Complaint Review: UnitedCash Loan - Miami, fl Internet
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- Author Confirmed
- UnitedCash Loan Internet United States of America
- Phone:
- Web: www.unitedcash loans.com
- Category: Miscellaneous Companies
UnitedCash Loan borrowed $300.00 and so far I have paid $500.00 was told my next schedule payment will be due next pay and they will withdrawl $125.00 not sure why I am still paying off a $300.00 dollar loan. Miami, Internet
*Consumer Comment: Did you read the terms of the loan?
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I borrowed $300.00 dollars from unitedcash loans and have paid so far $500.00 dollars. Also was told that my next schedule payment will be $125.00 dollars. Wasn't aware that I would be still paying off a $300.00 loan. When I read the agreement it stated that my payoff would be $390.00. I will never do this again. What a bad experience I had with this company. They are nothing but a ripoff!!!!! I still have no idea what I will end up paying after this is all done and over with.
This report was posted on Ripoff Report on 02/25/2012 06:48 PM and is a permanent record located here: https://www.ripoffreport.com/reports/unitedcash-loan/internet/unitedcash-loan-borrowed-30000-and-so-far-i-have-paid-50000-was-told-my-next-schedule-844680. 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
Did you read the terms of the loan?
AUTHOR: MovingForward - (USA)
SUBMITTED: Monday, February 27, 2012
Let me say first that I have never had a payday loan. (And, I don't work for any of these type companies. But I do read and understand whatever it is I'm signing before I sign it.)
No business is going to loan you money for free. It is well known that you have to pay interest on the loan for as long as you have the loan outstanding. The interest rates for payday loans is huge, actually, outrageous. Look at the paperwork you signed, check the rate and the expected payments due.
In order to pay off the loan you have to pay the outstanding interest due plus the entire remaining principal balance (that's how loans work).
In your paperwork there will be a payoff provision. All notes have this provision. Don't be surprised if you owe nearly the entire $300 plus the outstanding interest. It behooves you to get the entire amount due paid off in full so you can stop the outrageous interest. Do the math.
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