Complaint Review: MONEY KEY - Wilmington DE
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- Author Not Confirmed
- MONEY KEY 3422 Old Capitol Trl Ste 1613 Wilmington , DE United States
- Phone: 866-255-1668
- Web: www.moneykey.com
- Category: Loan Scam
MONEY KEY MONEYKEY-IL INC CHARGED 200% INTEREST WHICH IS AGAINST THE LAW IN THE STATE OF CALIFORNIA! - USURY Wilmington DE
*Consumer Comment: How to stop them
Show customers why they should trust your business over your competitors...
On Friday, Sep. 13, 2019.... California passed legislation that would make loans like these less expensive for residents.
The California State Legislature passed the Fair Access to Credit Act, which blocks lenders from charging more than 36% on consumer loans of $2,500 to $10,000. Previously, there was no interest rate cap on loans over $2,500, and the state’s Department of Business Oversight found over half of these loans carried annual percentage rates of 100% or more.
MONEY KEY IS A PREDATORY LENDER AND NEEDS TO BE STOPPED!
This report was posted on Ripoff Report on 04/01/2020 03:10 AM and is a permanent record located here: https://www.ripoffreport.com/report/money-key/wilmington-il-charged-against-1493514. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
How to stop them
AUTHOR: Robert - (United States)
SUBMITTED: Thursday, April 02, 2020
You want them stopped..okay don't accept the terms of the loan. If enough people do that they will have to either lower their interest rates or stop offering loans. Oh and guess what that doesn't need any state legislature involvement.
As for the California law you cited. What's your point? According to their site they only offer new loans in 12 States and California isn't one of them. If you had a loan with them before 1/1/2020 wheb the law became active then blame the State Legislature as there seems to be no language or provisions in the law that says the rate cap is retroactive. In this case perhaps you should find one of the other lenders who are now subject to the maximum cap and get a loan with them to pay this one off.
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