Results 1 to 4 of 4
  1. #1
    Join Date
    Mar 2014
    Posts
    1

    Default High APR for a Title Loan

    My question involves an auto loan or repossession in the State of: Kentucky
    I borrowed 1400$ in August of 2013. I was told the apr was 19.999%, when i paid the loan off on 03/06/2014 I paid $2007.00 plus $297.00 a month for 7 payments. the loan company said the apr was 248% when i questioned the amount i owed. I have been looking into this and I don't know where to turn for help, someone please help me.

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: High APR for a Title Loan

    Consult your paperwork. There might be other fees involved.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: High APR for a Title Loan

    It sounds like you were told a monthly interest rate, and confused it with the annual rate. It also appears that you did not obtain this loan within Kentucky, and perhaps obtained it through an out-of-state, online lender, as the rate you describe would not be proper in Kentucky.

    Your interest rate is set in your loan contract. Read it and find out what you agreed to pay, and the jurisdiction from which the loan originated.

  4. #4

    Default Re: High APR for a Title Loan

    You can file a complaint with the FCPB but I think you got the loan thru a company that is out of the county or on indian land where you ended up signing away rights without knowing it.

    1. Sponsored Links
       

Similar Threads

  1. Payoff: Title Pawn vs Title Loan
    By Enkfsu in forum Cars and Dealerships
    Replies: 3
    Last Post: 10-23-2013, 04:56 PM
  2. Student Loans: High Origination Fees and Interest Rate on a Private Student Loan
    By Kariz in forum Debts and Collections
    Replies: 2
    Last Post: 02-05-2013, 11:03 AM
  3. Title Ownership: Car Title Loan Charged Off - Can I Get the Title
    By sprocketdawg73 in forum Vehicle Registration and Title
    Replies: 1
    Last Post: 07-08-2012, 06:41 PM
  4. Liens: Title Loan in My Name, 2 People on Title
    By waylan in forum Vehicle Registration and Title
    Replies: 1
    Last Post: 10-04-2011, 09:47 AM
  5. Title Loan Company Out of Business - How to Clear Title
    By econofemme in forum Vehicle Registration and Title
    Replies: 10
    Last Post: 08-02-2010, 07:49 PM
 
 
Sponsored Links

Legal Help, Information and Resources