Fingerhut Informative - Truth In Lending Laws-Violations - Lending
SAINT CLOUD, MICHIGAN -- This company been and has been in Violation of the Federal Truth in Lending Act. Which states that any company who lends on time payments and charges interest, must state on the product the interest rate, The full price, the amount of payments, which they do not, they only state it on the finance page. Which is now over 24%, and CIT banking is financing them. The F.D.I.C enforces this law.
Basically it comes down to this if you bought anything from them on time, you can cancel the contract, because of illegal violation of not reporting the full interest rates. The Interest rate must be printed under each item they sell advertising time payments. Every and All contracts on time is Voidable, due to Illegality, with the Fingerhut Operation.
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