I took out a $500 loan on 3/17 with the agreement that a $175 payment would be withdrawn from my checking account on 4/9, my social security paydate. I told them that I was paid once per month. This payment was paid on 4/9, but on 4/23 they debited my account for another $175 which put my account in default. Castle Payday never told me they would require 2 deductions per month, nor did they tell me the percentage rate was 525% anually. My bank stopped payment on the 4/23 withdrawal as unauthorized. I understood the total repayment I owed would be $675, not $175 interest every two weeks.
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