Lenders pick and choose where they lend, generally avoiding states that vigorously enforce their laws.
The NCLC site says, “Rent-a-bank schemes are of questionable legality. Check ‘n Go also directly offers high-cost installment loans in several other states.” – Source
Xact loans are offered in several states that do not allow installment loans at those rates. The guide says, “Check ‘n Go offers the Xact installment loan through FDIC-supervised Capital Community Bank. See also FTC Shuts Debt Collection Company That Threatened Consumers APRs will vary depending on credit qualifications and loan amount.” In the small print on the website, I found “Annual percentage rate “APRs” range from. If you have junk mail you’d like to sell, click here. This mailer was sent to me through my I Buy Junk Mail program. The mailer did not seem to talk about interest rates so off to the Xact site, I went. The mailer mentions “no in-store hassle” and the website says “Loan due date aligned with payroll date” and for me that sounded a bit like a payday loan. There were a few key phrases that made me want to know more. I admit the mailer is a bit blurry but the mailer alone was enough to start me digging. A wonderful reader sent in this mailer from Xact which is a great example of the type of advertising that always makes me want to know more.
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