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  • Report: #839530

Complaint Review: us fastcash

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  • Submitted: Wed, February 15, 2012
  • Updated: Wed, February 15, 2012

  • Reported By: cookie — Twinbrooks South Dakota United States of America
us fastcash
P Street NW PO Box111 Internet United States of America

us fastcash If you need a loan they should have called this company mafia.com if you could afford what they are charging you you wouldnt need a loan, Internet

*Consumer Comment: Easy

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I needed a $400 loan so I had had this old letter from a fast cash loan from Montel Williams and I knew that I would be charged too much but I was desperate so out of my better judgement I did it I had received an offer through US Fast Cash so I did it. I had received the money the next day and thought my payment was once a month at $120 till the loan was payed off.  Well I was informed by the bank that I was overdrawn so I called and they informed me that usfastcash had taken $120 out of my acount every other week on Fridays. 

So I called them and they told me that they were taking it out of my account every other Friday as a service charge wich doesn't apply to the principle at all untill I pay them $520.  But I could add to  the principle at a minimum of $50 EVERY OTHER WEEK plus the service charge of $120 every other Friday.  This is the most outrageous amount of monet I had ever heard of for $400. 

Now I have to barrow the $520 from my sister to pay them plus the service charges that they have already charged me for the loan and they would charge me this rediculous amount till I gave them the $520 all at once or at least gave them a minimum of $50 plus the $120 service charge every other week till the debt is payed off and if I didn't pay them on the priciple they would still take the $120 every other week indeffinately.    At that rate I should loan people money too. I don't see how this is legal.  I thought drug dealers made alot.  At least if I would have bought drugs I could have been high.  I don't take drugs but this is making me want to smoke a joint.

This report was posted on Ripoff Report on 02/15/2012 10:52 AM and is a permanent record located here: http://www.ripoffreport.com/r/us-fastcash/internet/us-fastcash-If-you-need-a-loan-they-should-have-called-this-company-mafiacom-if-you-coul-839530. 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

Easy

AUTHOR: Flynrider - (USA)

 I don't see how this is legal.  " 

   Why do people always say that AFTER they agreed to pay triple digit interest?   It sounds disingenuous.   These loans have crazy interest because they are extremely high risk.  Even someone whose credit is in the dumpster can borrow if the interest rate is high enough.

  It's a basic fincancial rule that the interest rate follows the risk.  There haven't been any effective usury laws in this country since the 1980s, so there is virtually no limit to the amount of interest that can potentially be charged (and the amount of risk that can be taken).   Sounds bad, eh?     The flip side of that coin is that when usury laws were in place, credit was virtually unobtainable to anyone with a spot on their record. 

I had received the money the next day and thought my payment was ... "

  Oh, I think I get it.   When you wanted the cash, the terms weren't important enough to bother to read them.   Now that you have to pay it back, the terms are unconscionable.   Is that about right? 

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