I took a payday loan from Devon Financial Servic

I took a payday loan from Devon Financial Services, 6414 N. Western-Chicago, IL. 60645.

The original loan amount was 300.00. I defaulted on the loan. They are now asking for 1,678.91.

This is a storefront loan, not internet. What are my rights living in the state of Illinois.

Thanks

2 Answers

Payday loan is legal in Illinois. You can contact with Illinois Division of Financial Institutions to know whether or not Devon Financial Services is licensed in your state. If the payday lender is licensed in your state, then you will have to pay the principal amount including interests and other fees. Otherwise, you will have to pay the principal amount only. You should follow your state payday loan laws. The following link may help you in this regard:
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
 


You should contact your local debt relief companies and check out if you can settle the storefront loans with their help. 


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