This review is written as a buyer’s beware/remorse and does actually represent an actual client and experience. Not all experiences will be the same
Obtained loan at Speedy Cash. That was actually 2011. At the time everything was going well making payments, all of a sudden I am told “oh come on in so that we can give you a better deal to pay off your loan quicker in just 14 months”. It is Now 2013 and on a small loan that I took out on, with on time payments never missing a date, has now as of 05/2013, according to bank statements I reviewed, totaled $1,765.15 and I have yet to reach the 14 month mark. It seems that none of the prior loan payments were paid on this loan and when this loan is completed there will be over $2,00.00 plus paid on a 350.00 loan in 2011. Please be advised of the contract information and anything that is told to you concerning payments and when the amount is to be paid a detail understanding of Principal verse Interest, and how much goes to each one of those. Get it in writing it is the law that a consumer has the right to have additional information in writing concerning these predatory loans in making a sound financial decision that can have a severe financial impact.
Was it helpful to get out of a bind? Insightful thinking. Yes.in hindsight NO. The company has a metric system predicated towards lower class and working class people that are living from paycheck to pay check. (Mar 31,2013 Sources: Arizona statute, Center for Responsible Lending... Arizona,). This by far not the way to go for a single person making $12.00 an hour. The reviews showed that customer service replies to reviews and states “ Give us a call so that we can discuss your account and ways to help” as noted at www.consumeraffairs.com/finance/speedy_cash.html please do not believe this. Customer Service cannot and WILL NOT assist you with your account until you have defaulted on you loan this is the only time that customer service will speak with you.
So buyer beware there will be remorse.