- Report: #240966
Complaint Review: Nationwide cash - Ambassador Financial Services - Espanola Internet
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Nationwide cash - Ambassador Financial Services
314 N. Riverside Dr. Espanola, Internet, U.S.A.
Phone:
866-808-0936
Web:
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Nationwidecash - Ambassador Financial Services - PAYDAY LOAN SCAM, RIP-OFF, MISREPRESENTATION, FRAUD Internet
Nationwidecash.com is a fraudulent company who holds an "F" rating with the Better Business Bureau. I applied for a payday loan through Christianfaithfinancial.com who denied my application and sent me offers from a few other places, nationwidecash.com being one. They had a girl call me at my work to get the online loan documents signed. She misrepresented the finance charge completely and then rushed me through the online documentation process. You are more vulnerable when at work so that's why they call you there.
Once signed, I received $400 electronically into my checking account. Two weeks later $120 came out, which I expected, as they state that you pay the finance charge first. Well then two weeks later another $120 came out, followed two weeks later by another $120. So I called them to see what my balance remaining is and they tell me it's $520. Wait a second! Ive been paying you $120 every payday for a month and a half and you're telling me I owe you the $400 principal plus another $120 in interest? That's when I realized I'd been scammed.
I had the money to pay back the loan a week after I took it out so why would I knowingly agree to pay $480 in finance charges on a $400 loan? I wouldn't. So BEWARE of this company's smooth talking young girls that call you and make it sound like the most you'll pay is $150 and the loan will be paid off after the 4th payday deduction. This is false and you will pay dearly. This type of fraudulent lending is illegal in many states so you may have legal right's, which I'd suggest you pursue. I know I will be.
Melissa
Atlanta, Georgia
U.S.A.
Once signed, I received $400 electronically into my checking account. Two weeks later $120 came out, which I expected, as they state that you pay the finance charge first. Well then two weeks later another $120 came out, followed two weeks later by another $120. So I called them to see what my balance remaining is and they tell me it's $520. Wait a second! Ive been paying you $120 every payday for a month and a half and you're telling me I owe you the $400 principal plus another $120 in interest? That's when I realized I'd been scammed.
I had the money to pay back the loan a week after I took it out so why would I knowingly agree to pay $480 in finance charges on a $400 loan? I wouldn't. So BEWARE of this company's smooth talking young girls that call you and make it sound like the most you'll pay is $150 and the loan will be paid off after the 4th payday deduction. This is false and you will pay dearly. This type of fraudulent lending is illegal in many states so you may have legal right's, which I'd suggest you pursue. I know I will be.
Melissa
Atlanta, Georgia
U.S.A.
2 Updates & Rebuttals
Kim
Morganton,North Carolina,
U.S.A.
I agree with melissa
#2Consumer Suggestion
Mon, June 30, 2008
Iam sorry to hear about that and it is a complete scam.. besides i thought loan sharking was illegeal and to the rebuttual that was giving to you yes there are term you must follow by , but on the other hand if it wasnt anything wrong by the way they were doing buniess then these payday loan companies wouldnt be illgeal in alot of states! It happen to me in the past I took out a payday loan for 200.00 dollars and end up paying almost 500 dollars (not including the 260.00) and i contact the attroney general and come to find out its illegeal to get an online loan in north carolina with there high intrested rates so i dont think you are the blame here you was just a victim .
Susan1958
Red House,Virginia,
U.S.A.
Sour Grapes
#3Consumer Comment
Wed, June 25, 2008
Sorry, but if you take out a payday loan, it's up to YOU to read the fine print and understand it. Every payday loan company works the same way. If you want to pay the loan off on your next payday, you have to contact them at least 3 days prior to your due date and let them know. They'll then deduct the principal amount plus the interest due, and you don't owe anything else. If however, you decide you want to let the principal ride, they're going to take only the interest due, which is usually $30.00 per each hundred dollars advanced to you. The interest deduction will be the same amount each time you extend the loan and don't pay anything on the principal amount. If you decide to pay a portion of the principal (in $50.00 increments only, per agreement by the payday lender), then your interest amount goes down for every $50.00 you pay off. So for example, if you pay off $100.00 on your principal, your interest due goes down by $30.00. Payday loans are not meant to be long-term, and if you opt for the 4 paydays without any principal being taken, then yes, it's going to cost you quite a bit of money to extend that loan. It's your fault for not reading the documentation provided. They're not ripping you off if they've given you a full disclosure of how the loan works, which they have. Sorry, but this is a perfect example of someone not taking the time to properly find out how something works, and then screaming foul.
