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
Monetary Loss: $480.