Mountain Loan Center Excessive Fees and interest charges , Internet

Mountain Loan Centers based in St. George, Utah claims they are better than payday loans and the fees and interest rates are less. This is completely false, since they are not registered as a payday loan service they do not have to follow the same laws as the payday loan industry. An $150 loan if you only make minimum payments will be just under $800, and will take a year to pay off. If you are even one day late on a payment the interest rate will automatically increase from 432% to 600 % and your loan $150 loan can easily exceed $1,000 in interest, late fees, and penalties. Do not take out a loan with this company as they are taking advantage of people who are desperate for cash. I would not be surprised if they are not breaking many laws governing the financial services industry. Please avoid this company like the plague