Complaint Review: United Cash Loans - Internet
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- United Cash Loans www.unitedcashloan.com Internet U.S.A.
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- Category: Loans
United Cash Loans it is very hurtful Internet
*Consumer Comment: You should have read your loan documents...
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On an about on 7/10/07 i applied to this company called united cash loan to recieved a small loan for $300.00 so i gave this company my infomation so i can payoff some bills so this company has my checking acct # and they been dipping into my acct for last 4 months i started to notice that they were taking money out each month until now mind you i only borrowed 300.00 dollers so on 7/23/07 $90.00 was taken for the first pay back then on 8/6/07 $90.00 for the second payment 8/20/07 for third payment $90.00 and then on 8/31/07 fourth payment $90.00 which my payment was paid in full in the amount of $360.00!!
And this company is still collecting money out of my acct i called my bank on several occasion i cant get anywhere so 9/17/07 i still notice that took momey out 50.00 then on 10/15/07 twice they hit me for 60.00 & 50.00 and then Oct 29,07 45.00 and for the same date for 45.00 and then for 10/15/07. I would like help to stop this company for there lies.
Joan22
Leomister, Massachusetts
U.S.A.
This report was posted on Ripoff Report on 11/04/2007 06:45 PM and is a permanent record located here: https://www.ripoffreport.com/reports/united-cash-loans/internet/united-cash-loans-it-is-very-hurtful-internet-282917. 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 should have read your loan documents...
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Monday, November 05, 2007
or the FAQ page on their web site.
A payday loan is not an installment loan. The loan is supposed to be paid off in full on your next pay date. This includes the origiinal loan amount ($300) plus the loan fee (in your case $90).
What is happening is your loan was set to auto renew.
Essentially each debit made from your account for the first four pay cycles was for loan fees only. None of that money was applied toward your $300 loan balance. On the fifth debit, your were charged the loan fee plus $50 dollars towards your original loan amount. And so on and so on. It should look something like this:
Debit 1 - $90 Loan Fee - $300 original loan amount still owed.
Debit 2 - $90 Loan Fee - $300 original loan amount still owed.
Debit 3 - $90 Loan Fee - $300 original loan amount still owed.
Debit 4 - $90 Loan Fee - $300 original loan amount still owed.
Debit 5 - $90 Loan Fee + $50 toward loan - $250 original loan amount still owed.
Debit 6 - $75 Loan Fee + $50 toward loan - $200 original loan amount still owed.
Debit 7 - $60 Loan Fee + $50 toward loan - $150 original loan amount still owed.
Debit 8 - $45 Loan Fee + $50 toward loan - $100 original loan amount still owed.
Debit 9 - $30 Loan Fee + $50 toward loan - $50 original loan amount still owed.
Debit 10 - $15 Loan Fee + $50 toward loan - Loan Paid Off.
You will need to contact them to tell them to debit the fee plus the payoff amount otherwise the loan continues to renew and the loan fees rack up to an astounding amount.
Good luck.
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