Installment loans are similar to payday loans, only with a longer time period to pay the massive interest rate associated with the loan; generally, it is a few months to a few years. Unfortunately, many players in this industry fail to follow relevant state and federal laws when dealing with their customers. Maginnis Howard represents consumers in claims against installment loan companies for fraud and misrepresentations before entering into the contract, improper insurance tactics, and unfair debt collection.
What Are Installment Loan Companies?
Installment loan providers such as One Main Financial, Springleaf, Lendmark Financial, and Carolina-based companies Security Finance, National Finance, and Regional Finance have cornered the market. However, 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, such as a job loss or a medical emergency.
Investigating Installment Loan Companies
Maginnis Howard is investigating efforts by installment loan companies to combine installment loans with unnecessary insurance products. North Carolina caps small loans at an interest rate of 36% APR. North Carolina law has strict regulations regarding advertising and marketing insurance products. Any misrepresentation during a “pitch” is, per se, unfair and deceptive trade practices. Generally, companies are very strict about what their sales providers can say regarding their financial or insurance products. “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.
Unlawful Debt Collection by Loan Companies
Calls to customers’ homes, workplaces, 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 companies may also threaten to garnish wages when attempting to collect debts, which 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.
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. We represent clients dealing with predatory lending issues across the Carolinas from our Raleigh, Charlotte, and Fayetteville offices.
