Ameriloan attempts to pay off loan ignored in order to continue to bill $90/billing cycle. $300 loan cost $600 to repay. Hudson, Florida
I borrowed $300 at Christmas to return home to surprise my family. Imagine my surprise when I discovered they're charging $90 per billing cycle! I emailed the company stating I wanted them to take $100/wk to repay the loan. The email was ignored, with no response recieved.
Within 3 weeks I noticed they took another $90 from my checking account. I emailed Ameriloan to immediately repay the entire amt. of the loan. I could not locate their phone no. or mailing address. This email was again ignored with no response recieved.
Finally today, I reviewed my checking account and $125 was removed from my checking account. I searched the internet for Ameriloan's phone no. and contacted them via phone. They admitted they recieved my emails and stated they had responded to my request via email. How convenient for Ameriloan to state they responded to my emails when no records are noted in my email.
Ameriloan did agree to close my account if I paid an additional $250.00! They did not give me credit for the additional $90 they took out of my account today. This $300 loan has cost a total of $600! This company is worse than any loan shark! Stay away from these scams!
Personally, I believe these type of financial practices should be outlawed! They take advantage of poor people in a struggling economy. I wish there was something more that can be done to stop this practice and put Ameriloan and others like them out of business!