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In a bind I took out a loan with Great Plains. I've paid 2 of 12 payments. I've been doing some research and it looks like loan companies are supposed to be licensed in Alabama to operate. Trying to figure out what to do next. Am I legally bound by this contract? How do I address this with Great Plains? Any help would be greatly appreciated.
Legally bound by this contract?
Welcome to the forums!!!
Great Plains is an illegal lender all over the state of US. You owe them nothing more than the principal. No interest, no fees. The contract is invalid and void. Close down your old bank account and open a new one to stop debiting money from your account. Don’t worry mate, illegal lenders can’t do anything.