Im getting charged about 300% interest on a loan therefore making too hard to get my pawn out

Asked 5 months ago - Perth Amboy, NJ

i pawned a ring for 300 dollars. i was told to pay back 400 dollars back in a month. Which seemed like alot and illegal but i wasn't sure so i did it. Its been about 4 months and they want 700 dollars. that seems like an illegal price to me now and ive dont this before with them thinking the % was legal. im at about 300% payback on my loan and need the ring out but its just adding up too much what can i do. next month they want 800 on a 300 dollar loan

Attorney answers (2)

  1. Madeline L Houston

    Contributor Level 8

    2

    Lawyers agree

    Answered . If you were required to pay $400 after one month to get back a ring you had pawned for $300 this would appear to be in violation of New Jersey law and you should consult an attorney. Many attorneys, such as the attorneys in this office, Houston and Totaro, provide free consultations and take cases on a contingent basis. You should consult an attorney of your choice

  2. Michael T Warshaw

    Contributor Level 17

    Answered . This is the 2nd time this question is posted. See my prior answer.

    The content of the this submission is intended to provide general information on the topic presented, and is... more

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