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Report: #1451244

Complaint Review: Green Trust Cash - Hays MT

  • Submitted: Wed, July 11, 2018
  • Updated: Wed, July 11, 2018
  • Reported By: Jeffrey — Denver United States
  • Green Trust Cash
    P.O. Box 340
    Hays, MT
    United States

Green Trust Cash practices predatory lending! Hays MT Montana

*Consumer Comment: You can still pay down

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I was in a rough spot in February and took out a $400 loan from Green Trust. I was starting a job shortly after taking out the loan, and thought I would be able to quickly pay the principal down, as the $57 weekly payment over the course of six months is extremely excessive.

I reached a point where I thought I was comfortable making a large payment on the principal (hoping to either pay it off or get close). When I called and finally connected with someone I was informed my principal amount was still almost $300, and this was just a few weeks ago! I couldn't believe that after four months the principal balance was still so high, so I started doing research.

My loan claims to have an APR of 697% if the loan repayment is carried out over the full six months. The reason the loan cannot be paid off early (at least not comfortably) is that the interest compounds weekly. [continued below]....

..... After figuring out the amortization schedule, the payment towards the principal balance doesn't even reach $10 until the 14th week of the loan. Furthermore, the interest actually calculates out closer to %712. That is a finance charge of nearly $1,077!!!

Please, PLEASE, do NOT accept a loan or do business with this lender! It may seem like a good short-term solution, but it bears long-term consequences. The loan will trap you into paying nearly three times the amount you borrowed. Had I known then what I do now, I would have pawned personal items rather than accepted this loan.

This report was posted on Ripoff Report on 07/11/2018 11:57 AM and is a permanent record located here: https://www.ripoffreport.com/reports/green-trust-cash/hays-mt-59527/green-trust-cash-practices-predatory-lending-hays-mt-montana-1451244. 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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#1 Consumer Comment

You can still pay down

AUTHOR: Chaiya - (United States)

This is a loan shark that give out loan to any high risk people. Yes, the interest is outrageous. If you are one of those high risk people, you may need to understand this kind of companies.

If you can pay down principle, you should. The interest will go down. However, you still need to check the contract you sign whether or not the extra money you pay in a payment could be used to pay down the principle. If you can, you then have ot make sure that they use the extra money to pay down the principle because there are cases that this type of companies are sneaky (not use the money to pay down the principle but rather use it as the next payment).

I hope you could get out of the hole.

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