500 Fast Cash AmeriLoan My husband and I accepted a payday loan from 500Fast Cash for $500.00 on 6/15/12. Our first minimum payment due would be 6/29/12 for $150.00 of which that amount would be deducted out of our account , Internet
My husband and I accepted a payday loan from 500Fast Cash for $500.00 on 6/15/12. Our first minimum payment due would be 6/29/12 for $150.00 of which that amount would be deducted out of our account every other pay date. Their contract did state that we would be responsible for the minimum payment due but each pay date the amount not only
changed but never was applied to the principle amount of the loan even after making 6 payments. After speaking to the customer service rep he stated that it does say in the contract a New loan and loan amount is generated each time a
payment is made which creates a new payoff amount.
Also, the first 4 payments that we made were applied to service charges only and Did Not apply to the principle amount at all. After now 8 payments my balance went from $500.00 to $520.00 as of 9/10/12. I asked the rep how we could terminate this never ending loan and he stated we would have to pay an additional $400.00 as of today to completely
fulfill the loan requirements. As of today on a $500.00 loan we paid a total of $1485.00. I am very aware that common practice with payday loans are not good business sense however the misleading advertisement is unconstitutional and I do hope that there will be enough complaints that something legally will be done.