Due to extremely unfortunate situations, I applied and received a payday loan with a company here in Texas. Because of my situation, I was not able to pay in full. On 5 different occassions I paid the company $145 (every two weeks) to "renew" the account. I should have read the contract better; I thought this money went towards the final balance of the loan, but it did not. So basically I just wasted $600+ on a $650 loan. Now, I am unable to pay the lump sum, but receive phone calls and mail stating I owe $900. This is the first time I have ever had to go to this resort to get extra money (medical bills for a child), and can't believe that this company can lawfully take $1500+ from someone on a loan that was only $650. I've read the laws for Texas, but do not understand the exact jargon. Some cases say they can't lend more than $300 and others say they can't renew without discounting the balance...anyone know for sure?
Can someone help me understang PayDay Loan Jargon, Texas.?
You need to talk to an attorney. That sounds very very illegal. I used to live in Texas.
Reply:There are very few laws in Texas to protect consumer's rights with payday loan companies. If it is in the contract and you signed it then they have the right to collect the money.
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