- 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
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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.
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