I borrowed $1300.00 as a bridge loan until my taxes came in. I was informed that there was a large fee or interest rate, but that they would take a monthly interest and principal payment of $390.00 out of my account on the loan. It was my understanding that the amount was applied to the principal and interest. They took a total of 5 payments out of my account in the amount of $1950.00 in a two month period. Whne I questioned Why they took out that much in a short time.
I learned that not only did they not make a mistake, but that the $1950.00 they took did not apply to my principal borrowed of $1300.00. They charged me $1950.00 on a $1300.00 loan on less then two months. They said I was upposed to log on to their web site and make a payment over and above the payment they already took. They said they emailed an agreemnet which I never received Nor signed. This company is a fraud and nothing less then a loan shark! I have contacted the attorney General in NY and teh better business bureau. I also contacted the bank to block them from takining furtehr money.
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