El Paso, Texas
3 comments
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.

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

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ladybug
#525734

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....

Branson
#488516

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
#484140

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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