How do you know that the lender you are borrowing from is any good? If you have ever borrowed from Castle Payday then you probably didn't do much research on the company before you took out the loan.
The reason I know that's true is because there are just very few reviews and/or complaints about the company anywhere, on any website. This makes it hard to find any positive or negative reviews on the company, but I have found a few that were scattered around the net.
Let's look at some Castle Payday complaints and see what people are finding wrong with this firm...
Here is the first complaint against Castle Payday, which is recent as it was posted early in December of 2013, where the unhappy customer wrote "I took out a loan for $500 with a finance charge which equaled $175. I asked them to arrange for my initial repayment to be for the full amount of money owed, so it would be for $675, and this was the amount we agreed to before and after the loan was issued.
Castle Payday then only debited my account for $175 on the repayment date. The repayment date we had agreed to, and the one that showed on their website wasn't due to pay until December 12, 2013 but they took the money from me on November 29, 2013. Then the next day the website said the loan was due December 16. Chase (which is my bank) paid them but I do not have overdraft protection and now I owe my bank for the insufficient funds and the lender. I called and I emailed but received no response to fix this bad situation. I told Chase to dispute the transaction and to credit that money back to my account and not pay Castle Payday any further money.
I'm not going to contact them nor am I paying them anything else, there really is no reason to. I will be closing both of my bank accounts with Chase and moving on. I have to before I get ripped off anymore by these crooks. By the way, Chase was not supposed to be paying out any extra money to this company, that was agreement the bank had made."
Well, I can see why this customer was not happy. Castle Payday failed on two counts with this particular customer.
First, the customer was supposed to be charged on one date and Castle decided (for whatever reason) to charge him ahead of their agreed upon date. This set-up a bad situation for the customer because he wasn't ready (his checking account was ready) to take this charge.
Second, the deal was for Castle Payday to repay the entire debt at once (the $500 in principal and the $175 in finance fees) but the lender decided to charge only the $175 finance fee, leaving the loan outstanding and therefore eligible (almost certain) to pay another (a second) finance charge since the loan remained open. This isn't how you want to treat customers, and it's obvious that this customer will never be using Castle Payday again for any loans.
The larger problem with Castle Payday is in their name, which is the fact that this is a payday lender. This is not the type of company that I want to do business with when there are a number of tribal installment lenders available to me. They offer the same easy application process, but after that everything is an improvement over the payday crowd. The installment lenders provide more money in their loans, they provide a better interest rate and they give a longer period of time for the repayment.
It's not so much Castle Payday that is the problem, technically it's the industry (the line of business) that the company has chosen to be in that's the problem. It just is not that good, and it leaves a lot to be desired for the consumer who is trying to keep their finances from being crushed.