• Report: #843145

Complaint Review: AMERILOAN

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  • Submitted: Wed, February 22, 2012
  • Updated: Wed, February 22, 2012

  • Reported By: Robert — El Paso Texas United States of America
AMERILOAN
Internet United States of America

AMERILOAN At first glance AMERILOAN seems to be the typical payday loan offer. But NOOOOO. Internet

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At first glance AMERILOAN seems to be the typical payday loan offer.  But NOOOOO.  I engaged with them on a simple $400 payday loan. They sent documents via email that showed a payoff amount of $520.00 with payday "PAYMENTS" of $120 dollars. They even list the next 4 payment dates on the emails that were sent. THEN after making 4 payments for a total of $480 dollars with what I am thinking is a $40 balance I get a reminder for a $170 payment!!!  When I call I find out
that the $480 paid for the last 4 paydays has been a finance charge and from here forward I now owe 8 More payments of $170 dollars which is a $50 principal payment and another $120 finance charge. 
This is a TOTAL of $1840 dollars paid over six months for a simple $400 payday loan!!!!  over $1400 in finance
charges for a staggering 700 percent APR. 
How can they get away with this!!! 
Then more fine print lets you know that they are operating as a Sovereign Indian tribe and thus you cannot file suit against them!!  Please help me stop these con artist. [continued below]....
.....  There information is very deceptive and many folks are suffering in this recession and companies like these are taking what little money we have left.  Please HELP

This report was posted on Ripoff Report on 02/22/2012 07:56 PM and is a permanent record located here: http://www.ripoffreport.com/r/AMERILOAN/internet/AMERILOAN-At-first-glance-AMERILOAN-seems-to-be-the-typical-payday-loan-offer-But-NOOOO-843145. 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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