Can i sue lender for usury in small claims nj

I have a loan with loanpoint usa. It was for 500 originally, and they have taken $150 a month out of my bank as interest. They have taken almost $2,000.00 because they say these payments are fees and do not apply to the principal. Can\'t I sue them in small claims for usury? This is in New Jersey

4 Answers

Send them a letter and ask them to refund the money. Tell them that if you don't get back your money, then you'll sue them. 


As you are in NJ, you need not bother about all of these as payday lending is prohibited in your state. Why should you even waste a penny on such illegal lenders.


Payday lending is prohibited in New Jersey. All the lenders are illegal in your state. So you are required to payback only the borrowed amount. Ask them for the refund, as you have overpaid them. Close your bank account asap. If you want, you can file a complaint against them to the SAG or FTC.


Why bother?  The loan is illegal...therefore you only owe them principal...no interest or fees.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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