IPL Today
Complaint 126148 Details

  • Date Occurred: 06/15/2014
  • Reported Damages: $60.00

The complaint is against an online dating profile

The complaint is a listing fraud posted on public forums or sites against an anonymous entity

The complaint is mobile text spam or smishing related against an anonymous entity

The company or person contact no longer exists

International boundaries

I borrowed $200 from this payday loan company with $30 interest on 6/2/12. I received a call of confirmation from one of their agents on the following day. I instructed this agent to set my payment schedule on 6/8/12. However, they only charged me with $30 interest on that date leaving the principal balance unpaid. I felt that this was deliberately done to force me into paying more interest. On June 15, 2012, they took out the entire principal balance along with additional $60 interest off my bank account. I thought this was unlawful business practice. At this point, I would like nothing but to recover my money back.

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Comments

  • JB
  • JB SBID #30b1d0d867
  • Posted 06/29/2014
  • That's how all payday loans work. They will only pay down the interest on the loan unless you request otherwise. I found the IPL Today website, and the FAQ page states this: "When do I repay?
    Your payment is due on your next paydate. The minimum required payment is the processing charge. You have the option to pay only the processing fee or to pay the fee and the principal in full. We also accept smaller principal payments if your current budget does not allow for a full payoff. "

    I'm sure the loan agreements you signed stated this in even more precise language. The agent probably explained the terms to you as well. It stinks to pay that much interest, but it's definitely not unlawful to charge interest on a loan and pay down just the finance fee.
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Business Profile Summary

  • IPL Today logo

Company Statistics

  • Complaint Against IPL Today
  • Complaints Filed: 2
  • Reported Damages: $1,560.00
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SBID is a unique id code that identifies the user's computer and location. SBID is used to prevent fraudulent postings and help our community find users who create duplicate user accounts.