• Report: #868063
Complaint Review:

500 Fast Cash

  • Submitted: Fri, April 13, 2012
  • Updated: Thu, September 20, 2012

  • Reported By: Nicole M — Melrose Park Illinois United States of America
500 Fast Cash
Internet United States of America

500 Fast Cash I was charged an additional $90 on my $300 loan + $90 interest on the first due date! The rep told me "We shouldn't have to tell you about the fees, it's in the agreement. Shoulda read it." I was read Internet

*Consumer Suggestion: I Found An Out For That

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I took out a loan for $300 and was charged $90 interest, which was expected. The representative was kind enough to explain almost everything to me about the interest fee, but left out a few very important details. On the first due date of my loan, I checked my online bank statement first and saw they already deducted $90. So, I called them to pay off the additional $300. That's when I was told I was being charged an additional $90 on top of the $390 to extend my pay period. I explained that wasn't neccessary because I was paying in full. The extremely rude representative told me, "Well you're supposed to pay in full 3 days prior to your actual due date" which I thought was crazy because the company knows that's 3 days before you get paid, meaning they Know you probably won't have the money yet and will charge you. Also, why wouldn't the rep tell me that my due date isn't actually my due date, it's 3 days before (rip off)! And then she went on to explain, "And we shouldn't have to tell you about the additional $90 fee. It's in the agreement. You shoulda read it!" I was livid and felt completely betrayed, fooled, disrespected, and ripped off! I'm saving for my wedding and can't afford to waste/lose any money! So after explaining repeatedly that I was trying to pay in full, her whole tone finally changed. She said, "Ok just electronically sign this document, and we'll deduct the $300 on Monday." I read the complaints prior to getting the loan and was very cautious in dealing with them. Even trying to pay it off in full to avoid possible fees, they still tried to rip me off. I will never use them again. They either need to be stopped and put out of business, or they need to be sure to explain those important details about the $90 extension fee & give accurate due dates to their customers!

This report was posted on Ripoff Report on 04/13/2012 09:02 AM and is a permanent record located here: http://www.ripoffreport.com/reports/500-fast-cash/internet/500-fast-cash-i-was-charged-an-additional-90-on-my-300-loan-90-interest-on-the-first-868063. 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 Suggestion

I Found An Out For That

AUTHOR: makemebelieve2000 - (United States of America)

I read your submission and what caught my eye was that we had the same problem down to the very amount owed to this company. I also was very angry, felt "rippedoff" then I found the solution in the fine print. 
At the very bottom of the loan status page there is a link that says "Click Here To View Payment Options" so I did just that. There you'll find three payment options to choose from. You can chose to pay the whole debt off at once. In doing so? You must fill this form out with your payment being submitted in full and also tell them you do not want the loan renewal within three days at the very least of your payment in full being due. It cancels all future payments, withdraws from your bank account, you're finished with everything. 
They accept this form sent in by Fax. Please remember though; that's only an option if you're paying the whole loan off at once. You can send this form in the very day you have the money from them deposited, you don't have to wait out til there's only three days before. They just don't want it at the last minute. I'm getting it done tomorrow and got my loan today. Be on top of it and done with it. 
I was screaming mad too because I wasn't about to be paying 90.00 dollars for three additional months when i'd already paid my loan. I think that's called loan sharking isn't it? Illegal? But then I found this contract under payment options and I'm not upset anymore.
Good luck everyone!!

makemebieve2000


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