But in 2008, amid the economic collapse, the security company scaled back overtime shifts, straining his finances. Worried that he couldnt pay his bills, Tillman reluctantly went to The Money Center, a payday loan company with locations in San Antonio and Houston.
He took out a 500 loan. The 64-year-old Houstonian doesnt recall the exact terms of the loan, but The Money Centers website currently offers a 500 loan at 650 percent annual interest, or about 150 in fees and interest for a two-week ace cash and advance. Such terms are common in Texas, where payday and car title lenders are allowed to charge customers unlimited fees.
Like many low-income borrowers, Tillman found he couldnt fully pay off the loan when it came due. Instead, the lender offered to roll it over for another two weeks and tack on another round of fees. Tillman took on more payday loans to pay off the original loan and soon found himself in deepening debt. And then, in October 2009, he was laid off.
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00 or take my car. Ace cash and advance is an absolute nightmare and I urge anyone thinking of doing business with City Loan to run away as fast as your legs will go. This loan company is the worst as they prey on the poor.
Furthermore, they treat people like second class citizens. When a call is placed for customer service they are rude, and unethical is the name of the City Loan game. The company lacks goodwill, customer service and ethical business practices and I plan to launch a social media campaign posting the outrageous fees to try and get people to call legitimate companies like Springleaf, and I am not an advocate for Springleaf, but they are much better than City Loan.
Fred Cary the president of City Loan should be ashamed of himself and his employees.