David K Zgf

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Verified Reviewer
| map-marker Dallas, Texas

Interest Rate Well Above Credit Card Default

The Cash Store - Interest Rate Well Above Credit Card Default

Do not do business with the "Cash Store" or any other business of this type. They are freely willing to offer loans and don't require a credit check, but what they don't tell you is they will charge you an APR of over 600%.

No, that is NOT a misprint...600%! Even the credit card companies don't charge a default rate over 35% APR.

This type of activity is worse than a credit card scam and should be reported to government agencies. If you want to do this kind of business, fine, but charge approximately what a default rate on a credit card is, which ranges from 24.99% to 34.99%.

If you want to be on the high end, ok, but 611.72% is WAY above that. For a $100 loan, you are paying back $711.

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Loss:
$535
7 comments
Guest

was in a crunck applied for a loan and I have always made my payments on time just yesterday I made a payment and good lord I have a $14.98 interest fee which she told me was a given every two weeks I have never missed a payment how is this legal

Guest

It was not me who had the loan, it was a distant family member. I have NEVER done business with a cash store type place.

You did not read the post, did you, yourbad? Our distant family member (an in-law) had nothing but trouble with them.

They have had to close 2 bank accounts and start another. I am reporting what they told us to keep others from getting scammed...just so you know.

Guest

None is right. I have had multiple loans with the cash store.

Yes, the APR is ridiculous, but that is for a YEAR. First of all, the loans don't even last that long. And second of all, I always pay mine off on my first due date.

So for borrowing $200, I only had to pay back $240.90 on my first due date. "Pissed off in Texas," maybe you should learn to read the fine print and know what you're signing.

Guest
reply icon Replying to comment of Guest-509156

No matter what or how long, they still shouldn't charge that much, period...

Guest

One thing people need to realize is that when you go into places like this, they sell your info to other companies without your knowledge and you will have a headache for life, if you're not careful. One of our family members is having loads of problems that never seem to end.

Companies that they never heard of is taking money out of their account and they have had to close it twice already. They are going to have to go to another bank.

Guest

I worked for the company for about 5 years, and while I see where u are coming from those rates are APR which is an annual rate, this is a SHORT term loan (normaly about twp weeks) so when used the proper way its cheaper than latefees on most bills or bounced checks.

Guest
reply icon Replying to comment of Guest-479208

Some store managers at the cash store are amazing explaining every detail and doing what they can to help.you be a successful educated borrowers. Others are not helpful and just want to earn an incentive....

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Willie M Hko
map-marker Amarillo, Texas

The Cash Store "forgot" to disclose important information

Do not use the cash store. I called and spoke to an employee, which was about a 15 minute call. When I showed up to complete the application process, I was informed I needed information she didn't ask for me to bring when we spoke on the phone. Then, I got not one but 2 courtesy calls regarding my payment....ok fine. On the second call, I am informed that my payment MUST be made in either cash, cashier's check or money order form. Mind you, the loan was taken out nearly 30 days ago and NOTHING in the paperwork showed that particular requirement. If it had, I would NOT Have borrowed the money. I'd have managed another way. Now, because my payday falls 3 days after the payment due date, I have to worry about whether my collateral will be repossessed. Stay away from this type place, you'll lose your shorts.
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Loss:
$1000
15 comments
Guest

Don't blame the compnay when you people don't read the fine print. ITS AMERICA YOU *** of course they're going to try and *** with fine print.

Guest

This place is a rip off. To both its customers and employees.

I myself don't use places like this but know people who do and know people that work there.

Upper management have a high and mighty arrogant attitude. It is disgusting and unprofessional

Guest

If you want help paying off your cash advance with them. Refer your friends. They will send you 100 dollars for every one you refer to the cash store.

Guest

If you want help paying off your cash advance with them. Refer your friends. They will send you 100 dollars for every one you refer to the cash store.

Guest

The Cash Store is a scam and has been invetigated on a regular basis by many local consumer protection agencies around the nation. For example, they were recently order to payback funds to their customers because they charged far beyond their legal limit.

They are guilty of charging much more than the legal limit of $23 per $100, the company has also been ordered to pay a $25,000 administrative penalty as well as costs incurred by the Consumer Protection agency that filed the complaint against them. Please stay away from these crooks!

Guest
reply icon Replying to comment of Guest-505744

They actually are NOT investigated regularly. Everything done at the cash store is state regulated and the state audits every 6 months to a year.

'Merica, land of the VICTIMS. Perhaps customers should read a contract before they sign.....

Guest

I just called two different Cash Store locations here in Houston to inquire about the possibility of an installment loan. The reason I called the second store was because of the rudeness of the employee at the first store I called.

However, the employee of the second store was worst than the employee of the first store. Be that as it may, I have decided to not do busness with the Cash Store at all if this is how they train their employees.

I guess they see their customers as *** or something. Don't borrow anything from them or you'll be sorry.

Guest

I recently took out a loan at the cash store and to my surprise they didn’t help me but cause me more problems. They charged me 611.73%.

This caused me to not be able to make the payments. I called several times to speak to customer service and managed to get a regional manager. Who lied to me when he told me, the auto draft that was taken out of my account without my authorization would be returned. All they could say was...sorry you were missed informed and they would not be returning the money back to my account.

This has been the worst experience and I do not recommend it to anyone. I wish I would have never done it.

Guest

I took out a $400 5 months ago and have been paying 100 biweekly and I still owe $325.. SCREW THE CASH STORE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! STAY AWAY FROM THAT STORE THEY ONLY SCREW U OVER

Guest
reply icon Replying to comment of Guest-394584

if you borrowed 400 dollars 454 would have paid it off in full, don't borrow more than you can pay back, flat out.

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