- Report: #953457
Complaint Review: cash yes - Internet
Reported By:
douglas -
PEORIA, Arizona, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
cash yes
Internet, United States of America
Phone:
1-866-568-1419
Web:
www.cashyes
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
cash yes took a loan for $1000.00 and with instrest of $1300.00, but they have now taken $2400.00, Internet
took a loan for $1000.00 with a total of $1300.00 pay back. they have now taken a total of $2400.00 this is a big rip off and left us with financial hardship
1 Updates & Rebuttals
IamGood
Fort Worth,Texas,
USA
CASH YES is a Payday or TitleLoan Company
#2General Comment
Wed, October 10, 2012
I will try to explain to you in very simple (mono syllabled Words If possible), how a loan like this works.
Step 1. You go in to the Office and show them your car. They decide how much they will give you for the car, and then you give them the title to the car.
Step 2. After they give you the money for your title, you are given 1 month (usually to pay back the 1000.00 original loan, and the fee for 300.00. The fee belongs to Cash Yes,while the actual money for the loan usually comes from a out of state lender who charges very high interest rates.
Step 3. When the one month time period expires you are expected to come back into the office to pay the 1300.00. If you cannot pay the 1300.00, they will extend the loan for another 300.00 fee, and which time you will be expected to come back in in one month to pay the 1000.0 plus interest.
Step 4. If you go back in one month, and cannot pay them the 1000.00 you need to go to step 3.
Do you see what is happening here. You keep performing, and reperforming step 3 and 4 over and over again. It is clear you did this every month for the last 7 months, so this is why you owe them so much money.
They are not crooks at all. If you had come back 1 month later after you originally borrowed the 1000.00 and paid them, all you would have paid total for the loan was 1300.00.
Be careful what you sign, and from now on stay away from loans like these because usually people like you live paycheck to paycheck, and there is no way you can pay the loan off in a month.
