Red Rock Tribal Lending Payday Loan Complaint

Charged fees or interest I didn't expect

Red Rock Tribal Lending Payday loan department,

Charged fees or interest I didn't expect Maryland

This is submitted on behalf of my mother. She is a - year old, retiree living on Social Security and minimal monthly retirement check. She requested an online loan from Castle Payday Loans.com for $750.00 in - 2014. After making - payments of $370.00 I assumed that she was finished making her payments since her pay off amount is $1100.00. However I was surprised to learn that she is scheduled for an additional - payments ranging from $370.00 to $400.00. As stated she is on a fixed income and is unable to come up with the pay off amount therefore if she continues with the loan she will pay a total of $5600.00 for a loan of $750.00 at a percentage rate of 727 %! I contacted the company and inquired about their guidelines for making loans to senior citizens on fixed incomes but was unsuccessful at obtaining clarity for this situation. At this time, I 'm not sure if she will be able to come up with the money to pay the full amount before paying that amount multiple times over by paying $ - monthly. PLEASE HELP!

Red Rock Tribal Lending customer in Maryland
Apr 07, 2015

* Source: CFPB Complaint Database

Red Rock Tribal Lending response to complaint:
Closed with explanation

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