I borrowed $300 just before Christmas, and was told I would be able to pay it off early (they called it a "special") for a reduced interest rate (which was exorbitant to begin with). So, I was to pay off a $300 loan with $375 today, January 6, on a loan that originated on December 20.
I called today to pay off this loan (I knew it was a mistake to deal with a company like this; it's my first and last time), and was told that I owe $405. They said they tacked on the extra because I didn't remit payment "two to three days before the due date." This was never said in the original conversation I had with these people, but the person on the phone (in broken English) explained that it was in the fine print of the contract that I "signed" that the loan amount had to be paid two to three days before the due date to avoid further charges.
Would someone explain to me what a due date is? This is a fraudulent business. I tried reporting them to the BBB, but there's no record of them there. I also cannot find an address for this place.
I am paying the $405 to avoid any legal issues, but BEWARE! Sometimes emergencies come up, and I believe we become unconsciously desperate, so we make erroneous decisions. At least, that was the case with me, and I certainly regret this decision. Any company that actually shows that they are charging 700% interest should be avoided no matter what your specific need may be!!
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