I took out a payday loan for $500 and was under the impression that all I had to pay back was $632.50 total which I thought was acceptable. Well they've taken $662.50 out of my acct so far and when I called and asked how much more will I have to pay before I paid it off they say all I've been paying it $132.50 and only $50 is put towards the loan the rest is interest. And if I wanted to pay it off it would cost me $632.50 more. This is an outrage that they can charge me well over the $500 loan amount. The amount I would have to pay in order for them to stop charging my acct is $1294... Is there something I can do because I've never heard of someone being able to charge way over the amount in interest for such a small loan. Someone please help. They shouldn't be allowed to do this to people especially the way the economy is today..
0 comments