AmeriLoan ripoff They misrepresent the word "Renewal". Internet

When reading the loan note agreement, my understanding of the word renewal ment if you did not want to receive another loan of another say $250.00, just let them know in writing and they will start deducting from your account in increments quoted.

I borrowed $250.00. My precentage rate was 684.38. Total I owed was $325.00. I fax them stating I did not want to renew the loan, they can begin
deducting the $75.00 finance charge and $50.00 after that to pay down my loan.

My preception of what they stated in the disclosure (agreement) was a totally different understanding. I thought renewal ment that if you werent going to renew the amount you borrowed again, then they would start taking payments out.

I thought it was going to go like this: finance charge $75.00, payment of $50.00 taken until the principle of $250.00 was paid. Instead it is going like this: $75.00 & $50.00 taken in one pay date with the $50.00 going towards the principle, $60.00 the next three pay dates.

They have taken a total of $245.00 in finance charges with only $50.00 going towards principles because I renewed my agreement 4 times. I still owe $200.00 in principle. If I had known renewal ment that they got to keep taking the finance charge until I paid the principle in full I would have paid them and never looked back.

My feeling is, they should take that word renewal and shove it. There are other people out there who will not be able to pay all in one payment and who may think that renewal means that the $250.00 dollars you borrowed
initialy, you can automatically renew. If you don't to, just pay the finance charge and one initial payment of $50.00 the first payment, then $50.00 until paid in full.

It was my fault for not checking first, but when you have to search high and low for a phone number and they don't list an address you want to trust your instincts because you are in need of money.

I hope any one who reads this can understand it because if it sounds like jiberish that is what that loan disclosure sounded like to me. I will never do business withe likes of ameriloan or any other loan company over the internet.
I'll go to a place where I can talk to somebody in person and know that if I didn't pay on the due date and the loan renewed, but I don't get another $250.00, I would find a way to pay them in full on the due date.

I will always hate the word "RENEWAL" now because my concept of renewal is that when something renews itself you benefit from it by getting something.
I also whish I had come to this website before doing business with ameriloan. I have never seen somany complaints. I have learned a lesson.

Cynthia
Trotwood, Ohio
U.S.A.