sacs15 Posted January 24, 2008 Report Share Posted January 24, 2008 i was just wondering if it is possible to sue for a creditor charging a high interest rate even though your credit was good? When I say high i mean 30% for someone with excellent credit...However, at the time I wasn't well informed about what type of rate I should have gotten. And now that they are trying to sue me for not paying them, can I sue them because they overcharged me based on my credit? I know ii's my fault for agreeing to the terms, I wonder if there is a way to get even so to speak because they took advantage of my lack of knowledge. Thanks. Link to comment Share on other sites More sharing options...
jq26 Posted January 25, 2008 Report Share Posted January 25, 2008 No. You have to have a legal basis for your claim. There is no legal theory to which you'd be entitled to recovery. The fact that you didn't like paying 30% is irrelevant. Link to comment Share on other sites More sharing options...
cjtx Posted January 25, 2008 Report Share Posted January 25, 2008 Some states have usury laws that limit the maximum interest rates that may be charged by a creditor. Unfortunately, most banks are based in states with bank-friendly usury laws like Delaware, which apply even if your state has consumer friendly laws. Go figure. Link to comment Share on other sites More sharing options...
CleverCynic Posted January 25, 2008 Report Share Posted January 25, 2008 Is this a credit card or a payday loan? If it's more along the lines of the latter than they are going to charge a minimum amount to make it worth their while no matter what your credit is. Especially any really short term loans. Link to comment Share on other sites More sharing options...
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