El Paso, Texas
Not resolved

At first glance AMERILOAN seems to be the typical payday loan offer.But NOOOOO.

I engaged with them on a simple $400 payday loan. They sent documents via email that showed a payoff amount of $520.00 with payday "PAYMENTS" of $120 dollars. They even list the next 4 payment dates on the emails that were sent. THEN after making 4 payments for a total of $480 dollars with what I am thinking is a $40 balance I get a reminder for a $170 payment!!!

When I call I find out that the $480 paid for the last 4 paydays has been a finance charge and from here forward I now owe 8 More payments of $170 dollars which is a $50 principal payment and another $120 finance charge. This is a TOTAL of $1840 dollars paid over six months for a simple $400 payday loan!!!! over $1400 in finance charges for a staggering 995 percent APR. How can they get away with this!!!

Then more fine print lets you know that they are operating as a Sovereign Indian tribe and thus you cannot file suit against them!! Please help me stop these *** artist.

There information is very deceptive and many folks are suffering in this recession and companies like these are taking what little money we have left.Please HELP

Review about: Payday Loan.

Review #299407 is a subjective opinion of a user.

Reason of Review / Monetary Loss Not specified / $480
Preferred solution Not specified

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Seems to me that instead of following their contract they are extending the renewals without adding the actual principle payment which is not what their terms say. The.way I understand it is you can either pay in full or the first month you pay a renewal fee, the next month a renewal fee and an actual partial pmt (50) which is supposed to be deducted from the principle or loan balance. Instead they just keep charging renewal after renewal....


You do understand a payday loan is meant to be paid back on your next payday, right? The terms are clear if you READ them. Don't be irreaponsible with your money!

stephanie kelly

these people are predatory to say the least...close your account, you only must pay the principle back...and get the heck away from payday loans all together!!!!

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