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Collections on PD Loan in TN

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I live in TN and have received notification from a copmany that obtained my PD loan and I think it may be illegal against the TN law as the interest rate is over 600%

Do online PD loan companies have to comply with the TN state maximum interest rates as the consumer lives in TN or can they charge whatever they like based on where their business is located?




Your state laws prevail no matter what the illegal lender says

Sub: #1 posted on Fri, 11/15/2013 - 02:55

bingonut bingonut

(Posts: 1433 | Credits: 168.82)

If the lender is illegal in your state, then you owe them nothing more than the principal balance. Don’t pay them an extra dime other than the borrowed amount. Close down your old bank account and open a new one to stop debiting money from your account.

Sub: #2 posted on Fri, 11/15/2013 - 10:50

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