Complaint Review: Castle PayDay Loans
- Castle PayDay Loans
- Phone: 888-945-2727
- Category: Cash Services
Castle PayDay Loans This company charges you an interest rate of 888%, every time you make a payment it is like Groundhog Day, you never get past the first payment until you paid it 7 times, after the 7th.payment only 25$ goes towards the principal until the loan is paid off. I..E. if you borrow 500$, after 7 payments of 175$ every two weeks 20 more payments of 175$ to payoff the loan; for a total of 4200$! Remember my initial loan was 500$. Watersmeet Michigan
I writing this report regarding Castle Payday Loans. When I applied for the 500$ loan, I was told my finance charge would be 175$ for a total of 675$, okay that's not bad, I was told my first payment of 175$ would be my finance charge, but what they did not tell me, I would be paying that 175$ every two weeks for 7 payments before any money would go towards the principal, once I pay the 7 payments of 175$, I would have to pay 20 more payments of 175$ with only 25$ of that going towards the principal. My total amount of money I would have to payback would be 4725$ Before the loan would be paid in full! Remember I only borrowed 500$. This is a warning to anyone considering borrowing money from this company! Borrower Beware!
This report was posted on Ripoff Report on 08/21/2013 03:56 PM and is a permanent record located here: http://www.ripoffreport.com/reports/castle-payday-loans/watersmeet-michigan-49969/castle-payday-loans-this-company-charges-you-an-interest-rate-of-888-every-time-you-mak-1077914. 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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