These payday companies are out of control. This particular lender realized Virginia was on to them about payday loans and now they offer long term loans. But at what cost? I got a 1000 dollar loan and never realized the fee for being a day late. I was a day late and had my wife go in the day after the due date to pay the minimum payment. Since I work two full time jobs I did not have the time.
Well, the payment was made but I received a letter from them stating I owed 600 bucks in late fees. I was schocked and couldn't believe it. Well, as it turns out, they if you are a day late they charage you 30% of the balance of the loan. But wait there is more, they also charge for the current month and the next month. So you are charged 60%.in my case I was charged 600 bucks for being late on a 30 dollar payment. And I was only one day late. And that was because the due dates are never the same date. The date changes month to month.
Please be aware. This needs to stop...
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