Complaint Review: Green Trust Cash - Hays MT
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]....
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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