UnitedCashLoans Ive paid back enough! Internet
In a moment of desperation, I applied for a payday advance loan with UnitedCashLoans via the internet. To qualify, I had to have direct deposit & the payment schedule was set up wth auto-withdrawl, based on my paydays, every 2 wks. Frankly, at the time, that seemed reasonable. I knew the percentage rate would be higher than if I got a loan through more "conventional" means - but at the time, I felt this was my only option. The original amount of my loan was $500 which I rcv'd on 4/4/11. If I include the next scheduled payment due on 6/24 - I will have paid back $985.00 - still having a payoff balance of $585.00. *sigh....... I understand I entered into this contract & am responsible. I have learned my lesson, trust me! My question is this - are there NO safeguards in place to regulate what percentage rate is used? AND, what would be the legal ramifications if I were to close my bank account or request that UnitedCashLoans be blocked & not allowed access to withdrawl any more funds? I've paid back enough already. I feel I've made MORE than a reasonable effort and have paid back an appropriate & fair amount already.
4 Updates & Rebuttals
mr rik
miami,Florida,
USA
JUDGMENT PROOF
#5Consumer Comment
Thu, June 16, 2011
Quit your job, get on welfare, tell ucl to TAKE A HIKE!
Eire1087
Redwood City,California,
United States of America
SafeGuards from Flynrider
#5Author of original report
Thu, June 16, 2011
Flynrider - thank you very much for taking the time to respond. Your comment "the Primary Safeguard is you" - was VERY well put. Ok, I admit - it stung a wee-bit at first! ;-) But you're right & I appreciate the "tough love"! I think it goes without saying, that if I was a financial genious - I wouldn't be getting Payday Advances over the Internet. ( ha ha ) When I entered into this loan, I HONESTLY didn't fully understand what the percentage rate meant & how I would be paying back SO much more money. I should have paid more attention to what was being offered. AGAIN - I understand it now, and can't help but to be reminded of the saying "If it sounds too good to be true, it is"!!
For the record - please know that I do take my obligations seriously & will be paying off the loan as I agreed to do. Thankfully, my situation was not a long term financial crisis - just a bump in my bank balance - and I will be back on my feet again by next month. I can clearly see how this option of loans is a dangerous game & can quickly turn into complete financial ruin.
Thank you again for your very upfront & honest feedback. Be safe...
Flynrider
Phoenix,Arizona,
USA
Safeguards.
#5Consumer Comment
Wed, June 15, 2011
" My question is this - are there NO safeguards in place to regulate what percentage rate is used?"
The primary safeguard is you. Apparently you reviewed the terms before obtaining the loan and found them acceptable. Who would be in a better position to make that decision?
It seems that you've just been paying a very high rate of interest with your payments and not touching the principle. With a sky-high interest rate, that is not a good way to go.
" I understand I entered into this contract & am responsible. I have learned my lesson, trust me! "
Well, you say that you're responsible, but then you want to close your account and stiff them. Can't have it both ways. There's no doubt that payday loans are a horrible financial choice, but in the end, it was your choice.
Your best bet is to quit frittering away your money on interest and do what you need to do to pay off the principle.
" I feel I've made MORE than a reasonable effort and have paid back an appropriate & fair amount already. "
These legalized loan sharks don't really care how you feel. They care about the contract terms. What you consider "appropriate & fair" is irrelevant. If you decide to just quit paying, the company could take you to court and eventually have your wages garnished in addition to trashing your credit. Sadly, you've learned the hard way that high interest payday loans do nothing but dig your financial hole deeper.
Joseph Brown
Spartanburg,South Carolina,
USA
Payday loan
#5Consumer Comment
Wed, June 15, 2011
Do I have this right? You borrowed $500 and after your next payment you will have paid back $985 and will STILL have a balance of $585?
Keep checking in here as I'm sure someone with more knowledge than mine will help you.
Unfortunately you'll be trashed first by a few, but just ignore them. Good luck.