- Report: #1339989
Complaint Review: Spot loan - Internet
-
Author Not Confirmed
Why?
Spot loan
Internet, USA
Web:
Spotloan.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Spot loan Spot loan Spot loan pulling fast one/scam Internet
I am a disabled person on ssi.I had applied for a spot loan on Oct 21 2016 to help pay off a household bill.when i took out loan it asked how much you could pay and what was my pay dates.The original amount of loan was 300$ with a 120$ payment due on the 3rd of each month.When i was approved it was took 3 days then my loan was deposited in my acct.Then i realized they wanted the first full monthly payment on nov 3rd 2016?It was only 9 days? So i emailed spotloan and was told if i wanted they could set up the first payment for dec 5th for 158$? I said that would be fine even thou that wasnt the agreement .I was desparate so i agreed.Then i recieve another email the next day they added the intrest wron it would be 161$ monthly starting dec 5th til april 2017.Today week before my loan is due i look online at my acct and it showes my acct as due as of date 11/28 444$ and 161$ due dec 5th?? Where did my loan go from 300$ to 444$ I emailed spot loan and haventheard anything yet ?? This is so wrong on many ways i hope that no more people are taken advantage of like this.Also if they dont correct this matter i will contact my bank because that is not the original payment or loan that i aggreed to and they are not allowed to fraudulently take money from my acct.
3 Updates & Rebuttals
Clifford
Colorado springs,Colorado,
United States
Read the agreement before you sign it
#2Consumer Comment
Thu, January 30, 2020
FIRST, let me state that I have no skin in the game here. Unfortunately, most people do not raed the agreement BEFORE they sign it OR they sign it and do not understand it. If you do not fully understand ANYTHING that you have before you then DON'T SIGN IT.
Too often people do not understand that when you accept a loan from a sub prime lender you WILL pay a high rate of interest. It is the risk factor involved. ONE MORE TIME. IF YOU DO NOT UNDERSTAND EVERY THING WRITTEN DOWN AND THE TERMS DO NOT SIGN ANYTHING.
The proof is in the email
#3Author of original report
Sun, November 27, 2016
Yes i understand that spotloan is a high intrest loan all payday loans are.But when the original agreement was 300$ and a hogher loan payment each month yes thats what i agreed to.Not a higher loan amount! my payments went from 120$ to 160$ thats what i agreed to! This is just a fast one that spotloan pulls on all customers .I want people to know what there pulling .I have my original emails and loan i agreed to and 444$ was not what i agreed too or what i recieved .I have my bank deposit from spot loan to prove that too.so before you rebutle someones complaint get your facts straight !!
Robert
Irvine,California,
USA
Interest..
#4Consumer Comment
Sun, November 27, 2016
The reason your balance is now higher is because you got a high interest loan and haven't made a single payment since you got it. They are a Sub-Prime lender who will give loans to people who can't get a regular loan or credit card because of their high risk. High Risk equals High Interest.
These loans accrue interest daily and it will continue to increase every day. There is NO RipOff here and it is all things you agreed to when you got the loan.
But I find it funny how your main complaint is that the balance increased and that you will contact your bank because that wasn't in the original agreement. Well neither was having your first pay date of December 5th. I guess if you want you could go back to the original agreement where your first due date was November 3rd. Of course with it now being the end of November that would mean that you are late and subject to additional late fees and penalties in addition to the accrued interest.
