I went to Car Cash Loans to get caught up on bills. I borrowed $700.00 and was told I had to pay back almost $1000. I was told my payments would be $197.00 a month and that my payments were due the 30th of each month. I was also told that as long as I stayed above the $197.00 a month I would avoid gaining interest on my loan. So last month I went in and made my first payment on the 30th of $200.00, the balance was then $793.00 so I actually felt like I was getting somewhere.
Then I just went in to make my payment of $200.00 August 30th and was told that my payment was now $215.00. She said it was more this time because I must have paid it a couple of days earlier then I did this time and that it also has something to do with how many days are in the month which I still do not understand! She told me that they would except the $200.00 payment to roll me over into the next month and hands me a receipt with a balance of $793.00. At that point I became very upset I just paid $200.00 on my loan and it did not even touch it. She told me that my loan has been acquiring $6.00 of interest a day!
Why was I not told this when I took this loan out? Why was it that the only thing that was explained to me clearly was when to make my payments and how much to pay to avoid gaining interest on it.
This company is very misleading and is robbing people in need. They are making up the rules as they go along. I will never be able to pay off this loan because of the rate of interest it is gaining. Is the only solution to hand over my car to them? I will have no transportion to get to work every day or anyway to get my daughter to school! This neans nothing to them as long as they get paid.
Paris
California
U.S.A.
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