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Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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How do I get out of a predatory loan with nothing but e-signatures.

Customer Question

how do I get out of a predatory loan with nothing but e-signatures. they moved me into a small room shot photos of my truck and got the title. I didn't ask for them to pay off my truck. I asked for 10,000. to get my teeth fixed but they paid off my truck and their sister company one main. the interest on my truck was 2.95% and the interest rate on my one main loan was 8%. I made one payment of 400.00 and the principal was 3.98. all the rest went to interest. I never signed anything nor gave them permission to take my truck as collateral. isn't this against the law?
Submitted: 6 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 6 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You said you never gave them permission to take your truck as collateral, but you need to read the documents that you e-signed (since you received the money you had to sign something) as electronic signatures are legally acceptable. What does the e-signed document say about your truck being collateral, because that is what you are bound to?