Payday loan company charging too much?
I recently got a payday loan from a place called “The Cash Store”
My loan was for 100.00 - the amount I paid back was 147.00. Is there somewhere I can report them there was a brokerage fee of 28.00 and also a fee of 8.00 for a debit card - as this company does not give out cash and gives loans on debit cards instead
I’ve heard of someone reporting a pay day company before and getting the whole amount (even what was borrowed back)
Even so, these jerks should be reported for taking advantage of people who are in a tight spot financially
Thanks
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What makes you think that was too much? They should have disclosed the fee ahead of time so you knew what you agreed to. If you were desperate for 100 and that was the best loan for you $47 in loan fees doesn’t seem excessive.
Welcome to the world of “loans”. ALL COMPANIES ARE LIKE THIS!!! Its unfair, and crappy, but thats how it is. Their thourhgts are “if you dont like it, then dont use us”. sadly, i know that there arent many other choices for people who are broke and need to borrow! I call it “legalized robbery”. But you gotta do what you gotta do! i used cash call (worst mistake ever) Their intrest rate was above %99 . thats right ABOVE %99!!!!!!!
But you just dont have a choice. I know it sucks, (belive me, if i added all the charges that the bank has charged me and places like that, it would probobly be like 10 grand!)
Sorry! But know you’ve learned!
There have been many law suites against them.
They outlawed them here in Ga. I heard of talks of trying to get it back.
But that is the whole reason the government is mad is people paying the highest interest rate their is.
Try the web site I love it is called Prosper. It is where people loan people money.And the sooner that you pay off the less interest you pay.It has been on CBS news.
Don’t you know that those kind of places are legal loan sharks.
This is an example of a contract between two people, one in a very strong bargaining position, and another in a very weak bargaining position.
In other words, take it or leave it.
Starting I believe Jan. 1, 2008 all payday loan companies MUST have signs up that state in clear terms exactly what all their fees are. So if you went in after Jan. 1, did not read the signs or even the contract that you signed for this loan, and still got a payday loan, then you agreed to pay whatever they charged you.
While they are technically taking advantage of people, they are also a business and the business has to make money to stay open. If you don’t like how it works, don’t use a payday loan company anymore.