I got a loan from mypaydayloan.com with no credit check which was great because I have no credit. My loan was only for $400 and the interest rate was 25% so I was supposed to pay them $500 back which was bad enough but since I have no credit I accepted that. They told me that when I got the loan I could pay it back in payments of $100 every 2 weeks.
I made all my payments and called them to make sure it was over and they told me that I made all them payments just to hold the $400 dollar loan longer. Now why would I pay $200 a month to hold only $400? They never said anything about this in their terms online or on the phone any of the times I spoke with them. I told my uncle about it and he tells me it is called a loan shark and it is illegal. I sent the company an email telling them that I would be reporting them and the next day they call me and tell me they apologize and they will be closing out my loan.
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