I applied for a payday loan on October 17 to help pay for some checks that was floating before they reach the bank. I applied for the loan over the Internet that's called CashNet. They informed me that I was eligible for a loan in the amount of $300. I thought that was a bit too much, but I accepted it anyway and it did help, for a minute.
After I faxed all my information, a representative called me to say that they will debit my account every 2 weeks of $90.00 until I inform to them that I will pay the entire amount in full. The next day, $300 was in my checking account. Two weeks later on October 30th, the company debit my account $90.00. The following week, again my account was debited $90.00. Now that it is December 1, I have paid this company in fees $450.00 total with a constant negative in my checking account.
Even though I get weekly with a take home pay of $320.81 after taxes, as soon as I make a deposit to pay bills, they make sure that they get their $90.00. I don't understand the confusion here. I was told when I applied that they would take it from my account every 2 weeks, not every week. I have never known a payday loan company that would debit an account every single week. I can't even pay off the loan because I'm not given the chance to save up to pay for it.
I know that there is something that should be done about this because it is ridiculous.
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