Robert
Wallingford,#2Consumer Comment
Tue, July 11, 2006
What looks like happened was that the loan was automatically renewed. The usual senerio with payday loans is: The first 60 is the loan fee only. You still owe the original loan amount plus another loan fee. They continue automatic renewing for several pay periods. Then, they debit the loan fee plus 50 to be applied toward the original loan amount, which reduces the next loan fee by 15. This continues for each pay period reducing the original loan amount by 50 and the new loan fee by 15 until the loan is paid off. The loan fees add up fast. This should be detailed out in the loan documentation or at the very least on their web site. Good luck.
Robert
Wallingford,#3Consumer Comment
Tue, July 11, 2006
What looks like happened was that the loan was automatically renewed. The usual senerio with payday loans is: The first 60 is the loan fee only. You still owe the original loan amount plus another loan fee. They continue automatic renewing for several pay periods. Then, they debit the loan fee plus 50 to be applied toward the original loan amount, which reduces the next loan fee by 15. This continues for each pay period reducing the original loan amount by 50 and the new loan fee by 15 until the loan is paid off. The loan fees add up fast. This should be detailed out in the loan documentation or at the very least on their web site. Good luck.
Robert
Wallingford,#4Consumer Comment
Tue, July 11, 2006
What looks like happened was that the loan was automatically renewed. The usual senerio with payday loans is: The first 60 is the loan fee only. You still owe the original loan amount plus another loan fee. They continue automatic renewing for several pay periods. Then, they debit the loan fee plus 50 to be applied toward the original loan amount, which reduces the next loan fee by 15. This continues for each pay period reducing the original loan amount by 50 and the new loan fee by 15 until the loan is paid off. The loan fees add up fast. This should be detailed out in the loan documentation or at the very least on their web site. Good luck.
Robert
Wallingford,#5Consumer Comment
Tue, July 11, 2006
What looks like happened was that the loan was automatically renewed. The usual senerio with payday loans is: The first 60 is the loan fee only. You still owe the original loan amount plus another loan fee. They continue automatic renewing for several pay periods. Then, they debit the loan fee plus 50 to be applied toward the original loan amount, which reduces the next loan fee by 15. This continues for each pay period reducing the original loan amount by 50 and the new loan fee by 15 until the loan is paid off. The loan fees add up fast. This should be detailed out in the loan documentation or at the very least on their web site. Good luck.