Here's another one of those payday loan scam artists. Really, I have to take some blame for not thoroughly reading everything, BUT-and it's a big but - they are very careful not to clearly define how much you will be paying back, how much the total fees will be, how many payments will be taken, and how looooon it will take to be paid off, so you don't think to say "What?! No Way!"
Here's the deal - similar to other stories I've read on this site, USA Payday Loan automatically renews your loan for the first four pay periods, taking only a large fee ($90 in my case). THEN they begin to take a payment ($50) and another fee ($75) every pay period after the first four.
So by the time I realized that way too much money was being taken, I had paid $625 for a $300 loan - and only $100 of principal had been paid!!! I was LIVID! I paid it off the next payday ($260) for a total of $885 paid on a $300 loan - ridiculous!
It appears most payday loan places operate in this manner, so BEWARE - you may end up in a bigger hole than you were in before you took the stupid loan.
I have discovered one and only one place that tells you EXACTLY how much you will be paying, how much each payment will be, when every payment will be debited, and when it will be paid in full. You can also pay additional on the principal, and pay it off early with no penalty... Go to ThinkCash, they set it up like a normal loan where every payment is split between principal and fees - and you must tell THEM to charge you only a fee and renew the principal, they do not do it automatically.
Lesson learned - never again!
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