I took out a $500 loan for a short trip for my step-daughter's wedding. I received the loan on May 10 with the intension of paying it back after May 21. I had already made a payment of $76.50 on May 17. On May 22 I called to pay off the loan and was informed that because of the interest on the loan I would have to pay $560.85. I could not believe it!!
I loaned $500,made a payment of $76.50 and still owed them MORE than I loaned??? I was never told what the interest rate was, and did not think much about it thinking it could not be that much interest in 11 days. NEVER again!! There should be some law made making companies like this illegal.
Perry Mason
United States#2Consumer Comment
Tue, May 22, 2018
You were provided with a contract either on line or in the mail which YOU had to sign and agree to. YOU didn't even bother to read what you agreed to! By the way, you didn't loan them the money, they loaned the money to you!