Installment loans are similar to payday loans, only with a longer time period to pay the massive interest rate associated with the loan; generally a few months to a few years. Unfortunately, many players in this industry fail to follow relevant state and federal laws in dealing with their customers. Maginnis Howard represents consumers in claims against installment loan companies for fraud and misrepresentations prior to entering into the installment loan contract, improper insurance tactics, and unfair debt collection.
Investigating Install Loan Companies
Maginnis Howard is investigating efforts by installment loan companies to combine installment loans with unnecessary insurance products. North Carolina caps small loans an interest rate of 36% APR. North Carolina law has strict regulations regarding the advertisement and marketing of insurance products. Any misrepresentation during the course of a “pitch” is per se unfair and deceptive trade practices. Generally, companies are very strict about what its sales providers can say in support of their financial or insurance product. “Off the cuff” remarks that sound very casual are almost certainly scripted. If you were tricked into purchasing insurance associated with installment loans, contact our firm to discuss further.
Calls to customer homes, workplace, family, and friends are routine in efforts to collect these debts. These calls almost certainly violate the North Carolina Debt Collection Act and federal statutes like the Telephone Consumer Protection Act. Installment loan also may threaten to garnish wages in connection with attempting to collect debts. This would also violate the North Carolina Debt Collection Act. Maginnis Howard has significant experience handling cases under these statutes. We’ve secured numerous six figure settlements for our clients against harassing debt collectors.
Installment loan providers such as One Main Financial, Springleaf, Lendmark Financial and Carolina based companies Security Finance, National Finance, and Regional Finance seem to have cornered the market. But we are also investigating small providers such as: Mariner Finance, MyFlexCash, WireLend, Avant, Blue Trust, MaxLend, Green Leaf, 36 Month Loans, and others. One company JustMilitaryLoans “specializes” in providing rip-off loans to the military. Their business targets anyone who has encountered financial difficulty events like the loss of a job or a medical emergency.
Representation Against Installment Loan Companies
If you are dealing with unfair or harassing collection tactics by an installment loan company, contact us today. Call us at (919) 526-0450 or through our confidential contact page. You can also subscribe to our mailing list to learn about the rights you have under consumer protection law.