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Checkmate

Phongnil of Gilbert AZ (07/16/06)
Checkmate offers payday advances. A $400 loan will cost you $70 every 2 weeks. They will allow you to continually roll this loan over and keep charging you an additional $60. There needs to be limited to only extending the loan 4 times (or less). Maybe an extension should not be permitted at all.

They are not clear that your bi-weekly installment does not impact the principal of the loan. Like credit cards and other loan institutions, they need to be required to create a minimum payment that impacts the principal. They also need to be responsible to run a credit report to see if you are credit worthy. Lastly, they should be required to do a reference check to make sure that their clients understand that a payday loan will end up costing them a minimum of twice the loan amount.

These loan places do not have a central database. So you can potentially have 5 payday loans going in one pay period (IE $2000 in loans, and $400 bi-weekly fees)

$750 in loan fees as a result of extensions. Also, they were not clear that the principal was not going down.

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