Complaint / Review
Cash Call
C I took out a loan with them about six months ago and they took the payment out of my checking account the 1st of each month. Around November 20th I instructed them they no longer had permission to deduct from my checking account

They deducted it on 12-07. I called my bank and told them that they did not have permission to do this. I consider it fraud.
I did additional research and found out that the law in Georgia states the maxium interest rate for amounts under 3,000 can not exceed 16%. I am contacting the Georgia Attorney General's Office on Monday and file a complaint against them.

: title 7. Banking and finance
chapter 4.interest and usury
article 1.in general

O.C.G.A. 7-4-2

7-4-2. Legal rate of interest; maximum rate of interest generally

(a) (1) (A) The legal rate of interest shall be 7 percent per annum simple interest where the rate percent is not established by written contract. Notwithstanding the provisions of other laws to the contrary, except Code Section 7-4-18, the parties may establish by written contract any rate of interest, expressed in simple interest terms as of the date of the evidence of the indebtedness, and charges and any manner of repayment, prepayment, or, subject to the provisions of paragraph (1) of subsection (b) of this Code section, acceleration, where the principal amount involved is more than $3,000.00 but less than $250,000.00 or where the lender or creditor has committed to lend, advance, or forbear with respect to any loan, advance, or forbearance to enforce the collection of more than $3,000.00 but less than $250,000.00.

(B) Where the principal amount is $250,000.00 or more, or the lender or creditor has committed to lend, advance, or forbear with respect to any loan, advance, or forbearance to enforce the collection of $250,000.00 or more, the parties may establish by written contract any rate of interest, expressed in simple interest terms or otherwise, and charges to be paid by the borrower or debtor.

(C) Nothing contained in this subsection shall be construed to prohibit the computation and collection of interest at a variable rate or on a negative amortization basis or on an equity participation basis or on an appreciation basis.

(2) Where the principal amount involved is $3,000.00 or less, such rate shall not exceed 16 percent per annum simple interest on any loan, advance, or forbearance to enforce the collection of any sum of money unless the loan, advance, or forbearance to enforce the collection of any sum of money is made pursuant to another law.