• Report: #671420

Complaint Review: everest cash adavance

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  • Submitted: Tue, December 14, 2010
  • Updated: Wed, August 03, 2011

  • Reported By: upsetman40 — sylmar California United States of America
everest cash adavance
Internet, New York United States of America

everest cash adavance money mutual money fraud contract agreement Internet, New York

*Consumer Suggestion: You Could Have Avoided the Excess Fees

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Money mutual approved me of a loan, the company who loaned me the money was eVEREST CASH aDVANCE.The amount $300.00.

I accepted the loan amount two days before my normal pay period. On $300.00 loan they wanted to charge me $90.00 for a two day loan. I was furious so they reduced it to half the amount $45.00 which is still ridiculous. My next pay period which is every two weeks they wanted additional amount of $90.00 on the finance charge of $300.00. i paid the $300.00 which left my balance at $90. I called to pay it off and now they want $119.00 to close the account. this loan of $300.00 is less than 30 days will cost me $157.00 a rip off.

The average 30 day loan on $300.00 is $42.50 averages out to like $14 per hundred dollars where as everest charges $30.00 per hundred dollars or they well let you just pay the finance charge $90 in instead of the principle. which will allow them to accrue double the amount of the loan in no time at all. This wants you to get into a cycle pattern so that you will never get of debt.

This report was posted on Ripoff Report on 12/14/2010 01:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/everest-cash-adavance/Internet-New-York-/everest-cash-adavance-money-mutual-money-fraud-contract-agreement-Internet-New-York-671420. 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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REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

You Could Have Avoided the Excess Fees

AUTHOR: JB - (United States of America)

I understand that you're upset about the finance fee that you had to pay, but that could have been avoided if you had read the terms of your contract before signing.

It is my understanding that Everest Cash Advance always offers 1/2 off of the first finance fee if your next paydate is less than a week away (possibly even less than 10 days away). The whole point of the loan is that it is supposed to be paid back in full when you receive your next paycheck (usually 2 weeks away).

Since you chose not to pay it back in full, they charged you the agreed upon 1/2 finance fee only. Upon the following paydate they would have charged you the full finance fee ($90).

Each time you roll the principal balance over to another pay cycle you are going to incur another finance fee. This is the nature of short-term loans - you're supposed to pay it back quickly or will keep paying fees per the terms of the contract.

You would have only had to payback $345 for the $300 loan if you had paid it back in full on your next paydate as is intended. When you speak to the loan reps over the phone they give you the full terms of the loan verbally - you also receive a printed copy of the loan terms that you sign.
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