/11, 2:34 pm
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