by just clicking a button — you can get all the cash you need. but as an albuquerque woman has learned… pay loans may be easy to get online.. but impossible to ever pay back. and today… an appeals court heard her case. crystal kobza has the story. andrea felts, an albuquerque school principal, says she just needed some extra cash to get by after her divorce. what happened in the next few months …. after using online payday loans… was a nightmare. “so i get behind, i called the companies to work
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06:10 pm out a payment plan, they wouldnt work anything out with me.” after taking a few 400 to 500 dollar loans… felts found herself not being able to pay down the loans. for example…. on one of the loans… the minimum payment was 120- dollars a month… just in interest. a few payments later… her principle balance remained untouched. “you had to pay the full principle amount, plus interest payments and that paid it in full. other than that you could keep rolling over every two weeks.” felts researched her rights under new mexico state law. she discovered there is a legal repayment period. but when she called the lenders, they told her they don’t follow state law and there was another twist. “after talking with andrea felts attorney, he says, that these companies, claim they don’t have to follow new mexico state law, claiming tribal sovergnity.” “