ED Magedson – Founder
loanshop online2207 concord pike #505 Wilmington, Delaware USA
loanshop online lied, overcharged me, took money out without approval Wilmington Delaware
I needed money for a down payment on a car so i applied for several online loans for $350.
Loanshop online called me to say i was approved and i just needed to answer a few questions and give my bank info. they would give me the money and i could pay it off in 3 days with no addt. charges or pay $105 each payday four times ($420 would be my ending balance.)
after they took $105 four times I thought i was in the clear. My next payday though they charged me $126!
I called and asked why this way. She said because the 1st four charges are ONLY interest, after that $105 is charged for interest and $26 is put towards my balance. So my current balance is $328.
So I have paid them $546 so far. My loan was for $350. I have paid $546, and i still owe $426 as of today.
I do not think i should have to pay this, but i do not know what my options are. I live in Ohio and it says the max interest they can charge me is 28% and only up to 31 days. it has been two months and I am paying way to much.
Does anyone know what my options are? They are going to take money out of my account this Friday and I really want to stop that before it happens. PLEASE HELP!
This report was posted on Ripoff Report on 07/31/2013 10:25 AM and is a permanent record located here: http://www.ripoffreport.com/reports/loanshop-online/-wilmington-delaware-19803/loanshop-online-lied-overcharged-me-took-money-out-without-approval-wilmington-delawar-1071733. 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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