I received a payaday loan in the amount of 200.00 with the understanding that for every time I re-did the loan (up to 4 time) that I would be charged 60.00 every tow week. I was told that then I could repay the loan in 50.00 increments, and that for every 50. Oo payment I would have the 60.00 fee reduced to 45.00. I went to my bank acciunt and found that they had taken the first 50.00 payment out, but had charged me the full 60.00. When I called customer service, I was told that it was correct, that the 50.00 paynment doesn't show up til the next payment is due. I was argued with and told, no I was not charged the incorrect fee because it doesn't show up until the next payment. I replied that it shows up on my bank avccount as 50.00 60.00 fee. She put the supervisor on who argued with me as if I am some kind of an imbecile, and said that I did not see it correctly, then changed the story to say that they actuially charge the full 60.00 on the first 50.00 payment. When I insisted that that is not what I was told in the beginning when I first go the loan, she went round and round saying that I was the one not understanding her math. She would not listen to reason and I got so frustrated I just hung up and told her I will report the company. I mean, really, they have already gotten 240.00 in fees for a 200.00 loan. I understood that I would be paying 50.00 payments for a reduced fee of 45.00 every payment, equaling 100 per month in payments and 90.00 per month in fees to pay it off. Being really strapped fro money, having a new grandchild in the NICU for weeks, etc, has caused me to be really poor, and these kinds of companies prey on the poor; I realize that.
But to top it off, they feel that they have the right to overcharge me once I am paying off the loan, and that is even more outrageous. The right thing to do would have been to adjust my account according to their original claims of how I pay it off, but instead I got an argument from the so-called supervisor telling me that I did not understand.
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