- Report: #268267
Complaint Review: AmeriLoan - Internte
-
Author Confirmed
Why?
AmeriLoan
AmeriLoan.com Internte, U.S.A.
Phone:
800-362-9090
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
AmeriLoan ripoff They misrepresent the word "Renewal". Internet
When reading the loan note agreement, my understanding of the word renewal ment if you did not want to receive another loan of another say $250.00, just let them know in writing and they will start deducting from your account in increments quoted.
I borrowed $250.00. My precentage rate was 684.38. Total I owed was $325.00. I fax them stating I did not want to renew the loan, they can begin
deducting the $75.00 finance charge and $50.00 after that to pay down my loan.
My preception of what they stated in the disclosure (agreement) was a totally different understanding. I thought renewal ment that if you werent going to renew the amount you borrowed again, then they would start taking payments out.
I thought it was going to go like this: finance charge $75.00, payment of $50.00 taken until the principle of $250.00 was paid. Instead it is going like this: $75.00 & $50.00 taken in one pay date with the $50.00 going towards the principle, $60.00 the next three pay dates.
They have taken a total of $245.00 in finance charges with only $50.00 going towards principles because I renewed my agreement 4 times. I still owe $200.00 in principle. If I had known renewal ment that they got to keep taking the finance charge until I paid the principle in full I would have paid them and never looked back.
My feeling is, they should take that word renewal and shove it. There are other people out there who will not be able to pay all in one payment and who may think that renewal means that the $250.00 dollars you borrowed
initialy, you can automatically renew. If you don't to, just pay the finance charge and one initial payment of $50.00 the first payment, then $50.00 until paid in full.
It was my fault for not checking first, but when you have to search high and low for a phone number and they don't list an address you want to trust your instincts because you are in need of money.
I hope any one who reads this can understand it because if it sounds like jiberish that is what that loan disclosure sounded like to me. I will never do business withe likes of ameriloan or any other loan company over the internet.
I'll go to a place where I can talk to somebody in person and know that if I didn't pay on the due date and the loan renewed, but I don't get another $250.00, I would find a way to pay them in full on the due date.
I will always hate the word "RENEWAL" now because my concept of renewal is that when something renews itself you benefit from it by getting something.
I also whish I had come to this website before doing business with ameriloan. I have never seen somany complaints. I have learned a lesson.
Cynthia
Trotwood, Ohio
U.S.A.
I borrowed $250.00. My precentage rate was 684.38. Total I owed was $325.00. I fax them stating I did not want to renew the loan, they can begin
deducting the $75.00 finance charge and $50.00 after that to pay down my loan.
My preception of what they stated in the disclosure (agreement) was a totally different understanding. I thought renewal ment that if you werent going to renew the amount you borrowed again, then they would start taking payments out.
I thought it was going to go like this: finance charge $75.00, payment of $50.00 taken until the principle of $250.00 was paid. Instead it is going like this: $75.00 & $50.00 taken in one pay date with the $50.00 going towards the principle, $60.00 the next three pay dates.
They have taken a total of $245.00 in finance charges with only $50.00 going towards principles because I renewed my agreement 4 times. I still owe $200.00 in principle. If I had known renewal ment that they got to keep taking the finance charge until I paid the principle in full I would have paid them and never looked back.
My feeling is, they should take that word renewal and shove it. There are other people out there who will not be able to pay all in one payment and who may think that renewal means that the $250.00 dollars you borrowed
initialy, you can automatically renew. If you don't to, just pay the finance charge and one initial payment of $50.00 the first payment, then $50.00 until paid in full.
It was my fault for not checking first, but when you have to search high and low for a phone number and they don't list an address you want to trust your instincts because you are in need of money.
I hope any one who reads this can understand it because if it sounds like jiberish that is what that loan disclosure sounded like to me. I will never do business withe likes of ameriloan or any other loan company over the internet.
I'll go to a place where I can talk to somebody in person and know that if I didn't pay on the due date and the loan renewed, but I don't get another $250.00, I would find a way to pay them in full on the due date.
I will always hate the word "RENEWAL" now because my concept of renewal is that when something renews itself you benefit from it by getting something.
I also whish I had come to this website before doing business with ameriloan. I have never seen somany complaints. I have learned a lesson.
Cynthia
Trotwood, Ohio
U.S.A.
2 Updates & Rebuttals
You need to look up "renewal" befor
Straffor,Missouri,
United States of America
Look up the word "renewal" on your contract before opting to renew
#2General Comment
Thu, December 15, 2011
Usually when I have renewed a loan I have had with an internet loan company, if I renewed the loan, it meant I didn't have the whole payment right now and want to renew my loan to avoid paying the full payment then. I usually then would pay part of the principle with some of the interest paid and the note would start over with new due date and continuation of my payments. If I renewed the note again, once again I would pay down a small amount of the principle and pay any interest due at the time and would start my loan over again, paying the payments on the due dates established in the original loan. If I wanted to pay the loan off in full, I would pay off what principle I had plus any interest that had accrued since my last payment. This is at least what I got out of my internet loan. I knew when I borrowed the money that the interest was going to be high, not what you would pay at the bank. People should just read ALL of the contract before signing it. If you don't sign, you don't have a loan.
Sick of ripoffs
Trotwood,Ohio,
U.S.A.
Ameriloan
#3Author of original report
Sun, August 26, 2007
Ameriloan is still taking money out of my account. They told me that the next time they would take a payment, it would go towards the principle only. Well, they took $60.00 in finance charges and $50.00 on the principle. As I read other complaints about Ameriloan, I see that people have a hard time contacting them. Let me share with you the phone number I contact them by: 1-800-362-9090. I contact them all the time. Use this until they change it again and if they do and I find out, I will post it again if ripoff report allows me to. I'm getting ready see what I can do to stop them legaly. Thank you for letting me vent.
