Report: #1077914

Complaint Review: Castle PayDay Loans

  • Submitted: Wed, August 21, 2013
  • Updated: Wed, August 21, 2013
  • Reported By: Gmoney — Trenton New Jersey
  • Castle PayDay Loans

    Watersmeet, Michigan

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

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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!

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