Sun Loan Co. That in July of 2011 I contacted Sun Loan Co about a small loan of 600.00, I had used Sun Loan Co in East Alton Ill, and was treated fair in the past, I had since moved to MO and felt I could still get the same service as before, I was told on the phone I was approved for the Loan at the Festus Store, and that my rate was 12.5% that was a bit high but I had planned to pay it off quickly, I met the staff at the Festus Location, they had the loan together, went over different options, and offered additional services, including tow service, I asked the agent was all the terms as we had agreed on the phone the same, she said yes, I signed the document, trusting, what was stated to me, I received the check and left, I also took out the tow service she offered. I made the first payment, of 95.00 on date it was due. I did the same for the next 4 months, I then called the office to see what I owed to pay it off in full, after 4 months, I felt it time to pay it off. I asked what the balance was. The agent told me I still owed 490.00 I said what! that impossible I have already paid you 380.00. the agent then let me know I still owed 490.00 I said my interest is only 12.5% how can that be? she then laughed, and said you better look again. To my horror the rate ended up being 106.59% why would you do such a thing I asked I trusted you. I have learned a lesson here folks. Just because you were treated fair at one location, does not mean you will be treated right at another, I also am very sorry I trusted what they said, about the interest rate. I asked why the rate was so extremely high, they later said was my credit report, but that's not true, my credit score is very good, and I keep all my payments on time. I have only 2 credit cards and never miss a payment. These women just seen me as a easy mark, and took advantage of me, looking back on it, while at their, office all the women there seemed to be using a lot of small talk, loud, and keeping me busy. I will tell everyone, I know to never use the Festus Store........Update I contacted a supervisor at their head quarters, I explained the incident, she stated that an employee there was fired, and that they would correct the problem. They gave me the 12.5% as agreed. I am satisfied with the outcome. I have learned a valuable lesson here. ALWAYS read your documents. Missouri's Laws do not really protect the borrower, the lender can charge what ever he want's in interest. I was not aware of that fact, there should be a disclosure that explains that to all borrowers.....Thank You
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