Advance America, Cash Advance Centers, Inc. Consumer Loan Complaint

Advance America, Cash Advance Centers, Inc. Consumer Loan department,

Installment loan Managing the loan or lease Texas

In desperation to quickly cover a few unplanned expenses, I took out a $500.00 installment loan from Advance America. I knew the interest would be high. And it was. Very. But, " desperate times ... etc '' I thought. I began the process of paying back my loan when I noticed the miserable, almost non-existent amount the principle had gone down. Out of the $470.00 (? ) given thus far, a meager $68.00 went beyond their interest rate. The real culprit however appears to be a line item detailed as " CSO fee ''.


the principal. While signing my paperwork, I was shown the total amount paid *were I to go the entirety of the loan term ; I was shocked. I 'll have paid almost $2000.00 on a $500.00 loan. I assured the employee overseeing the agreement, of an early payoff. Twice. Any other lending institution would interpret that as 'a resolve to pay less in fees and interest '. My associate met that comment with silence. Twice. I see now why. Clarifying that an early payoff does little to diminish the original amount borrowed, probably is n't great for business. At best, Payday lending practices are exploitive and predatory. Installment loans however, are a new and vicious tool for wealth extraction, ensuring financial indentured servitude. I take responsibility for failing to comprehend the terms. I quite honestly lacked the imagination for a loan of this structure. I still find its legality unfathomable. We would imprison an individual for privately lending with these terms. And yet this industry loans with relative impunity?