United Cash Loans is a payday loan company. They are basically nothing more then Loans Sharks, using the internet to hide their location. If you borrow money from them, be sure to read the fine print. If you borrow $300.00 from them, you will be charged $90.00 per pay period to pay it back. Totaling $360. SO it looks like they are making 20%, not great, but not horrible either.
What they DONT tell you up front is that if you dont pay the entire amount up front, then the $90.00 go to "administrative charges" Then when you do start paying down the loan, you pay $90, $50 goes towards your outstanding balance, $40 to interest.
So on your avg $300 loan you will pay $360 in interest in the first 4 weeks, then $40 for the next 8 weeks, $320. So you've now paid $680 NOT INCLUDING THE orginal $300.00 loan!
They will access you account reguardless of if you ask them not to or not. If they cause you to overdraft you account, they not only will not take any corrective action, but they charge you an addition $30 plus hit you with two payments on your next payday. They will give you no company related information if you call and ask them, nor will they allow a mailing address.
They hide under many many different company names across the internet. When I spoke to them, and compalined, the customer service rep could not have cared less, and said that the only way that I could stop them from taking money from my account was to close it, and if I did, a collection agency would show up at my house to collect. A not so vailed threat...?
Modern day loan sharks, that is all they are.
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