I have a $300 loan from MTE Financial. They've been debiting my account for the last 3 or 4 pay periods for $90. Well I'm ready to pay the loan off and I can't get in contact with anyone to make arrangements to do so, forcing me to keep extending the loan.
The way the loan works is it automatically renews itself every pay period, unless you state otherwise. On the fifth renewal they will supposedly debit the account for the finance fee, along with $50 from the principal of the loan and will do that every paycheck thereafter until the loan is paid in full. I have a $300 loan so that would take 6 debits of $140 from my account to pay in full, which totals out to $840 that I will have repaid them, not including the 4 times before that when they only debited the account the finance fee of $90, that is an additional $360, make the grand total $1200.
This can't be legal. Essentially they are forcing me to pay back 4 times the amount that I borrowed. I've gone thru all the paperwork from the loan agreement and there is no number, no address, no contact information for me to call to get the matter resolved before it gets to that point. I can't afford to pay back that much money. I got the loan to help me, not put me further in debt.
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