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Report: #306507

Complaint Review: Oneclickcash - Internet

  • Submitted:
  • Updated:
  • Reported By: zephyrhills Florida
  • Author Confirmed What's this?
  • Why?
  • Oneclickcash Internet U.S.A.

Oneclickcash my loan amount was $300.00 supposedly at $90.00 per mo. for 5 months Internet

*Consumer Comment: You should have read your loan documents.

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One Click Cash Ripoff!!! About 9 months ago, I applied for a loan of $300.00.
To be paid back in 5 months, at $90.00 per month. I felt that the company
did not know me, and they should make a small profit.

Wow, that they did. I am disabled and make very little income. Every month, they take their $90.00 plus an extra $50.00 sometimes.
When I sighned up for the loan, I stated that I only get paid on the 3rd. Please do not debit my account before that date, they agreed.
But have never taken the money on the 3rd, always on the 1st or 2nd so then I also have bounce charges. At the $90.00 per month my acct. would have been paid in full Dec. 2007. I checked my statement online
this morning, they debited my account 4 times on the 1st. One for $50.00 another for $50.00 then $60.00 and finally $70.00. My bank cannot seem to stop this. There is only a partial phone number, and believe me I have tried contacting customer service, which is non existant.
What I have learned from this experience is that no one can be trusted.

Sue
zephyrhills, Florida
U.S.A.

This report was posted on Ripoff Report on 02/05/2008 07:51 PM and is a permanent record located here: https://www.ripoffreport.com/reports/oneclickcash/internet/oneclickcash-my-loan-amount-was-30000-supposedly-at-9000-per-mo-for-5-months-internet-306507. 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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REBUTTALS & REPLIES:
0Author
1Consumer
0Employee/Owner

#1 Consumer Comment

You should have read your loan documents.

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

POSTED: Wednesday, February 06, 2008

Or at the very least the web sites FAQ page.

These are not installment loans.

You loan was set to automatically renew each period. What was being deducted from your account was the loan fee only. None of the first several months debits were applied to your loan amount. These types off loans need to be paid off in full as soon as possible or the fees add up to more than the original loan.

What is being debited now is the loan fee plus $50 that gets applied to your loan balance.

It will look something like this:
1) $90 - Loan fee only ($300 still owed)
2) $90 - Loan fee only ($300 still owed)
3) $90 - Loan fee only ($300 still owed)
4) $90 - Loan fee only ($300 still owed)
5) $90 (Loan fee) + $50 (applied towards loan) - $250 still owed
6) $75 (Loan fee) + $50 (applied towards loan) - $200 still owed
7) $60 (Loan fee) + $50 (applied towards loan) - $150 still owed
8) $45 (Loan fee) + $50 (applied towards loan) - $100 still owed
9) $30 (Loan fee) + $50 (applied towards loan) - $50 still owed
10) $15 (Loan fee) + $50 (apllied towards loan) - Loan paid off.

You were not ripped off. You just didn't understand the type of loan you were taking.

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