Complaint Review: Cash 1
Cash 1 They apply most of your payment to interest and $1.00 etc toward principal Mesa Arizona
My step-dad went to Cash1 to get a loan to help with bills. They failed to tell him how the payments would be applied to his account. They had him to sign papers and sent him on his way. He continually kept making payments and finally after thinking he was close to being done paying off loan asked for his balance. He was informed of the balance which was more than the amount of the load. He asked for a printout and received the a document of the payment schedule. It clearly shows that of his $26.00 payment, $1.37 was applied to the principal and $24.54 was applied to the interest, the amount changes as he makes payments, but the majority of the money is always applied to the interest. Following this arrangement that they set for him, it will take him at least 2 and a half years to pay off the entire loan. He borrorwed $300 and will have paid back over $600.
This report was posted on Ripoff Report on 07/13/2013 10:54 AM and is a permanent record located here: http://www.ripoffreport.com/reports/cash-1/mesa-arizona-85201/cash-1-they-apply-most-of-your-payment-to-interest-and-100-etc-toward-principal-mesa-ar-1066748. 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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