BlueChip Financial Payday Loan Complaint

BlueChip Financial Payday loan department,

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

I sent the following email on - : On -/-/- I borrowed $400.00. To date, I have paid $660.00 for this loan. I recently had - the - and was off work for 2 weeks with no income. Since coming back to work from -, I 've been experiencing less hours and thus less pay. It is becoming a real hardship for me to have $ - taken out every pay. I 've already paid back the $400.00 and then some. Since - -, I have borrowed approximately $1200.00 and paid back approximately $1800.00, not including this current loan. This included sending in money orders. I have been a good customer and never defaulted. I asked if they would consider marking this load paid in full. Their response on - : Unfortunately, you do not qualify for a settlement at this time.


For either a half payment on each payment due date or a single payment per month, we can offer the following choice : Turning off your automatic drafts and mailing in whichever option you prefer in the form of a check or money order. That way you will not have to call in two business days before every payment to set up your arrangement. Please let us know if this works at least two business days in advance of your - - payment of $73.00. I stopped automatic drafts from my account and was planning to send $40.00 every payday. Their response : Thanks for contacting me. I 've updated your account records to show that you have declined automatic payments from your bank account. You can also mail checks and money orders to : Spotloan - - - -, IL - Account Number : - As a friendly reminder, your next payment of $73.00 is due on Wednesday, - -. When making smaller payments than what is scheduled, as a friendly reminder does accrue additional interest meaning you will extend out the life of the loan to a further duration. I still was not able to make a payment on - -, even $40.00 without severely compromising my financial situation. Now the loan balance is $450.00. I do n't even think this loan is legal in my state of Ohio. They advertise that you pay down the principal with every payment. They advertise on their website : When you use a Spotloan instead of a typical online payday loan, you can save as much as 50 %. There 's no nickel-and-diming with fees, no balloon payments, and no surprises. I have n't found this to be the case, even making my payments as scheduled. They never give you an itemized statement of payments and how payments were applied. I also found it strange that there are 2 addresses for this company, one in Illinois and one in North Dakota.