OMFRICKINGG

[elijahboy]

this stupid man of mine went a got a car title loan in nov and the fricking loan has an interest rate of 304%

going to fricking kill him

i thought 304% would be illegal but guess not

so after making 500 in payments they only applied 30.00 from that 500 to that damn loan

ARE YOU FRICKING SERIOUS

 

[Denim Deb]

I would check into the legality of that. I'm almost positive that that is illegal. I know when I've watched different judge shows, some of the interest that people have charged for loans is considered illegal.

 

[deb4o]

OMG,
I can't believe that those kind of places are legal to operate-to me it is just leagl loan sharking.

Killing him is not the answer(how could he help pay it off if he is dead),
But some serious talking about being open and having communication in your relationship is in order!!

Is the car in question worth that much? What are your options if you re-neg on the loan, do they just take the car and thats the end of it. Or are you responsable for more moneys?

I would be sooo hot at my DH,son't know if I could get over it.

Good luck, hope all works out for you

 

[FarmerChick]

no that can't be legal. it just can't, can it?

you best find a way out of that loan ASAP --that is insanity.


and to think all of that MONEY you save with coupons etc....he blows in one swift stroke of a pen. Yea, go ahead and kill him. I would kill my hubby also

 

[elijahboy]

the car is not mine its his

to me its a piece of juck............96 grand marquis

the car was purchased like march 2011 for like 2300

the only good that came out of this is that he was rear ended 2 days ago (not hurt) but they are sending a check on thursday to replace the bumper. NOTHING WRONG WITH THE BUMPER BUT OK...send the 500.. they are fixing the trunk cause it wont open thats about another 300... and they are giving him a fricking rental to fix a trunk. are you serious


im am just beside myself...........how can someone pay you 500.00 and you only apply 30.00 damn dollars.

i dont care that he pawned his car cause he has another...........but SAM read the damn paperwork and find out what your getting into dumby.

OMG,
I can't believe that those kind of places are legal to operate-to me it is just leagl loan sharking.

Killing him is not the answer(how could he help pay it off if he is dead),
But some serious talking about being open and having communication in your relationship is in order!!

Is the car in question worth that much? What are your options if you re-neg on the loan, do they just take the car and thats the end of it. Or are you responsable for more moneys?

I would be sooo hot at my DH,son't know if I could get over it.

Good luck, hope all works out for you

 

[elijahboy]

oh and the only law i can find that caps interest rates is if its under 601.00

guess how much they loaned him 616.00.....go figure


oh and if does pay it off with the 500.00 from the wreck his grand total for that loans in 4 months will be 1100.00 if not every month he pays the 167.00 he really is only paying 10.00

 

[Denim Deb]

Look up usury for your state.

ETA: http://www.usurylaw.com/state/

 

[elijahboy]

South Carolina Usury Laws



South Carolina has one of the more complex statutory schemes when it comes usury and usurious interest rates. First of all, when it comes to non-consumer transactions in South Carolina, there is no general usury limitation.

On considering non-consumer transactions, the statutes refer to Federal criminal laws against loan sharking. This is not an all together clear reference inasmuch as Federal law prohibiting loan sharking generally is thought to deal with situations involving consumer loans, personal loans. Moreover, even in those instances when Federal law is found applicable to non-consumer transactions, it depends on reference to state usury laws in most instances -- which do not exist in South Carolina when it comes to non-consumer transactions. Hence, on some level, questions of loan sharking and related matters truly must be considered and analyzed on a case by case basis.

The South Carolina Consumer Protection Code sets forth the maximum rates for interest on consumer transactions. Through this Code, different types of are delineated with the applicable maximum interest rate. There are many different types of consumer transactions that are so set forth within the South Carolina Consumer Protection Code. In addition, the maximum permissible interest rates that are allowed on consumer loans pursuant to the Consumer Protection Code are subject to change on a nearly daily basis depending on what fiscal index these rates have been tied to. Therefore, it is a common practice for a person who is intended to loan money via some sort of consumer transaction to seek legal advice prior to making the loan in order to ensure that on the date the loan is made, said interest rate truly is in compliance with applicable South Carolina Law at that time.

Courts are restrictive in their interpretation of permissible interest rates, particularly in consumer transactions. Therefore, if a consumer loan agreement does not have a permissible interest rate on the date it was entered into, the contract will be deemed illegal, void and unenforceable.

Finally, while we make the best effort to keep the information in this article up to date, usury and related laws in South Carolina really are changing literally all of the time. Moreover, if you have any questions regarding interest rates and lending practices in South Carolina, you should consult with an attorney. This article is not intended to be used as a source of legal advice for you.

 

[Denim Deb]

SOUTH CAROLINA. In South Carolina there appears to be no usury limit for commercial loans. Personal and consumer loans, however, are governed by the South Carolina Consumer Protection Code which sets forth different maximum rates of interest depending on the type of loan at issue. Despite the complexity of the South Carolina Code, the courts will hold any consumer loan agreement with a usurious interest rate on the date it was entered into, void. illegal, and unenforceable. It is therefore strongly recommended that you consult with a local licensed attorney regarding the maximum legal rate of interest that can be charged on your specific type of consumer or personal loan before you create the loan instrument. Post-judgment interest on civil awards is typically 14% per year.

 

[elijahboy]

after i left i was furious i was thinking his balance was going to be like 200-300 not 585. from a 615. loan after paying 504.00

i called the place and this is how it went

me: what is your interest rate
her: we are compar
me: no what is your interest rate
her: we are
me: give me a damn number
her: 304
me: are you f****************** serious
me: click


my ears are steaming now by this time
called back
me: is that even legal to charge 304% f*************** percent?
her: yes
click