Mobiloans, LLC Payday Loan Complaint

Payday loan Can't stop charges to bank account can't stop charges to bank account

Mobiloans, LLC Payday loan department,

Payday loan Can't stop charges to bank account Can't stop charges to bank account Virginia

Second complaint I applied for a mobiloan loan in - - and received my first statement on -/-/-. With an approval of $1200.00. Mobiloans hides behind the false claims that this is a revolving line of credit however my payments averaged $160.00 to $150.00 dollar every 2 weeks. I am being charge along with my payment a cash advance fee averaging $75.00 every 2 weeks because the account has a balance. Mobiloan loans only applies an average of $45.00 towards the principle. The loan limit was never increase however just like anyonline cash advance loans you can borrow up to the balance of $1200.00 when you make your - week payments. Mobiloans gets awaywith not posting a high interest rate by camoflaging it with a finance charge of $73.00 to $75.00 every 2 weeks. Technically this interest rate hidden as a finance charge is over 90 % After a year - - Mobiloans will not allow you to borrow towards your - limit until the balance is paid in full however they continue to charge the finance as a fake high interest rate every - weeks that will never allow me to get out of this fake line of credit


is like a credit card the annial percentage is about - to 28 % and the most finance charge is around $30.00 a month based on thr $1200.00 instead ot is just like a pay day cash advance $320.00 fees towards a $1200.00 cash limit. I have paid an average of $3200.00 for this loan. When I had a balance around $550.00 it was added to this loan the most $1700.00 average total in loans. The payments I made was paid twice and still have a $1700.00 balance and at thay time I would have paid over $5000.00 for $1700.00 in loans this is legal loan sharking and predatory loan practicing under the umbrella of a line of credit this is a loan from the United States not overseas predatory lending should be banned i. The -

Mobiloans, LLC customer in Virginia
Oct 05, 2016

* Source: CFPB Complaint Database

Mobiloans, LLC response to complaint:
Untimely response

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