Moneymessiah - loan sharking

Posted on Tuesday, October 1st, 2013 at 4:08pm CDT by kambiz k.

Product: Loans

Company: Moneymessiah

Location: P.O Box1469


Category: Internet Services

I applied for a $1,000.00 short term loan las month .The company's condition on paying it off is to attach a $300.00 fee to the loan that leeps apprearing if the principle amount is not paid in full. In other words,if you don't pay any of the balance you are renewing the loan for the full amount no matter how many times you have paid the fee the loan will not be reduced.

So, lousy $1,000.00 loan could become many thousands for a working person who was short one month and will be for the rest of their life.

Once you mistakenly accept the term and conditions you are stuck unless their collection department handles it in which case if one can't afford the original amount how can one afford all the fees getting accumulated to it?

It is an unfair pracice for a needy man on a short term loan that converts to a long term one.

It should be like other loans when one makes a payment it should reduce the total balance.That is how they hook a concerned workers and make a mess out of ones ife in terms of credit history and stress caused by their practice.


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