• Report: #1118398

Complaint Review: Castle Payday Loans

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  • Submitted: Sat, January 25, 2014
  • Updated: Sat, January 25, 2014

  • Reported By: Linda — Delphi Indiana
Castle Payday Loans
P.O. Box 704 Waterstreet Michigan Waterstreet, Michigan USA

Castle Payday Loans When I applied for loan I at first tried to cancel my application but was later called by the company and told I had been approved for 300$ and there would be a finance charge of 150 making the total to be paid back 450$. Waterstreet Michigan

*General Comment: No you are inncorect.

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 Castle Payday Loans When I applied for loan I at first tried to cancel my application but was later called by the company and told I had been approved for 300$ and there would be a finance charge of 150 making the total to be paid back 450$. So I was not liking it but it was Christmas time and my funds were short. I thought that payments would automatically be decucted from my account in which 150# was the first month still leaving me a balance of 450$. I did not understand this . They did not make it clear that the finance charges were 150 each month and I would have to pay additional funds on the principle amounts of the 300$. At 150 a month finance charges this goes against Indiana laws that states no more than 15% on first 100 borrowed and 10% on every hundred thereafter. 150$ is a far cry of 35$ finance fees that should be charged. By the time I get it paid at this rate I will have paid them almost 3x the loan. I do not even know if bookies charge that much. And they are breaking Indiana law.


This report was posted on Ripoff Report on 01/25/2014 11:22 AM and is a permanent record located here: http://www.ripoffreport.com/r/Castle-Payday-Loans/Waterstreet-Michigan-49967/Castle-Payday-Loans-When-I-applied-for-loan-I-at-first-tried-to-cancel-my-application-but-1118398. 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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#1 General Comment

No you are inncorect.

AUTHOR: Tyg - ()

 You have chosen to do business with a SUBPRIME LENDER!!! This means that they are exempt from the NORMAL loan laws. The normal loan laws are more geared towards banks and such. But a payday loan company is a SHORT TERM LOAN from a SUBPRIME LENDER. This means there is a different interest structure. If you had any good credit you could have gone to a bank. But you probably dont have stellar credit so you have to deal with a company that is taking a very big risk having YOU as a customer. This is just the way of the world. You can thank our parents and grandparents for the state of the credit in our society.

The ONLY thing you can do is pay it off as fast as you can. Cut from your living budget if needed. Go a week eating ramen noodles if need be. Point is GET OUT FROM UNDER THIS DEBT!!!! If you do not you will be paying $150 every week. In the future, STAY AWAY FROM PAYDAY/TITLE LOANS!! Its just not worth it. You can sell bodily fluids if needed. Even that is better then taking a loan from one of these companies. They KNOW you cant just pay them back. They count on this as part of their business model. Best bet is to just stay away.

Obviously they are not breaking the law in your state. A business plan is submitted when you go after a business liscence. If they were TRULY breaking the law, they wouldnt be in business. Many times, especially when we are in a bind, we will see information and attempt to twist it to fit our current situation. This is what has happend in your case. The information you looked up doesnt pertain to SUB PRIME LENDERS!! Actually in a lot of states subprimes dont even qualify as a regular loan. Its a SPECIAL loan.

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