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We got an online loan from plain greens and made 4 payments of $153.00... We want to pay it off and the woman said we need to pay $929.00 more. The loan was originally $800 taken on Nov 17. We are living in NJ and the people from plain green said that they are not a payday loan company when I mentioned that the interest rate allowed in NJ is just 30% maximum APR for financial institutions and that payday loan is illegal in our state. What are we going to do?
Mentioned interest rate allowed in NJ
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Plain Green is an illegal lender. You are required to pay them only the borrowed amount. No interest, no fees. Just close down your old bank account and open a new one to stop debiting money from your account. Moreover payday lending is prohibited in NJ.