Complaint Review: Qloot DMA Financial, Corp.
Qloot DMA Financial, Corp. Qloot, DMA Financial, Corp. Payday loan with abusive interest rates Internet, Internet
LENDER: DMA Financial, Corp. d/b/a VIP Cash
160 Greentree Drive Ste 101
Dover, DE 19904
FEDERAL TRUTH IN LENDING DISCLOSURES ANNUAL PERCENTAGE RATE
Amount Financed: The amount of credit (loan) provided to me $300.00.
The cost of your credit as a yearly interest rate 721.148%
The dollar amount the credit(loan) will cost me (for taking the loan) $1,509.60.
Total number of Payments 20. [continued below]....
Amount of Payments $90.48.
The amount I will have paid after all payments are made as scheduled $1,809.60.
This type of loan structure is predatory.
If I was seeking aid then there is no way I can pay back SIX (6) times what I am borrowing.
The usual fee for payday loans is usually $25.00 per $100.00 borrowed.
The terms of this loan charges a fee of $503.00 per hundred borrowed.
This report was posted on Ripoff Report on 12/26/2012 08:43 AM and is a permanent record located here: http://www.ripoffreport.com/reports/qloot-dma-financial-corp/internet/qloot-dma-financial-corp-qloot-dma-financial-corp-payday-loan-with-abusive-interest-r-987017. 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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