• Report: #987017

Complaint Review: Qloot DMA Financial, Corp.

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  • Submitted: Wed, December 26, 2012
  • Updated: Wed, December 26, 2012

  • Reported By: gunslingergirl — Alabama United States of America
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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DMA FINANCIAL Corp. d/b/a VIP Cash PROMISSORY NOTE AND DISCLOSURE STATEMENT
LOAN AGREEMENT 
LENDER: DMA Financial, Corp. d/b/a VIP Cash
160 Greentree Drive Ste 101
Dover, DE 19904
352421-888-678-2999

BORROWER: (redacted)

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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