- Report: #987017
Report - Rebuttal - Arbitrate
Complaint Review: Qloot DMA Financial, Corp.
Qloot DMA Financial, Corp.2920 N Green Valley Pkwy Ste 514Henderson, NV 8901 Internet United States of America
Qloot DMA Financial, Corp. Qloot, DMA Financial, Corp. Payday loan with abusive interest rates Internet, Internet
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LENDER: DMA Financial, Corp. d/b/a VIP Cash
160 Greentree Drive Ste 101
Dover, DE 19904
FEDERAL TRUTH IN LENDING DISCLOSURES ANNUAL PERCENTAGE RATE
Amount Financed: The amount of credit (loan) provided to me $300.00.
The cost of your credit as a yearly interest rate 721.148%
The dollar amount the credit(loan) will cost me (for taking the loan) $1,509.60.
Total number of Payments 20. [continued below]....
Amount of Payments $90.48.
The amount I will have paid after all payments are made as scheduled $1,809.60.
This type of loan structure is predatory.
If I was seeking aid then there is no way I can pay back SIX (6) times what I am borrowing.
The usual fee for payday loans is usually $25.00 per $100.00 borrowed.
The terms of this loan charges a fee of $503.00 per hundred borrowed.
This report was posted on Ripoff Report on 12/26/2012 08:43 AM and is a permanent record located here: http://www.ripoffreport.com/r/Qloot-DMA-Financial-Corp/internet/Qloot-DMA-Financial-Corp-Qloot-DMA-Financial-Corp-Payday-loan-with-abusive-interest-r-987017. 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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