My husband applied for a payday loan online. First a lady named Nikki from Delacom called to verify information. She asked him if he still wanted the loan and he said yes. They deposited the money....blah, blah, blah. Now a lady from AIP named Margie is calling about the loan. He told her he received it through Delacom and was told that it is through AIP now. Well we are going to pay off the loan this Friday, but he asked her why didn't he receive the loan documents and she told him that he didn't need them. I thought they had to give you the loan documents for it to be legal. Now I'm worried that they are going to take out whatever they want for as long as they want because he doesn't have the loan docs. Can they do that??
2007-09-05 09:26:12 · 6 answers · asked by mommyof2 2 in Business & Finance ➔ Credit
It's bad enough that you resorted to a payday loan but to have no documentation ... well, they can probably do all sorts of stuff to you.
Call back whoever you initially spoke to and ask the to email the documents. Or at least verify where your payment is suppose to go. That's where to make payment.
Pay this thing off and never, never, never use a payday loan again. Are you aware the interest rate is more than 300%?
2007-09-05 09:48:08 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
so you have nothing in writing from the company you took a loan from? I hope as long as you pay the loan in full plus what ever fees you will be fine but I have never had a pay day loan either
2007-09-05 09:38:50 · answer #2 · answered by Crazy cat lady >^ ^< 4 · 0⤊ 0⤋
I would insist on loan documents to protect yourself.
2007-09-05 09:50:21 · answer #3 · answered by Sandy Sandals 7 · 0⤊ 0⤋
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