United Cash Loans ripoff fraudulent billing and misleading information Internet
United cash loans is a fraud. I was under the impression that I could borrow money and pay it back in monthly installments or in one lump sum. I ddn't even borrow much ($200.00). The agreement that I read and understood was that they would charge me $260.00. Well, I've paid that. When I called them to try to find out why they were still charging me monthly, they had the audacity to say that the $60.00 payments that I made monthly were only covering the interest that incrued.I've been treated more fairly by loan sharks. How does $260.00 have a monthly $60.00 interest.
Please, if anyone understands this nonsense, I'd be happy to listen. It's preying on the poor and I have yet to figure out how to deal wth this problem. Thank God I didn't borrow $500.00.
Tawanda
New York, New York
U.S.A.
1 Updates & Rebuttals
Jennifer
Albuquerque,New Mexico,
U.S.A.
Monthly Payments
#2Consumer Suggestion
Mon, April 03, 2006
I have read your complaint and I am a bit confused, did you pay the $260.00 at once or did you just make monthly payments that equaled $260.00??? The intrest to roll over the loan amount would be $60.00 a month. I unfortunately have had to take out check loans before and know quite a bit about them. There is not cap on the intrest they can put on this type of loan, they do not do credit checks and that is what makes them so appealing. So if you pay just the $60.00 a month you can keep it out for as long as you like, but if you are paying just the $60.00 it is just the intrest and nothing else. You would just be rolling over the loan. If for example you were to pay $80.00 a month, $60.00 of it would be the intrest and $20.00 would go to the actual loan amount. I hope this has been helpful.