Big Picture Loans, LLC Payday Loan Complaint

Big Picture Loans, LLC Payday loan department,

Payday loan Charged fees or interest I didn't expect Charged fees or interest I didn't expect Michigan

I applied for a loan for $400.00 from Bigpictureloans.com. At first, I thought it was a typical payday loan and that I would have to pay up the balance in installments every other week. When the loan was approved I read details on screen that the fee for processing the loan was only $34.00 with a total of $430.00 to be paid biweekly until the total was paid in full. I received a notice that I received approval for $1000.00 which was perplexing because I did n't ask for that amount. I then received the $400.00 which was deposited in my checking account, but with no notice of loan agreement details. I finally received the loan details after I logged into my Bigpictureloans account. The agreement was confusing and stated that I had 20 installment payments that would finally end on -/-/2017. The payments started off at $140.00 with a grand total of $2200.00 resulting in a finance fee of $1800.00. When I finally got a chance to call them they stated that the payment that had just processed would not post to the principal balance and was just to cover finance fees unless I paid the full amount of the loan plus the finance fee which they considered some type of " buy-out ''. Bigpicture would continue assessing and charging the finance fee until I did this considered buy-out of the loan. They would not post any payments that I made to the account until the final amount had been paid. The interest on the loan totaled a whopping 784.7312 %.