In Seattle, Washington, it has been reported that a woman from King County has decided to take her issues against a payday loan company to court. She claims that, at one point, the company charged her 1,052% interest on her loan. She also asserts that due to the laws that were passed in the state last year, the company violated interest rate caps.
In her lawsuit, the plaintiff says Cash 1 and Retail America tried to maneuver around laws by selling supermarket gift cards. The company then told consumers to use the gift cards as prepaid debit cards. She says that instead of selling gift cards, the company was actually selling payday loans and charging excessive interest.
According to the woman, she purchased an $850 gift card and has paid back $600. However, the company told her she still owes them $600 in principal and $1,520 in interest and fees. That means on an $850 loan, she winded up with a $2,700 bill.
A non-profit in the area has decided to help the woman with her case.
If you're looking to obtain a payday loan at a reasonable rate, apply online now to get the money you need within 24 hours time.