A way out of a Western Sky Consumer Loan?

[hyun-su]

Don't judge me. Yes - I took out a loan knowing the interested rates. I was desperate.
On the original contract (dated May 31, 2012) and a copy of it I just pulled today (July 24, 2012), my first payment was due on July 1, 2012 in the amount of $292.50. Well, on July 2, 2012 (July 1 was a Sunday), Cash Call withdrew $304.21. Um - why the difference?
The next payment per the "contract" is due on August 1, 2012 for $294.46 (the same amount for the next 47 payments). If that amount differs....do I have a leg to stand on to get out of this loan by paying back the original amount financed (period)? Has anyone else found a way out of this loan?
I live in Ohio - any laws to get me out of this?

Again - I AM WILLING TO PAY BACK THE ORIGINAL FINANCED AMOUNT. Don't judge me...I am already kicking myself!!!

[tate8]

Don't judge me. Yes - I took out a loan knowing the interested rates. I was desperate.
On the original contract (dated May 31, 2012) and a copy of it I just pulled today (July 24, 2012), my first payment was due on July 1, 2012 in the amount of $292.50. Well, on July 2, 2012 (July 1 was a Sunday), Cash Call withdrew $304.21. Um - why the difference?
The next payment per the "contract" is due on August 1, 2012 for $294.46 (the same amount for the next 47 payments). If that amount differs....do I have a leg to stand on to get out of this loan by paying back the original amount financed (period)? Has anyone else found a way out of this loan?
I live in Ohio - any laws to get me out of this?

Again - I AM WILLING TO PAY BACK THE ORIGINAL FINANCED AMOUNT. Don't judge me...I am already kicking myself!!!

I just looked at their website: Please say that you did not take out a $2,500 loan where you pay $292.50 per month over 47 months...meaning a total payoff of $13,747.50 for a loan of $2,500. Their interest rate is 139.22% with a monthly loan fee of $75. You probably would have gotten better terms from a loan shark or the mafia.
When you sign a contract you agree to their terms, however horrible they may be.

I can think of one way out this situation, and it's not good: deliberately defaulting on the loan...and settling the amount for close to the original defaulted amount when you have the funds to do so. Get all terms in writing before you pay. Of course, they might respond to this by taking you to court, if they do: show up in court so that you can get a judgement that is more in line with the original loan amount. Almost all states limit interest on judgements to 10%.

[chadburne48]

you can call the lender to ask "WTF?", but regardless of anything else to get the loan cancelled you'll have to repay more than just the origianl principal. for ANY person or entity, there are costs associated with making a loan and this lender, in particular, will NOT eat the loss willingly.

[eochaidh94]

I assume the first payment was a bit higher because it included a fee to wire the money to your bank account, or some type of loan origination fee.

According to their website you can prepay your loan at any time without penalty. You should owe an amount very close to what you originally borrowed but it won't be EXACTLY what you originally borrowed. They probably charge interest every day until paid in full, so you should call them to find out exactly how much you owe assuming your repayment reaches them on a particular day.

So for example if you think you can wire the money to them on Thursday, ask what your payoff amount would be if the loan is paid in full on Friday.

[oakley]

You signed the contract agreeing to the terms. You are responsible for the entire amount