Consumer reviews and reports on scam companies, bad products and services under Blueglobal media Fraudulent money lending and misrepresentation of compounded interest rate fees Internet
12th of Oct, 2011 by User186438
I contacted needcashnow via the internet for a loan of $1,000.00 and it was explained to me by one of their agents that the loan would cost me $150.00 per payperiod (I get paid bi-weekly) and that I could repay the loan by debit from my bank of the interest($150.00 ) plus whatever additional amount I chose to pay in addtion to the interest. I tried to make arrangements to have a total amount of $300.00 deducted bi-weekly from my account but was told that I would have to make those arrangements later. The loan was started approx. on 9-9-2011 and thus far a total of $750.00 has been deducted from my account by needcashnow as of this date 10-12-11. I contacted needcashnow via phone to ascertain the amount still owed and to asked to make arrangements to make larger payments so as to pay the loan off much quicker and I was told that the amount still owed on the initial $1,000.00 loan is now $1,300.00. Further conversation with the agent I was told that the $750.00 thus paid on the loan was considered interest only and that I would now be paying $300.00 in interest on the loan biweekly and the principle of $1,000.00 would not change unless I paid more . when I first contacted needcashnow I was made to believe that (1) this was a loan that would cost me $150.00 per bi-weekly payperiod, (2) That the loan could be paid off over a period of time which I understood to be about in a 7 payperiods (3) It was not explained to me that I would have to be paying $150.00 every week which by my pay schedule comes to a bill of $600.00 in interest payments per month. I'm making car payments on a loan that's over 25 times that $1,000.00 amount borrowed from needcashnow and it costs me no where near this ridiculous amount of interest in fact I'm paying more in interest on the $1,000.00 from needcash now,... than I am on my monthly carpayment. The agent I spoke to stated that the interest amount is stated in the agreement that is a part of their package but going by what the initial agent told me gave me the understanding that I have explained here. I informed the agent that I would contact the BBB about the way they misrepresent themselves in their lending practices.

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