Nearly all lawsuits against consumers today are for relatively small amounts, says Michael Bovee, president of Consumer Recovery Network, a debt settlement company. The lenders typically win because consumers dont show up to court. The judge then enters a summary judgment, and the court can begin to collect the money you owe on behalf of the collections agency.
Depending on your state law, you are exposed to property liens, bank account levies and wage garnishment, Bovee says. You should never ignore a lawsuit, says Lauren Saunders, associate director of the National Consumer Law Center. Show up in court and ask them for proof that you owe them the money, because often they show up without proof, Saunders says. A CFPB review of one lenders lawsuits found that 70 were dismissed for lack of proof. Other options if you cannot pay a payday loan.
Customers with credit difficulties should seek credit counseling. ACE Cash Express, Inc. is licensed by the Department of Business Oversight pursuant to Financial Code Section 23005(a) of the California Deferred Deposit Transaction Law. Certain loans in California are made or arranged pursuant to Department of Business Oversight California Financing Law.
Loans in Minnesota made by ACE Minnesota Corp. Loans in Ohio arranged by FSH Credit Services LLC dba ACE Cash Express, CS. 900100. 000, and made by, and subject to the approval of, an unaffiliated third party lender.
Loans in Texas arranged by ACE Credit Access LLC and made by, and subject to the approval of, an unaffiliated third party lender. ACE Cash Express, Inc.
These loans are meant to protect you from predatory lending tactics. An Overview of Louisiana Installment Loans. There are no strict laws governing lenders in the state of Louisiana. Therefore, the state is a great place for lenders since the rates and charges are not closely monitored. Although much stigma has been attached to payday loans, they can relay help you during emergency situations.
In any case, it is still important to get acquainted with Louisiana cash advance laws. Some knowledge of the overall cost will help you determine whether to take a loan or not.
Take Your Time to Perform Research. It might be understandable if you are in a haste to obtain a cash advance in Louisiana. However, a thorough research will help you get the relevant information you need before making a decision.