• Report: #622540

Complaint Review: Web/ or United Cash Loans--I didn't read the fine print.

  • Submitted: Mon, July 12, 2010
  • Updated: Mon, July 12, 2010

  • Reported By: SAVED BY THE FORMER UNITED EMPLOYEE — Asheville North Carolina United States of America
Web/ or United Cash Loans--I didn't read the fine print.
Internet United States of America

Web/ or United Cash Loans--I didn't read the fine print. internet loans, cash advance, fast money, money today, 1 hr loans, fast cash excessive finance charges, loan sharking, 684.38% interest, will make you set yourself up for the fall , Internet

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I borrowed $250 dollars in Feb 2010; the provider began debiting my account for $75 a month in March. This continued through June when they began debiting my account for $75 and an additional $50 per month. After that I thought I was done. This month I was charged $50 and $60 a total of $460 since I received the $250 loan. I was trying to find the companies contact info as every site led to a non-existent link for contact. I came upon Rip-Off Report and I noticed a post by a former United Loan employee. I read it thouroughly and realized that I had never read the contract in full. The fact is that these pay day advances are just that. They are meant to be paid back in full 1 month from the date of the loan. Otherwise they charge a finance charge every month you keep the original amt borrowed. So for me that was $75 x 4 months= 300 shot in the wind. Then they began to take a minimum of $50 for principle pay down, plus a finance charge, thus the $75 & $50, then $60 & $50 the next month. Fortunately the ex employee offered a phone number and I called. I spoke with a very pleasant woman who was able to assist me. She told me that if I paid the remaining principle on my next due date there would be no further finance, etc charges. The total is $195. She was very accomodating and she sent me an  email with the website to change my payment terms and another email with my login info, etc. I went to the site, signed in and scheduled the full payment to be made in August. So I paid out $460, now another $195. A total of 162% interest. I have only myself to blame. I will not use this service again or any other like it. They are honest but charging loan shark rates. If you have a problem please call them. They will not waiver on their fees but they are truthful. I did not think this was legal, but it is. It always costs more to be poor :(

This report was posted on Ripoff Report on 07/12/2010 12:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/Web-or-United-Cash-Loans-I-didnt-read-the-fine-print/internet/Web-or-United-Cash-Loans-I-didnt-read-the-fine-print-internet-loans-cash-advance-fas-622540. 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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