Complaint Review: Cash Direct Express - Internet Internet

 I have discovered that the payday loan companies are all owned by; Bank of America, Chase, Wells-Fargo and other large banks. They have discovered a way to make money from people who have bad credit and can't get a loan based on their credit history and are desperate for a loan. They are rip-offs big time.

I TOOK OUT A PAYDAY LOAN FROM A PAYDAY LOAN COMPANY WHICH I WILL NEVER DO AGAIN FOR 500.00 DOLLARS. EVERY 2 WEEKS THEY HAVE TAKEN OUT 132.50 FOR A TOTAL OF 662.00. I THOUGHT I WAS FINISHED PAYING FOR THE LOAN AND CALLED TO FIND OUT I STILL OWE THE 632.00. I WAS TOLD THAT IM ONLY PAYING INTEREST ONLY ON THE LOAN. I FEEL LIKE I GOT SCAMMED. I THOUGHT IT WAS A ONE TIME FEE OF 132.50 FOR THE 500.00 LOAN.

First off I'm not claiming to be a victim ok so before you write something maybe you should think!This was my first time applying for a payday loan and trust me this will be my last...I read it before put in for the payday loan and the email that was sent to me did not say if I didn't pay in two weeks the full amount I would be responsible for triple what I asked for...I would have never applied for it if I knew that...And how stupid are you to reapply for another loan only to pay more money to them?These places take advantage of people when they are in need and charge outrages interest and give them no way of getting out..Payday loan places are illegal in NJ so makes you wonder how they can get away with it...There's more complaints about these places so I don't know how they can be in business..Oh I forgot because they have people like you who keep them in business..Regardless of what you say I will continue to fight this until I get the result I want and that's pay what I was supposed to pay and nothing more...

I also have had to use short term payday type loans at some point in my life.  I currently don't have a need for that financial product but am glad they were there when I needed them. 

Yes there are more risky financial products with higher costs associated to them, the problem is your not telling the the whole truth but want to play "the victim card"

When I took my payday advance a few years back it was a $500 loan at a cost of $25 per $100 that I borrowed for a two week period.  So I was expected to pay $625 back after a two week period.  I had the cash in my checking account in 24 hours and was able to fix my car to get to work.

After I reached the end of my two week period I didn't have enough money to pay the full $625 back so my payday lender allowed me to roll-over my loan, and essentually take out another loan for the $500 for another two weeks (for a fee of $25 per $100).  It's was as if I had paid the money I borrowed the first two weeks and took out another loan for another two weeks.  But in order to make the transaction easy for me, they didn't require me to reapply but instead just asked I pay the interest due for the first two weeks ($125). 

after about 2 months I had enough money to pay the full amount of $625 due after my 4th two week loan (renewal 4 times) 

So at the end of the day I paid a total of $500 in interest on a $500 loan. (well 4 - $500 loans technically)

So yes I paid a good bit of money for a $500 loan but at the end of the day someone helped me out and gave me the money I needed at that point in time when my bank wouldn't.  That's the bottome line. 

So yes I can sense your frustration, I was there, but understand that we cannot play "the victim" all the time we need to take responsibility for our actions and realize that sometimes when we are out of options, we need to explore all options and make the best decision and live with it.

The truth sometime is harder to get behind when it doesn't look good on your behalf.

That is just my take on the situation and I actually applaud  your payday lender for forcing you to actually pay someting towards your principle balance, instead of just interest...

Hope that helped put your situation into perspective.

~ A smart consumer is an education consumer with COMMON$EN$E