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Installment Loans – One Main Financial, Security Finance, National Finance, and Regional Finance

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 Law is representing 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.

Maginnis Law is investigating efforts by installment loan companies to combine installment loans with unnecessary insurance products. North Carolina caps small loans at any interest rate of 36% APR, already such a high figure that it is extremely difficult to repay if you fall behind. 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. Such calls by World Finance would almost certainly violate the North Carolina Debt Collection Act and potentially 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 Law has significant experience handling cases under these statutes and have secured numerous six figure settlements and verdicts for our clients against defendants who utilize harassing phone calls to attempt to collect debt.

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 with large web presences 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. Of course their primary target is anyone who has encountered financial difficulty through an unexpected event, such as a loss of a job or a medical emergency.

If you are dealing with unfair practices or harassing collection tactics by an installment loan company, contact Maginnis Law, PLLC to discuss your rights. We can be reached 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 against large corporations.