I received a Payday Loan from Paradise Cash Advance in January for $300.00. The total payback amount was $337.50.
I get paid bi-monthly and starting from the loan date through the current date, September, Paradise has withdrawn anywhere from $25.00 to over $100.00 on every paycheck, many times causing my account to be overdrawn because they took the money out prior to my actual pay date and I never knew what amount they were going to take.
So far they have taken over $1000.00 from my bank account on a $337.50 payback amount.
I have received payday loans before and once they are paid off, they stop taking money from the bank account.
I finally talked to someone on the phone today and found out that they will continue to take money from my account until I advise them by phone 3 days prior to the next debit date that I want to pay the principle in full. Apparently all of the money they have been taking for all these months is their finance charge.
I told them via e-mail and on the phone that I do not want them to take any more money from my account and would like a refund for everything paid over $337.50. They said they will not refund the money and my payoff is $131.00, even though they have already taken over $1000 from my account!
They will be debiting my account for the final amount (hopefully) in October and will not refund anything back to me even though they took hundreds of dollars over the payback amount and made me incur overdrawn bank account fees.
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