Seems that I myself am in the same boat as you all are. I borrowed $250.00 for an emergency on Dec 27. Here it is, April 6th, and yesterday, they debited out $50.00 and $45.00 as well. I finally got through to them on their phone line. Teresa told me, the first 4 $75.00 charges were service charges to carry the loan until I made my first payments. Then, after that, the first $50.00 payment took care of my principle, then the $75.00 was a service charge. The service charge will go down $15.00 everytime I make a payment. This is complete crap and its fraudulent.
No where in anything I read, did it say anything about this. Not even before you accepted the deal, after you accepted it or in anything they are supposed to send you. (I didnt get sent anything in the mail or email) I talked with my bank and all my credit union told me to do was to close my account and open another one. This would stop the payments to them. However, someone said filling out a REG E would work, my credit union doesnt even know what that is.
Also, The man I spoke to said, its between me and United Cash loans as to my fees taken out of my bank and the money. That is horse crap right there. Anyways, so far, they have taken out $630.00! For a $250.00! Loan. When they get done, it will be around $850.00! Scam artist! Never borrow money on the internet. None of the cash loan companies in Huntsville, AL even charge that much for payday loans.
This is utterly ridiculous. I filed a BBB report with OKLAHOMA's BBB division. Hopefully something can come about. We all should start a class action lawsuit against them.
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