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check n go installment loans -Moreno Valley - is it a payday loan industry?

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First of all, thank you for all the information on this site. I have learned so much by the posts and it is comforting to know that others are facing the same problems I have. I have a check n go installment loan in Moreno Valley. I am in Il and the loan was for 1500.00, now 1863.00 due to being late. I thought I was going to be able to make a dent in the loan this check, but decided to catch up on my past due mortgage, instead. I called check n go today to ask about a repayment plan, they said that is only for payday loans, not installment loans. The least they will take is 360.00, which will start the cycle all over. I asked if they could hold off until Monday. I am going to try to borrow the money from someone, but in case I cannot get it, I am worried they will deposit all four of my checks, which will probably bounce, or cause my other payments to bounce at 27.00 per check. Does anyone have any suggestions on what I can do?




What state are you located in? As far as I know, Check n' Go do not fund the installment loans themselves, but offer them through their lending partner, the First Bank of Delaware. So in reality, First Bank of Delaware is who you should try talking to.

Due to state laws, Check n' Go recently had to stop offering First Bank of Delaware's installment loans in several states ( I had an installment loan with them here in California. Too bad I had FINALLY just paid it off about 2 weeks before they were forced to stop lending in California ), so it would be helpful if you could provide us with your state.

Sub: #1 posted on Fri, 09/12/2008 - 21:03

Amaranth Amaranth

(Posts: 271 | Credits: 41.08)

Sorry, I neglected to add that I live in Illinois. When I spoke to the store front, I asked about contacting them, and did not feel that would help.

Sub: #2 posted on Fri, 09/12/2008 - 21:18

Unregistered


Sorry, I neglected to add that I live in Illinois. When I spoke to the store front, I asked about contacting them, and did not feel that would help.

Sub: #3 posted on Fri, 09/12/2008 - 21:18

Unregistered


Interestingly, I just checked and it turns out that installment loans are not legal in your state, either, which means First Bank of Delaware can no longer loan to people in Illinois. I'm not quite sure how we can apply that information to an already existing loan. Personally, I think that if installment loans are no longer legal in your state, than your current installment loan should be void. Or at the very least, you should legally only be obligated to pay them the principle amount loaned, which you have already paid them and then some, which would mean they owe you the difference, which is about $363.

I hope someone with a little more knowledge in this area responds to your thread soon, as I am curious about this.

Sub: #4 posted on Fri, 09/12/2008 - 21:25

Amaranth Amaranth

(Posts: 271 | Credits: 41.08)

Thank you so much for the reply. It would certainly be nice if this could be settled by telling Check n go they are no licensed for installment loans.
If anyone can confirm this and let me know next steps, I would be very grateful.

Sub: #5 posted on Fri, 09/12/2008 - 23:06

mbuchanan mbuchanan

(Posts: 14 | Credits: 8.62)

Amaranth - how or where did you find out that installment loans are illegal in Illinois? I have an installment loan with Ck-n-Go too, and am curious to find out more!

Thanks!

Sub: #6 posted on Fri, 09/12/2008 - 23:26

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

If you go to either the Check n' Go or First Bank of Delaware website and try to "qualify" using your state information, it will also say directly on their websites that they are not permitted to loan to residents in the state of Illinois. So they are admitting themselves that they are not licensed to issue installment loans in Illinois.

Sub: #7 posted on Sat, 09/13/2008 - 04:00

Amaranth Amaranth

(Posts: 271 | Credits: 41.08)

Hmmm...now I am confused b/c so many store fronts here in Illinois (Check 'n Go included) actually PREFER giving installment loans to their customers b/c Illinois does not allow rollovers on PDL's.

I went to the Check 'n Go site and I didn't see where it does not say no restrictions for Illinois (I didn't go thru the application process), however, the 1st Bk of Delaware does restrict installment loans in Illinois - I believe b/c you have to actually be licensed in the state to lend - you cannot "piggyback" a license with a store front & a bank. Many states prohibit this now. It used to be more common.

Just an FYI, Advance America (AA) is licensed to lend, but it is actually a subsidy of Bank of America. Bk of America is not the lender, but since AA is a subsidiary of them, I am sure if they need cash, AA has access to it. Believe it or not, this is different than what 1st Bk of Delaware was doing.

If 1st Bk of Delaware doesn't fund the installment loans and Ck 'n Go does fund them directly themselves, does anybody know where they get their resources from?

So, I guess the issue here is, "is the installment loan legal or not?" I believe it is legal b/c 1) there are sooo many store fronts offering them and 2) if they were illegal, the state AG would've shut them all down by now. One is owned by a bank, the other was not owned but was trying to piggback on the license.

So how does this help the OP? Actually, it is information only. Where the checks you wrote all for the same day? Obviously, if you can borrow the money from a reliable source (not another PDL place), I would pay them off! If you can't, IMHO, I would close the account or stop payment on the checks (I know $27 each to stop pymt). Then I would ask Ck 'n Go (try calling another location) and ask them for their main office/collections department and call them to see if you can set up a pymt arrangement. Usually, in-house collections has a little more authority. BTW - When you spoke with the branch, did you speak with a manager? Usually they are willing to work with you. If you did and they were not helpful, call the main office.

Hope this helps. Let us know how it goes!

Sub: #8 posted on Sat, 09/13/2008 - 23:42

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

Go to the check no go website and click the big green box that says "installment loans".

In the box where it says, "check product availability", scroll to "Illinois" and hit "go".

Once you hit go, it gives you the following message in the box in red letters:

Unfortunately, Installment Loans are not currently available in your state. Our banking partner is developing improvements to the Installment Loan offering and we hope to make this product available in your state shortly. Please check back at a later time.

Sub: #9 posted on Sun, 09/14/2008 - 05:29

Amaranth Amaranth

(Posts: 271 | Credits: 41.08)

I just received a installment loan from Check N Go for $500 (6 month repayment period) and i live in California. Why was I able to get aloan from them?

Sub: #10 posted on Mon, 09/15/2008 - 01:30

adams4045 adams4045

(Posts: 10 | Credits: 3.58)

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