Hi all. I took out a $500 loan with Spotloan in January. I've been paying $97.65 every 2 weeks since February and have paid $683.06 to date. I sent them an email today saying that since they are not licensed in my state that they are exceeding the 45% APR that unlicensed lenders are capped at. I asked if they could lower my interest rate to a reasonable/legal rate (it's currently 490%). I have not heard back from them but I am currently unable to access my account. Any advice/experience with Spotloan?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.