• Report: #286745
Complaint Review:


  • Submitted: Mon, November 26, 2007
  • Updated: Tue, December 18, 2007

  • Reported By:Sault Ste. Marie Michigan
payment@big-int.com Internet U.S.A.
  • Phone: 877-282-5450
  • Web:
  • Category: Loans

B.I.G.-INT on line loan charges over 300% interest Internet

*Consumer Comment: It is not an installment loan, it is a payday loan

*Consumer Comment: Hmmmmmmmmmm.......

*Author of original report: to the men who filed the rebuttal

*Consumer Suggestion: READ THE CONTRACT!!

*Consumer Comment: The loan you have is a payday loan, not an installment loan.

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In August, we ran into a financial emergency, we contacted this on line loan company, who gave us a $200.00 loan. They began taking money out and to date have taken $405.00. We called to see how much the payoff on the loan would be and they said $260.00. When we said that could be illegal to charge that much intrest, they said that they could because they are not a United States based company.

This is when I thought other consumers needed to be warned about their unfair debt practices. This morning, I called there and spoke with a supervisor, her name is Shanice, I wanted to get the legal name of their business and an address, to make it easier to file this report. It is then that she told me that this IS a US based company out of Reno,NV. But this is all she would give me. After I told her that I was filing this complaint, she refused to give any more information and hung up on me.

I read another complaint about this company on the rip off site, so apparently they are ripping off other people. I am going to do what this other woman has done and just stop payment on this account.

Sault Ste. Marie, Michigan

This report was posted on Ripoff Report on 11/26/2007 08:47 AM and is a permanent record located here: http://www.ripoffreport.com/reports/big-int/internet/big-int-on-line-loan-charges-over-300-interest-internet-286745. 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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Updates & Rebuttals

#1 Consumer Comment

It is not an installment loan, it is a payday loan

AUTHOR: Sandra - (U.S.A.)

It is a payday loan. You agreed to them debiting your account for their finance charge/processing fee every two weeks. This does not pay down the balance of your loan. In order to pay off your loan, you will need to call their customer service number at least 3 business days before the next debit is taken out, and tell them that you wish to pay it off. Which would be $260. Otherwise, they will keep renewing the loan, and charging you $60 every time you get paid.

It is not illegal practice. All payday loans work this way. It is a high amount in "interest", because most brick and mortar payday loan places don't charge that much, but it is what you agreed to before they sent you the money.
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#2 Consumer Comment


AUTHOR: John - (U.S.A.)

Well, lots of luck with that Victoria!! But one way or another, they will get their money.......keep a close eye on your bank account......
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#3 Author of original report

to the men who filed the rebuttal

AUTHOR: Victoria - (U.S.A.)

yes, it was an installment loan, as when they made contact to confirm the loan, they set up a debit payment plan to take regular payments from our account. These payments were only authorized to continue until 11/12/07 and they are still trying to take money. If this had not been an installment loan, they would not have set up a debit to be taken every 2 weeks. With the payment $5 lower every time, as if the $5 had been going to the balance, which never happened. So, it makes any payment taken after 11/12/07 stolen money,as they only had authorization for a set number of payments, at which time the "installment" loan was to be paid off.
In closing, I would also like to state that we were informed by this company that they are not based in the US and they don't have to follow our fair debt policies. After contacting a lawyer and my own bank, they told me to let the company know that they are no longer authorized to take this money.
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#4 Consumer Suggestion


AUTHOR: John - (U.S.A.)

OK, you did it online, but you STILL gave them an electronic signature!! Did you READ what you were signing?? Obviously not, or you would UNDERSTAND and not be crying the blues here!!

You have not been ripped off! They do this every single day, with thousands of people!! And even I have done it, with no problems at all!! And would not hesitate to do it again!!

And, I would strongly advise AGAINST stopping the debits process!! If you ever go to a land based Payday loan office, they will run your name and SSN through the computers that they are all tied to and see that you defaulted on a loan, plus the original creditor will hound you and harass you till they get their money back!!

Do the SMART thing-------PAY IT OFF!!
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#5 Consumer Comment

The loan you have is a payday loan, not an installment loan.

AUTHOR: Robert - (U.S.A.)

What has probably been happening is that the loan has been auto-renewing. Each pay period they have been debiting the loan fee only ($60). None of it has been applied towards the original $200. You still owe the $200 plus $60 fee. Most times you have to contact them to tell them to debit the full amount plus the fee.

Read through your loan documentation and the companies web site FAQ page. Those should be able to explain the loan arrangemants better.

There is no rip off here. Only your misundersatanding about the type of loan you took out.

Carefully consider your thought on stopping debits. They can be merciless in hounding you for their money.

These type of loans should be paid off as quickly as possible.

Good luck.
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