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Report: #1181619

Complaint Review: Multi loan source - Internet

  • Submitted:
  • Updated:
  • Reported By: ElBee — Dumfries Virginia
  • Multi loan source Internet USA

Multi loan source MLS, Clear Lake Holdings, MultiLoanSource, Guidiville Band of Pomo Indians, Tribal Lending Entity Hidden terms that are OUTREAGOUS Internet

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 I as also tricked by this company into believing my payback from a $400 loan would be $520 and that paying it off early would not decrease the amount (I called and asked specifically before I accepted) the scam artist agreed that yes I would only pay back $520 and no matter if I let them take it out or if I paid it all at once it would be the same amount.  They do put it in the terms of the loan but it is misleading because they give you your terms which are different from the sample terms and make it look like an option to payback in 14 payments or in 4 or 5. They give the terms below which means they are taking the finance charge out for the first 5 payments and you will not start paying your prinipal until the 6th. On the 6th payment is the finance charge plus the payment.

SAMPLE INSTALLMENT SCHEDULE SAMPLE LOAN TERMS: $300 loan amount, 30% periodic finance fee, 10% principal reduction payments starting on payment 5

Payment Number

Beginning Principal

Finance Charge

Payment Due

Ending Principal

1

$300

$90

$90

$300

2

$300

$90

$90

$300

3

$300

$90

$90

$300

4

$300

$90

$90

$300

5

$300

$90

$120

$270

6

$270

$81

$111

$240

7

$240

$72

$102

$210

8

$210

$63

$93

$180

9

$180

$54

$84

$150

10

$150

$45

$75

$120

11

$120

$36

$66

$90

12

$90

$27

$57

$60

13

$60

$18

$48

$30

14

$30

$9

$39

$0

 In the scenario above the borrower will end up paying $1155 in my scenario I will end up paying $1480 or 370%

Don't borrow from these people.

This report was posted on Ripoff Report on 10/08/2014 06:22 AM and is a permanent record located here: https://www.ripoffreport.com/reports/multi-loan-source/internet/multi-loan-source-mls-clear-lake-holdings-multiloansource-guidiville-band-of-pomo-indi-1181619. 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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