- Report: #1077914
Report - Rebuttal - Arbitrate
Complaint Review: Castle PayDay Loans
Castle PayDay LoansWatersmeet, Michigan USA
Castle PayDay Loans This company charges you an interest rate of 888%, every time you make a payment it is like Groundhog Day, you never get past the first payment until you paid it 7 times, after the 7th.payment only 25$ goes towards the principal until the loan is paid off. I..E. if you borrow 500$, after 7 payments of 175$ every two weeks 20 more payments of 175$ to payoff the loan; for a total of 4200$! Remember my initial loan was 500$. Watersmeet Michigan
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I writing this report regarding Castle Payday Loans. When I applied for the 500$ loan, I was told my finance charge would be 175$ for a total of 675$, okay that's not bad, I was told my first payment of 175$ would be my finance charge, but what they did not tell me, I would be paying that 175$ every two weeks for 7 payments before any money would go towards the principal, once I pay the 7 payments of 175$, I would have to pay 20 more payments of 175$ with only 25$ of that going towards the principal. My total amount of money I would have to payback would be 4725$ Before the loan would be paid in full! Remember I only borrowed 500$. This is a warning to anyone considering borrowing money from this company! Borrower Beware!
This report was posted on Ripoff Report on 08/21/2013 03:56 PM and is a permanent record located here: http://www.ripoffreport.com/r/Castle-PayDay-Loans/Watersmeet-Michigan-49969/Castle-PayDay-Loans-This-company-charges-you-an-interest-rate-of-888-every-time-you-mak-1077914. 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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