The PDL company that I got my loan through convinced me to not pay off my last PDL through the four equal payments but instead start over with a line of credit. What I was told by the company sounded nice but in fact has ended up costing me a whole lot more then the payday loans ever did. On the payday loans I borrowed 350 every two weeks and I paid a fee of fifty dollars which made the fee 100/month. They told me that if I did the new line of credit advance the interest rate would be lower. I borrowed 700 dollars on my line of credit which my max was 720. The first payment was 50.00 which is what I was told it would be. Every month after that I pay a monthly payment of 230.00 dollars with less then $50.00 being applied to the actual principal amount. So currently after having paid 650.00 in the last four months. I currently owe a principal of almost 900.00. According to the bills they send me I am paying 189.00/month in interest. The company is well known nationwide and I already know of one state that has filed a law suit against them because they robbing people charging them such a high interest rate and they have recently said on the news here that the State of Virginia is fixing to file suit against them as well. What ever you do, don't fall for the line of credit. :x

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i have had one since jan 1 they tell you your first payment is 50.00 but then you find out you owe them 184.50 intrest for that month then your next payment is 234.50 and 50 go to princepal and the rest go's to intrest so far i payed over 1300.00 on a 750.00 loan and still owe over 800.00
belive it i call it legal loan sharking in va.

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