NATIONWIDE CASH - AMBASSADOR FINACIAL JUST ONE BIG RIPOFF FLATOUT LIED New Mexico Internet
Nationwide cash is the biggest con going. I took out a payday loan they told me I would have $500 put in my bank account and my payback would only be $650.
After stealing back more then $805.00 i gave them a call to find out what was going on. The woman phone who did not give her name told me each payment is a extension to the loan if not paid in full.
There fore is was being a new finance charge each time. But the loan had been paidoff and so i would not be charged again. Wrong almost three months later Ambassador took out twelve small payments from my bank account in amounts of $36 to $56 for a total of $535
Grand total for $400 was $1340. It's time for payback all the people they have ripped off, be put out of bussiness under all the names they use, and some jail time may stop this type of scam.
Tazman
TONAWANDA, New York
U.S.A.
1 Updates & Rebuttals
Demonicaangel
Liverpool,New York,
U.S.A.
Read the Contract
#2Consumer Comment
Thu, January 24, 2008
in the future as Ambassador is not different than most payday loans out there, remember to read the contract. every payday loan or cash advance company I have ever dealt with has the same base rules. they are as follows
1.) you will pay XX ammount of dollars as a finance charge for the money borrowed (this ranges from 9.81 per hundred to $35 per hundred)
2.) the company will not automatically withdraw priciple from your account unless a. you request them to do so or b. your "grace period" runs out. or c. the contract spacifically states it will
3.) the contracts will generally state that they will automatically renew your loan 4 times with only charging you the finance charge. at the 5th renewal they will pull a portion of priciple as well as the finance charge. (most generally $25 or $50 priciple and the finance chage applicible).
for example:
for every renewal you pay the finance charge, in your case this seems to have been a pretty high end but standard number of number of $120 for $400. by the rules of the contract this means each payday you will pay $120 in finance charges. this will happen for 4 paydays. then on payday #5 they will pull I am assuming it was $50 in principle as well as the $120 of finance charge. you next finance charge will be lower but they will pull another $50 in principle. so on and so forth till the loan pays itself off.
you can avoid future problems like this if you are sure to read the contract. keep the phone number handy. make sure you are familiar with the procedure to pay off your loan, and claify anything you do not understand fully in the contract.