Complaint Review

Money Mutual

Report: #971827

Submitted:
Tue, November 20, 2012
Updated:
Tue, November 20, 2012
Reported By:
mcsef
Washington District of Columbia United States of America
Name:
Money Mutual
Address:
Internet United States of America Phone:

Category:
Loans

Money Mutual Clear Creek Lending Exorbitant interest rates. Bordering on 600% APR, Internet


Money Mutual is the company that uses Montel Williams, a well known black celebrity, in the promotion of payday loans.  Money Mutual's website does not disclose terms and fees for the loans, instead, they say they will put you in contact with a lender.

I borrowed $1500.  I received $1488.00 (there is a $12 fee). The lender ended up being Clear Creek Lending.  They set up semi-monthly deductions from my checking account in the amount of $240.  In 30 days, the received $480.

On the 30th day I decided to pay off the loan in full.  The amount?  $1722.00!!!!!!! That means I paid $714 for a 30 day loan of $1500.  That is 46.6% on 30 days of interest.  Annualized I would have paid over 400%. Shame on Montel Williams for lending his name to these predators.  Predatory loans are illegal in many states.  And they prey on the poor.


This report was posted on Ripoff Report on 11/20/2012 10:57 AM and is a permanent record located here: http://www.ripoffreport.com/r/Money-Mutual/internet/Money-Mutual-Clear-Creek-Lending-Exorbitant-interest-rates-Bordering-on-600-APR-Intern-971827. 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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