Needcash.com under Blueglobal media needcashnow.com 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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