500FASTCASH Contract says amount financed $300.00. Annual percentage rate 405.56%.1 payment due next month of $390.00. took 4 payments next four months optioned of $90.00 per month the next four months. Then debi, Internet

These companies charge very high interest rates for their loans, and their payment plans don't seem like they do much. They are spelled out in the fine print, but it's not always easy to understand.

Here's what happened. You signed up for a loan, and borrowed $300. From there, you have two options--one is to pay $390 on the given due date, and be done with the loan. That's repaying the original $300, and the $90 is for interest/fees. The problem is, you have to jump through a few hoops in order to do this option. It generally involves filling out information on their website, or getting in touch with them by phone. Neither of these are necessarily easy, because they don't want them to be--the sooner you pay off the loan, the less money they make.

If you do not jump through these hoops to pay off your loan with the first payment, it is assumed that you want the second option, which is to renew your loan. This is saying you will pay the finance charge, but not the original balance. You are just paying the fee, and putting off paying on the principal balance. They allow you to do this four times.

So, this is the point you're at with your understanding--you have paid them $90 a month for four months. But if you look at that logically, why would a company allow you to pay less if you take longer to pay? How are they going to make money if you pay only $360 for the service, instead of $390? At this point, you have not paid anything back, you've just been paying their interest fees.

So, they explain that "On the due date resulting from a fourth renewal and every renewal due date thereafter, your loan must be paid down by $50.00." So they're still going to charge you that $90 fee, but you have topay an additional $50 each month, that goes toward the principal balance.

The amounts in your post don't exactly match up with this, so it isn't extremely clear to me. You say they're debiting a total of $145; it should be $140, unless they're charging for the privilege of debiting your account. I'm not sureabout the $125 and the $110, as these should be $140 as well.

But, in reality, based on the terms they put forth in this contract, they are within their rights to do so. So, if you don't opt to pay it off sooner, this is how your payments will look:

Borrow $300

Month 1 - pay $90. No change to principal balance.

Month2 - pay $90. No change to principal balance.

Month 3 - pay $90. No change to principal balance.

Month4 - pay $90. No change to principal balance.

Month 5 - pay $140. Principal balance is now $250.

Month6 - pay $140. Principal balance is now $200.

Month7 - pay $140. Principal balance is now $150.

Month8 - pay $140. Principal balance is now $100.

Month9 - pay $140. Principal balance is now $50.

Month 10 - pay $140. Principal balance is now $0.

So, if you don't pay it off sooner, you will take 10 months topay off this loan, and at the end, you will have paid them $900 in fees and interest for the privilege. That is not worth the return!

I recommend you do whatever you can to pay off this loan asap, and read the contract carefully before entering into financial agreements in the future. This structure is explained in the fine print you posted, so it's there.

Payments deducted from bank account was $90.00 on 8/3/2010, $90.00 on 9/3/2010, $90.00 on 10/1/2010, $90.00 on 11/3/2010. Then two payments taken fully amounting to $140.00 December 3/2010. Two more payments were taken fully amounting to $125.00 January 3, 2011. They plan to take two payments February amounting fully to $110.00. March 3, 2011 they plan on taking another two payments amounting to $50.00 and $75.00 or something close to that. The contract soley states either pay in August $390.00 or four payments next four months of $90.00 Contract has me worried because there is no mail received USPS from 500Fastcash like normal companies do. It doesn't show thank you, or end of payments. Altogether so far I have paid $625.00. I am stopping this with my bank. They received more than they deserved. So many companies do not care anything for consumers and take financial needs from them and we cannot pay for other obligations.