• Report: #953010
Complaint Review:

500 Fast Cash

  • Submitted: Tue, October 09, 2012
  • Updated: Tue, October 09, 2012

  • Reported By: Elizabeth — Marlborough Massachusetts United States of America
500 Fast Cash
Internet United States of America

500 Fast Cash Mislead information which the individual keep paying financiall charge and still have remaining balance of the original loan, Internet

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I request a small loan through Money Mutual and 500 Fast Cash is the lender.  I was given $350.00 and the finance charges are $105.00.  I was under the impression that starting on August 24, 2012 they would withdraw $105.00 until I paid off the loan.  However, I paid $210.00 and I still own the original balance of $455.00.  I don't have a clue way will I keep paying $105.00 finance charge if my original loan was $350.00 x 30% = $105.00 finance charge. 

Instead their  wording  to rip off an individual are as followed "By receiving a loan through 500Fast Cash you agree that your loan will be renewed unless you request to pay down an additional amount toward your principal , or pay out the balance in full." They offered an example : for a $300.00 dollar loan the fee is $90.00 , and on the 5th renewal you pay $140.00 which equal $90.00 renewal fee plus the $50.00 pay down.  If you renew you loan again on the next due date, your principal balance will be $250.00 with a new renewal fee of $75.00.

when the automatic paydown process is in effect this will decrease your principal loan amount and your renewal fee) Whatever that is.  I think that these people are taking advantage of people in need of a small loan and you just keep paying and you never see where you money is truly going so far I paid $210.00 dollar I increased  $50.00 dollars on the loan to pay them off, but I still own them $455.00.  Don't know where they money is going but would like someone help. Open for advise.

This report was posted on Ripoff Report on 10/09/2012 04:37 PM and is a permanent record located here: http://www.ripoffreport.com/reports/500-fast-cash/internet/500-fast-cash-mislead-information-which-the-individual-keep-paying-financiall-charge-and-953010. 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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