Report: #829063

Complaint Review: united cash loans

  • Submitted: Thu, January 26, 2012
  • Updated: Thu, February 07, 2013
  • Reported By: jd — Barstow California United States of America
  • united cash loans

    Internet
    United States of America

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I loaned $350 from united cash loans, with a service charge of $105. Which was supposed to total $455. They took $90 out of my account three times , then took $140 the next time, and then $125 recently. And now they have me scheduled for a $110 payment that is due in two weeks.

So far I have paid them back $535, and they say I still owe them $260 , which I think is outrageous. I called this company and tried to cancel with them and they told me that I cannot do that. I feel that I have the right to cancellation at any time i choose.

I loaned from them because I was having money trouble at the time. Now this company is making matters worst for me. This company is a very big rip off. I feel that I am a victim of armed robbery, only thing is they never pointed a gun at me. This company is an organized crime group that feel that they can do what ever they want to do with people and their money.
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This report was posted on Ripoff Report on 01/26/2012 11:55 AM and is a permanent record located here: http://www.ripoffreport.com/reports/united-cash-loans/internet/united-cash-loans-ucl-made-things-worst-for-me-financially-armmed-robbery-with-no-gun-i-829063. 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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REBUTTALS & REPLIES:
0Author
3Consumer
0Employee/Owner

#1 Consumer Comment

They do NOT permit you to pay off all at once.

AUTHOR: HarleyGranny - (USA)

I am another of many of the victims of this company. I made SPECIFIC arrangements for the entire amount of $110 added to the $250 loan amount to be taken in full the next month after recieving money! I am disabled and can only do it that way. They did not,they took numerous unauthorized amounts and I could not access my account,even after trying 50 times,calling them and trying again! They say the added amounts are late payment charges. How can it be late when they take it automatically. This company is a fraud and I have filed such with my bank and others. They got $555 from me,more than the amount agreed upon! If they were a reputable company,how come so many complaints of the same things happening to other people? They are committing fraud and should go to jail for it!
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#2 Consumer Suggestion

United Cash Loans did exactly what they said they would do in the contract you signed

AUTHOR: kenrhea - (United States of America)

I feel your pain, but United Cash Loans executed their end of the contract to the letter. In the contract, it clearly states that they will charge you the ONLY THE FINANCE CHARGE for the first four weeks of renewals. After that, they will continue to charge you the finance charge PLUS a percentage of the principal (depending on the amount you borrowed). And, they will continue to do THAT until the principal is paid in full.

To prevent all these finance charges, you must pay off the loan ASAP, preferably on the very first due date. The finance charge (aka interest payment) is sky high. On a $150.00 loan, the interest is $45.00. That is the equivalent of a 950% APR or higher. 

Here's the trick (which is also stated right in the contract you signed)...you must CONTACT them via telephone and tell them you wish to pay in full on the next due date. An email won't cut it. You have to CALL them. They will instruct you to sign and initial your Account Summary document, which you must then FAX back to them. It has to be done in exactly this manner or they will ignore your requests for a pay off and continue to charge you weekly finance charges. And, just for good measure, they want the signed Account Summary document THREE FULL BUSINESS DAYS before your next due date.

Yeah, they purposely make it difficult to pay off the loan. After all, they have access to your checking account. However, they plainly outline all of their requirements in the contract. 
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#3 Consumer Comment

You were an accomplice to the robbery

AUTHOR: Flynrider - (USA)

  First of all, you borrowed money from them.

"  I feel that I am a victim of armed robbery, only thing is they never pointed a gun at me.  "

  So what was it?  Knife, pointy stick?   You do know what "armed" means, right?

" They took $90 out of my account three times , then took $140 the next time, and then $125 recently. And now they have me scheduled for a $110 payment that is due in two weeks. So far I have paid them back $535, and they say I still owe them $260 , which I think is outrageous.  "

   I'm going to go out on a limb here and guess that you did not fully read the loan contract.    Do you know what interest is?  These guys charge a lot of it.   Usually in the triple digits.   They call it things like fees and service charges, but who cares.  It's money out of your pocket.   

  They were correct when they told you that the loan would only cost you $455.  That assumes that you paid off the whole thing on the first repayment date.  Looking at your accounting above, it appears that you didn't pay it all off.   You instead are paying triple digit interest.  

  The best thing you can do is to pay off the balance at the earliest opportunity.  That will stop the s****.>
  In the future, do not sign financial contracts that you do not understand.   If you need someone else to look it over, do that.   You voluntarily signed up for a loan with an interest rate that would make a loan shark blush.    Is that a crime?   Hard to say.    Companies like these definitely take advantage of people who do not care to read contracts, but they couldn't do any of it with out people like you voluntarily signing up for it.    Tough call.



 
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