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CalAttorney2
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10236
Experience:  Civil litigation attorney for individuals and businesses.
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I have a been borrowing money from my Truck from Loanstar

Customer Question

I have a been borrowing money from my Truck from Loanstar over a year i have contracts for the same amount of the loan and my interest fees for 7000.00 were only 1823.41 so i paid it off within the 30 -45 day every time then 3 months later they new we needed the money 3 months later for the same amount and they my 7000.00 loan payoff was 10458.00 to be paid in 30 days. but if i maid payments month to month i would owe the 1823.02 over a 5 month payment plain so my 7000.00 would be 18106.12 payoff that is triple of my loan.
Submitted: 1 year ago.
Category: Legal
Expert:  CalAttorney2 replied 1 year ago.

I am sorry to learn about this situation.

Unfortunately these auto title loan places are terrible businesses that take advantage of consumers in financial hardship. The Texas Attorney General gives some information on these loans (as well as a link to make a complaint either to the AG's Office or to the TX Department of Banking: https://www.texasattorneygeneral.gov/cpd/loans#complaints). These two agencies can review your loan in more detail and if appropriate take administrative action against the lender, but unfortunately, in most cases these high interest loans fall within statutory exceptions to the usury laws.