Consumer complaint received 2017-09-02
Company: CURO Intermediate Holdings
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
I currently have a loan with Speedy Cash and I am being charged about 125 % -325 % daily interest for an installment loan. InXX/XX/XXXX I was short {$1000.00} from paying for my deposit for a home. I was running out of options and I had to be out of my apartment by XX/XX/XXXX. I am a mother struggling with XXXX children and my XXXX sister which whom I am caring for. At the time I had just XXXX from college and was starting out on a new job. I seen an advertisement for speedy cash about an installment loan. I went to speedy cash to try an apply for the loan and was surprised when I was approved. I informed the customer service representative that I only wanted to pull out {$1000.00} because that was all I needed. The customer service representative informed me that I would need to pull out a minimum of {$2600.00}. At this moment I was in dyer need of the money so I could safely move my family into a home, so I pulled out the {$2600.00}. The customer service representative informed me of the high interest charge but did not informed me that I would be paying this interest charge daily! Fast forward to today. I have been paying my loan for five months without NO missed payments, but I noticed that my principle amount was not going down, but instead the amount was raising steadily. Concerned about this, I called speedy cash corporate to find out why. That is when I was told that I am being charged daily interest. I learned from speedy cash agent that the payments I am making are going directly toward the interest and not the principle amount. The agent informed me that I can pay more when making payments so that some of the money can go toward the principle amount. Paying {$130.00} twice a month is already hurting me financially let along paying any more. I was so devastated because I have already paid speedy cash {$1200.00} so far and thought I was making progress in paying off my loan. I called speedy cash a third time to inform them that I lost my previous job and I am working somewhere else making much less money. I tried to speak with a supervisor so that I could get assistance with paying off the loan principle amount and I was denied. I am currently working on repairing my credit, and I am trying to do the right thing. However, if I continue down this never ending path with speedy cash I will be paying them more than {$7000.00} on an XXXX loan. I believe this is should be a crime to put individuals in need in this predicament!! I could understand having to pay {$500.00} solid on top of the principle loan for taking out the loan but {$4000.00} more is ridiculous. I am not the only one who is having this issue with speedy cash I am sure. All I am asking for is help. I can no do this anymore, the cost of living is already high and to be a prisoner to a business is very depressing. Please understand that I am not trying to get out of paying the loan, I just believe that I have paid more than enough toward the interest, and I am requesting to just pay the principle. I thank anyone in advance who is willing and kind enough to help me. NOTE : I can not remember the representative names I spoke with at speedy cash.I also have receipts off ALL my payments made to Speedy Cash.

Company response to consumer: Closed with explanation