Last year my Husband borrowed $500.00 and they stated upon signing there would be $650.00 paid back in total interest charges. Payments were $110.00 each month.
We figured 6 months to pay off. After the 5th months in we called because we knew we were getting close to payoff and they stated we still owed $989.00!!!!!!! I screamed, I asked why? They stated since you failed to pay it off in 60 days the loan rolled over and renewed itself.
They never disclosed that upon signing, they only pointed out the $650.00. Time and time all you’ll hear is “well you signed the contract”. We ended up paying $1500.00 on a $500.00 loan!!!!! That’s insane interest and should be against the law.
But Delaware is a haven for formations of companies as such for they do not have caps on interest rates and they get away with fraud!!!! I hope this company goes down like Scott Tucker did 16 years in prison!! He operated his companies the same way with confusing TILA disclosures never mentioning months of payments will only go to interest never principle. You can only get away with this for so long!!
State attorney generals office what are you guys doing about this of the hundreds of thousand of consumers getting ripped off?
The BBB is flooded with complaints about them , get off your butts! All payday loans as mentioned need a cap on all INTEREST RATES or SHUT THEM DOWN.
Product or Service Mentioned: Check N Go Loan.
Reason of review: Problems with payment.