kyle_soule
Junior Member
This question pertains to Illinois law.
Payday Loan company Summit Group LLC gave me a loan on 8/9/10 for 250 dollars. Verification of confirmation email was received stating that an agent would contact me shortly. A few minutes after verification receipt, an agent from Summit Group LLC contacted me regarding the loan. She stated that 250 dollars was the amount of the loan and that I would be charged 75 dollars every 2 weeks or I could pay in full at any time. She also stated, as did the verification email, that another email would be sent with the full terms of the loan.
Three months later, 11/2/10, I received my first communication since the telephone call setting up the loan stating that I owe 325 dollars or I could continue to make 75 dollar "refinance fees" and pay in full at the time of my choosing. Since the loan was set up, I have paid 450 dollars with the understanding that these fees were going towards the loan costs, not simply going towards nothing at all.
The stated Annuel percentage Rate is 782.14%. I have scheduled this loan to be paid in full (325 dollars total which ignores the 450 already paid) on 11/5 to avoid further fees. The customer service will not provide me with any additional information outside of an email address, phone number, and fax number.
Is this fair practice or would it serve me well to seek legal advice? I've signed nothing and have received nothing in the mail and this is only the first communication via email with terms in it. They claim they sent me one every single time they took out money; however, if they had, I'd have looked at it and saw this nonsense and paid it in full the first paycheck I received.
Payday Loan company Summit Group LLC gave me a loan on 8/9/10 for 250 dollars. Verification of confirmation email was received stating that an agent would contact me shortly. A few minutes after verification receipt, an agent from Summit Group LLC contacted me regarding the loan. She stated that 250 dollars was the amount of the loan and that I would be charged 75 dollars every 2 weeks or I could pay in full at any time. She also stated, as did the verification email, that another email would be sent with the full terms of the loan.
Three months later, 11/2/10, I received my first communication since the telephone call setting up the loan stating that I owe 325 dollars or I could continue to make 75 dollar "refinance fees" and pay in full at the time of my choosing. Since the loan was set up, I have paid 450 dollars with the understanding that these fees were going towards the loan costs, not simply going towards nothing at all.
The stated Annuel percentage Rate is 782.14%. I have scheduled this loan to be paid in full (325 dollars total which ignores the 450 already paid) on 11/5 to avoid further fees. The customer service will not provide me with any additional information outside of an email address, phone number, and fax number.
Is this fair practice or would it serve me well to seek legal advice? I've signed nothing and have received nothing in the mail and this is only the first communication via email with terms in it. They claim they sent me one every single time they took out money; however, if they had, I'd have looked at it and saw this nonsense and paid it in full the first paycheck I received.