• Report: #1082498

Complaint Review: MOBILOANS

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  • Submitted: Sat, September 07, 2013
  • Updated: Sat, September 07, 2013

  • Reported By: Bob Navarro — Ocean Park Washington
MOBILOANS
, Louisiana USA

MOBILOANS Exorbitant rates--false advertisement Louisiana

*Author of original report: What about the other complaints?

*Consumer Comment: Go Ahead...Report Them!

*Author of original report: Au contraire

*General Comment: Loans

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I took out a $1500 loan on the premise that I would be charged $3 for every $20 borrowed.

So far I have made payments that total amost $700--and I have only reduced the principal by $15!

They are scam artists, and I intend to turn them in to the Attorney General of WA


This report was posted on Ripoff Report on 09/07/2013 08:47 AM and is a permanent record located here: http://www.ripoffreport.com/r/MOBILOANS/Louisiana/MOBILOANS-Exorbitant-rates-false-advertisement-Louisiana-1082498. 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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REBUTTALS & REPLIES:
2Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

What about the other complaints?

AUTHOR: Bob N - ()

It seems like I am being singled out. There are other complaints about this shady outfit. Amortization, my a**...excessive usury is more like it. These guys are crooks, but I guess that's okay with you.

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#2 Consumer Comment

Go Ahead...Report Them!

AUTHOR: Jim - ()

The A/G needs some laughs!  But before we go one step further, don't even waste your time saying "you must work for them" or other immature crap.  When people like Bob don't have the capability of offering an intelligent, point-by-point rebuttal, that's their sorry response!

Why is it I can go to their website and see the finance charges and you can't/won't?  The time to complain about the interest rate is NEVER!  You were shown/told the interest rate structure.  At that exact point, you could have decided it was too much for you and not taken out the loan!  However, YOU agreed to those rates.  Secondly, as has been said, interest is paid FIRST.  There is NOTHING illegal, immoral or unethical about that.  Its called "amortization" and is done thousands and thousands of times per day. 

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#3 Author of original report

Au contraire

AUTHOR: Bob N - ()

My Transunion score is 694. They are also not licensed to do business in WA They have been warned by the Attorney General, but they have ignored him. Sounds like you work for these Indians!

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#4 General Comment

Loans

AUTHOR: Tyg - ()

 Any loan is painful but even more so if you have craptastic credit. From the sounds of it thats exactly what you have. Because of your poor credit, that is why you are charged such a high interest rate. You are a high risk client. SO you are charged the highest amount of interest LEGALLY allowed. Note the key word there, LEGALLY!! Its not a scam, its the cost of doing business with such horrible credit. What you need to do is pay this off. First it will halp with your credit. Second make extra payments so you can pay off the principle. The faster you can lower the principle that faster you can get out of the loan. The major problem is that ppl tend to ONLY pay the minimum. This means youre only paying the interst. Get that principle down and you will see this loan disappearing quickly.

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