Report: #953457

Complaint Review: cash yes

  • Submitted: Wed, October 10, 2012
  • Updated: Wed, October 10, 2012
  • Reported By: douglas — PEORIA Arizona United States of America
  • cash yes

    Internet
    United States of America

cash yes took a loan for $1000.00 and with instrest of $1300.00, but they have now taken $2400.00, Internet

*General Comment: CASH YES is a Payday or TitleLoan Company

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 took a loan for $1000.00 with a total of $1300.00 pay back. they have now taken a total of $2400.00 this is a big rip off and left us with financial hardship
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This report was posted on Ripoff Report on 10/10/2012 01:31 PM and is a permanent record located here: http://www.ripoffreport.com/reports/cash-yes/internet/cash-yes-took-a-loan-for-100000-and-with-instrest-of-130000-but-they-have-now-taken-953457. 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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#1 General Comment

CASH YES is a Payday or TitleLoan Company

AUTHOR: IamGood - (USA)

I will try to explain to you in very simple (mono syllabled Words If possible), how a loan like this works.

Step 1. You go in to the Office and show them your car.  They decide how much they will give you for the car, and then you give them the title to the car.

Step 2. After they give you the money for your title, you are given 1 month (usually to pay back the 1000.00 original loan, and the fee for 300.00.  The fee belongs to Cash Yes,while the actual money for the loan usually comes from a out of state lender who charges very high interest rates.

Step 3. When the one month time period expires you are expected to come back into the office to pay the 1300.00.  If you cannot pay the 1300.00, they will extend the loan for another 300.00 fee, and which time you will be expected to come back in in one month to pay the 1000.0 plus interest.

Step 4. If you go back in one month, and cannot pay them the 1000.00 you need to go to step 3.

Do you see what is happening here.  You keep performing, and reperforming step 3 and 4 over and over again. It is clear you did this every month for the last 7 months, so this is why you owe them so much money.

They are not crooks at all.  If you had come back 1 month later after you originally borrowed the 1000.00 and paid them, all you would have paid total for the loan was 1300.00.

Be careful what you sign, and from now on stay away from loans like these because usually people like you live paycheck to paycheck, and there is no way you can pay the loan off in a month.
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