Red Rock Tribal Lending Complaint: Charged fees or interest I didn't expect

#1687787 8 Dec 2015

Payday loan Payday loan

Complaint #1687787 submitted on 12/08/2015 relating to Red Rock Tribal Lending. Complaint relates to Payday loan Payday loan - Charged fees or interest I didn't expect Charged fees or interest I didn't expect.

Complaint was submitted via Web and sent to the company on Friday 11th December 2015.

Narrative (may be redacted).

I received a letter for a short term loan from a company called Castle Payday. Having been hit with unexpected expenses, I contacted them and received a loan in the amount of XXXX and was told that finance charges would total XXXX, though high, I accepted.

The loan documents that I was able to view at that time did NOT show the " Truth in Lending Disclosure '' that is part of them now. that I would be making interest only payments totaling {$1500.00} plus the amount of the loan for a total payment amount of {$1800.00} for a {$350.00} loan.

The practice is beyond deceptive and a quick check of this company online shows many victims in the same boat as I am. I am continuing to make payments as per the agreement ( which again I was told would have a finance charge of {$120.00} not {$15000.00} ) for fear of having my credit impacted. This is a deceptive loan practice and have learned by a quick search that I am far from the only person to have been scammed by these people.

A quick search of the internet showed that even though they are a " Tribal '' lending ( and I use that term to be polite ) company, that the FTC has been granted authority to go after companies that engage in these practices.

In any court, finding that a company is charging at finance charge of {$1500.00} for a {$350.00} loan totaling charges of {$1800.00} is, to the best of my knowledge, illegal.

Have you dealt with Red Rock Tribal Lending?

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