ED Magedson – Founder
I obtained a 300.00 loan from this company and was led to believe there would be a $90.00 finance charge. I paid the finance charge on the first payment date, and to my astonishment I was charged another $90.00 finance charge two weeks later, with nothing applied to the loan principal.
I later learned I would be charged $90.00 for the next two payments, again with nothing going towards the principal. The next payment would have been $140.00, with only $50.00 applied towards the principal. If I would have continued to make payments like this every two weeks, I would have paid over $1,500.00 for a $300.00 loan.
This is a complete rip-off. These types of loan companies should not be allowed to operate like this. I do not have a problem with them making a profit for their services, but what they did to me was, I feel borderline illegal. I ended up paying off the loan, which cost me a grand total of $570.00.
This report was posted on Ripoff Report on 11/09/2010 01:47 PM and is a permanent record located here: http://www.ripoffreport.com/reports/cash-yes/internet/cash-yes-this-is-a-big-scam-loan-sharks-internet-660046. 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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