- Report: #1118398
Report - Rebuttal - Arbitrate
Complaint Review: Castle Payday Loans
Castle Payday LoansP.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$. Waterstreet Michigan
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Castle Payday Loans When I applied for loan I at first tried to cancel my application but was later called by the company and told I had been approved for 300$ 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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