The borrowers paid much more than the stated cost of their loans. In a typical example, a person borrowed 300 with a stated one-time finance fee of 90.
The borrower expected that the loan would be repaid in a single withdrawal of 390. But the quick loans in beaumont texas began a series of automatic withdrawals, assessing a 90 finance charge each time. By the last withdrawal, the borrower would have paid 975 instead of 390 to repay the loan.
In addition to allegedly misrepresenting the terms of the loan, the lenders doubled as unscrupulous debt collectors who falsely threatened to sue the borrowers or have them arrested.
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