When dealing with these folks, go ahead and bend over. They fail to tell you up front that the principle only pays down after several weeks. For $600 you will pay $180 every two weeks until after 10 weeks. Then they decrease the principle by 5% each time. The net cost for the $600 if paid out this way will be over $3000. Local payday loans are much more suited and should be used.
Consumer Complaints & Reviews
I borrowed $500 from VIP Loan Shop. I was charged the same finance fee as everyone else. But if you read the fine print, you would know that you would be given a certain amount of money and would be responsible to pay the entire loan amount plus their fees! Regardless of how high their fees are, you signed it, you borrowed the money, and you owe it all back! I dislike the high loan repayment fees. But again, I borrowed the money! Own your actions please!
In May of 2011, I accepted a loan of $600 with a finance charge of $180, a total of $780. Since then, this company has been debiting my account every two weeks at $180 each time, and they are telling me I haven't even touched the principal and they will continue to do so. I have been trying to negotiate a payment plan to avail now, as I stated to them that I cannot sustain $180 being debited in such frequency. I was told I would be referred to a supervisor, and I'm still waiting. These people are just getting free money from me, and now I'm worse of than when I started, before accepting this loan out of desperation. They need to be stopped.
I needed money desperately in November 2010 and borrowed $300. Since then, they have deducted $180 from my bank account each month. I closed that account and they were still able to deduct even after I told my bank not to allow them to touch my account. After hours on with phone with Wells Fargo, I begged them to close the account and not allow any further deductions. They actually told me that VIP will still be able to make further deductions and they actually won't let me close my own account because VIP still wants to deduct. I want to stop them and just payoff the loan but how can I do this now? I've requested an address to VIP and will just pay that $300. I have already paid the $800 in fees. These people should not be allowed to do this. Please help me!
Pay day loan for amount of $400 as of 8/13, they have take $720 from me. Above what was supposed to be paid to them. Want them to stop taking money from me. Going to bank to put stop on them removing money from my account.
