UnitedCash Loan borrowed $300.00 and so far I have paid $500.00 was told my next schedule payment will be due next pay and they will withdrawl $125.00 not sure why I am still paying off a $300.00 dollar loan. Miami, Internet
I borrowed $300.00 dollars from unitedcash loans and have paid so far $500.00 dollars. Also was told that my next schedule payment will be $125.00 dollars. Wasn't aware that I would be still paying off a $300.00 loan. When I read the agreement it stated that my payoff would be $390.00. I will never do this again. What a bad experience I had with this company. They are nothing but a ripoff!!!!! I still have no idea what I will end up paying after this is all done and over with.
1 Updates & Rebuttals
MovingForward
Palm Beach Gardens,Florida,
USA
Did you read the terms of the loan?
#2Consumer Comment
Mon, February 27, 2012
Let me say first that I have never had a payday loan. (And, I don't work for any of these type companies. But I do read and understand whatever it is I'm signing before I sign it.)
No business is going to loan you money for free. It is well known that you have to pay interest on the loan for as long as you have the loan outstanding. The interest rates for payday loans is huge, actually, outrageous. Look at the paperwork you signed, check the rate and the expected payments due.
In order to pay off the loan you have to pay the outstanding interest due plus the entire remaining principal balance (that's how loans work).
In your paperwork there will be a payoff provision. All notes have this provision. Don't be surprised if you owe nearly the entire $300 plus the outstanding interest. It behooves you to get the entire amount due paid off in full so you can stop the outrageous interest. Do the math.