Report: #933755

Complaint Review: 500 Fast Cash

  • Submitted: Tue, August 28, 2012
  • Updated: Tue, August 28, 2012
  • Reported By: Kathy — Montesano Washington United States of America
  • 500 Fast Cash

    Internet
    United States of America

500 Fast Cash $400 loan have pd $600 @ $120mo/5 mo, says $120 was service chg and I still owe $455 - now taking out $170 for 6 mo, only $50 goes to loan rest is srvc charge total cost of loan $1840 is this legal? Internet

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I took out a loan thru 500 Fast Cash via the internet in April for the amount of $400, which was deposited into my checking account on April 3, 2012. The only contact I received was an email link to their website  instructing me to "choose your payment option", which I chose monthly. They never sent me a complete disclosure for this loan prior to me initiating it. I checked their website and no disclosures on fees, service charges there either. I was advised the payment would be $120 per month.

Which was deducted like clockwork on the 25th of the month, April, May, June, July, then in August they deducted $170, which made me overdrawn o my account. It was actually 2 amounts, the $120 and an additional $50. I then called their toll free # and spoke to a rep who was decent to me, but I did not get good news. I was advised that the $120 I had been paying was only a service charge, which was for the first 6 months of the loan, then they would begin taking out a monthly fee of $50 to start paying back the loan, plus the $120 would also still be taken out.

My current balance was more than I stated at, and as of today August 28th my loan balance is $455. My addition of all payments to date, plus another 6 at now $170 per month makes the cost of my $400 loan at $1840. This cannot possibly in any sense be LEGAL. This Company/Tribe is preying on people, and taking them for all they can. Something needs to be done to regulate their practices or shut them down for good. I for one am not paying another dime to them. Other people have said they threaten with jail and prosecution if they don't pay, but I will not be intimidated. Fine let them throw a retired 64 year old in jail if makes them feel good, see where it gets them. 
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This report was posted on Ripoff Report on 08/28/2012 11:53 AM and is a permanent record located here: http://www.ripoffreport.com/reports/500-fast-cash/internet/500-fast-cash-400-loan-have-pd-600-120mo5-mo-says-120-was-service-chg-and-i-sti-933755. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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