I work for a payday loan company. I am trained to FOCUS on collecting money from you NO MATTER HOW BROKE YOU ARE. I’m taught new payday loan collector tactics weekly.
If you are 14 days past due, I MUST contact you 72 times in those 14 days you’re late. This includes calls to your home, work, your alternate contact numbers, your cell phone and any other phone numbers you gave me on your original payday loan application.
This “72” does not include calls I make to the reference numbers of your friends and family that you listed on your original application. My employer considers these “extra attempts.
I’m trained to make your life HELL! And I will… if you let me.
Fast Auto Loans Inc. and Virginia Auto Loans agreed to “forgive” $816,000 in consumer car title loans. Additionally, they agreed to pay the state of Virginia $415,00
Car title loans are not legal in Virginia but thousands of borrowers choose to cross state lines for them every year. If the consumer fails to pay off their car title loan as agreed, their car is certain to be repossessed. APR’s (annualized percentage rates) vary from 120% to 300%+.
It’s common for car title and payday loan companies to call the references borrower’s provide on their application page. And in spite of the Federal Credit Reporting Act, they often reveal your default status with them!
The lawsuit alleged the two car title loan lenders “abused and harassed consumers by calling them at work and at home and disclosed the borrower’s debts to family, friends, and employers listed as references on the apps. Additionally, the borrower’s were threatened with jail and criminal prosecution.”
The two companies denied the allegations.
For more details visit West Virginia Attorney General Patrick Morrisey’s website.