- Report: #939235
Report - Rebuttal - Arbitrate
Complaint Review: 500 Fast Cash
500 Fast CashInternet United States of America
500 Fast Cash AmeriLoan My husband and I accepted a payday loan from 500Fast Cash for $500.00 on 6/15/12. Our first minimum payment due would be 6/29/12 for $150.00 of which that amount would be deducted out of our account , Internet
A business' first
line of defense
on the Internet.
If your business is
willing to make a
Click here now..
changed but never was applied to the principle amount of the loan even after making 6 payments. After speaking to the customer service rep he stated that it does say in the contract a New loan and loan amount is generated each time a
payment is made which creates a new payoff amount.
Also, the first 4 payments that we made were applied to service charges only and Did Not apply to the principle amount at all. After now 8 payments my balance went from $500.00 to $520.00 as of 9/10/12. I asked the rep how we could terminate this never ending loan and he stated we would have to pay an additional $400.00 as of today to completely
fulfill the loan requirements. As of today on a $500.00 loan we paid a total of $1485.00. I am very aware that common practice with payday loans are not good business sense however the misleading advertisement is unconstitutional and I do hope that there will be enough complaints that something legally will be done.
This report was posted on Ripoff Report on 09/10/2012 04:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/500-Fast-Cash/internet/500-Fast-Cash-AmeriLoan-My-husband-and-I-accepted-a-payday-loan-from-500Fast-Cash-for-500-939235. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
- Keep the name short & simple, and try different variations of the name.
- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
- Use only the first/main part of a name to get best results.
- Only search one name at a time if Company has many AKA's.