Where can I find title loan laws - or can you help?
I know this is probably the wrong forum, but I'm not sure where else to post, I have a title loan - stupid desperate move - but here I am.
I live in IL & borrowed $3,000. Monthly interest = $657.00. I always pay more, so principle is now $1,200.
Question 1: Are they obligated by law to send a monthly statement even if you overpay? Each time I overpaid they sent no statement the following month. When I call to ask they said I overpaid so much that I'm not due for a payment & can skip a month. Each time I asked them to mail a statement anyway - they said they would but never did. (just want to add I know the reason they did this is because me skipping a payment mean more interest payments for them. I kept paying each month so I can get out of this loan)
Question 2: Shouldn't my monthly payment be reduced because the daily interest rate should now be based on $1,200 vs. $3,000? They still request a minimum $657.00 per month. Now I'm worried I don't understand how title loans work. Can they charge the original monthly interest until the loan is paid in full regardless if you have bought the principle down? I hope I'm wrong, but can they do that? I had a car title loan years ago with another place - the more I paid towards the principle the lower my interest payment became. Has something changed over the years?