This company is a big rip off. I borrowed $300.00 and they advised me that it would cost me $90.00. However, they failed to tell you that the $90.00 fee is added every 2 weeks until paid in full. How are you suppose to pay that back if they are charging you this kind of fees. The laws that govern these types of loans are as follows so how are they able to do this. *In the Florida bill it states that lenders cannot loan more than $500. The Florida bill also puts a restriction on the amount of interest payday loan lenders can charge. Currently in Florida, interest rates are capped at 10%, one of the lowest rates in the nation.
The Florida bill also puts additional restrictions on the number of loans a borrower can take out at one time. Currently under Florida law, a person is only permitted one payday loan at a time. Also, under Florida law if a person cannot payback a payday loan on time, the lender must give a 60-day grace period before collecting. This is only if the customer completes credit counseling and works out a payment plan with the lender.
This Florida bill that puts restrictions on payday loan practices was sponsored by Senator Lee Constantine. Constatines bill (CS/SB 1526 & 314) is the first bill of its kind in Florida. So far it has stopped a lot of consumers from getting caught in the treadmill of rollovers and extensions.
However, they are still charging me almost 487 % interest. This has got to be against the law.
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