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  • Report: #1133691

Complaint Review: SILVER CLOUD FINANCIAL

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  • Submitted: Wed, March 26, 2014
  • Updated: Wed, April 23, 2014

  • Reported By: james — Miami Florida
SILVER CLOUD FINANCIAL
635 EAST HGWY 20 C, UPPER LAKE , California USA

SILVER CLOUD FINANCIAL THE BIGGEST CROOKS THAT DRAIN THE POOR POCKETS Borrowed $300.00 to pay a debt and their sales team was so tricky, had me on the phone going through the contract, didnt realize i had to pay an additional $331.50 plus the $300.00 to pay off my balance which was the minimum interest they would have collected..... UPPER LAKE California

*Consumer Comment: It has nothing to do with being poor.

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This may be too much of a fine print for you to read but always listen for the fine print while doing a transaction with companies like the above... They rip the poor to pieces and use their hard earning income to make them happy. 

This is just a brief explanation on what had happened... Borrowed $300.00 from the above named company and thought the payment was going to end in the third pay week... woe and to behold, my payment would have ended in november 2014 and the total amount with their bunch of fees would have  accumulated to $1,245.00 for a $300.00 credit. This is what makes matters worst..

I told the agent I wanted to pay off in three payments but as they always say... you signed the contract!!!! Wasn't aware that she had me set up for an entire year,taking minimum payments. I decided to close the account with the company, so I asked; what is the total I have to apy inorder to close my account..... Haha... she said to me, I have a balance of $331.50 cents.. This is after I had already paid the total amount borrowed..

So I ended up paying $631.50 just to borrow $300.00.  This pay off amount was done on my third pay check... If I had continued my payment,I would have paid $1,245.00 which would have ended on november 2014.... Are these things really and truly approved by law and state governance????? How do we survive after been told, we can help you to get rid of small bills but instead you rip us off silvercloud???? 


This report was posted on Ripoff Report on 03/26/2014 03:06 AM and is a permanent record located here: http://www.ripoffreport.com/r/SILVER-CLOUD-FINANCIAL-/UPPER-LAKE-California-95485/SILVER-CLOUD-FINANCIAL-THE-BIGGEST-CROOKS-THAT-DRAIN-THE-POOR-POCKETS-Borrowed-30000-t-1133691. 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 Consumer Comment

It has nothing to do with being poor.

AUTHOR: Crucible - ()

" I told the agent I wanted to pay off in three payments but as they always say... you signed the contract!!!! "

  So, did you sign a contract that says something different?   Did you read it before signing?    What you told the agent you wanted and what is contained in a binding written contract are not necessarily the same.   Guess which one is legally binding?

  The fact that these companies will loan anyone money (regardless of credit history) at triple digit interest rates should tell you everything you need to know about them.   It is not the poor who are preyed upon.   It is those who are willing to blindly sign on to pay triple digit interest to get instant, no questions asked cash.    Most poor people that I know cannot afford to borrow money at those rates and will not agree to such ridiculous terms.  

" .. Are these things really and truly approved by law and state governance????? "

  In most cases, yes.  As a free person, you are free to enter into whatever financial arangements you find suitable.   If you want big brother to assure that you are not allowed to make poor financial choices, you should become a ward of the state.   Another option would be simply to read things before signing them and do not enter into any agreement that you don't fully understand.   Wouldn't that be easier?

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