In a moment of desperation, I applied for a payday advance loan with UnitedCashLoans via the internet. To qualify, I had to have direct deposit & the payment schedule was set up wth auto-withdrawl, based on my paydays, every 2 wks. Frankly, at the time, that seemed reasonable. I knew the percentage rate would be higher than if I got a loan through more "conventional" means - but at the time, I felt this was my only option. The original amount of my loan was $500 which I rcv'd on 4/4. If I include the next scheduled payment due on 6/24 - I will have paid back $985.00 - still having a payoff balance of $585.00. *sigh... I understand I entered into this contract & am responsible. I have learned my lesson, trust me! My question is this - are there NO safeguards in place to regulate what percentage rate is used? AND, what would be the legal ramifications if I were to close my bank account or request that UnitedCashLoans be blocked & not allowed access to withdrawl any more funds? I've paid back enough already. I feel I've made MORE than a reasonable effort and have paid back an appropriate & fair amount already.
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