Loan Scam or not?

Thank you for the clarification BERRILOVE03.

From what you are saying, you borrowed $300.00
You pay $35.00 per month in interest payment.
You pay $35.00 toward the principal

What is important is the amount of interest being charged, not the monthly payments. I am still wondering how long it will take you to pay off this $300.00 loan. These plans sell the loan on the payments, not on the interest rate. If indeed $35.00 went to the principal you should have paid off the loan in 8.5 months.

You would also have paid $300.00 in interest if the loan was paid off in 8.5 months. That means you borrowed $300.00 and repaid $600.00.

I am just trying to understand and help people following this thread understand how this kind of loan works. To any reading this thread, do be careful giving out any personal and banking information. Also be sure you are dealing with a company that is regulated in your state or jurisdiction.

Quite simply, if you're a US citizen why use a credit provider that doesn't even claim to be based in the USA ?

If you have a regular credit card and/or a debit card, and a regular job (which appear to be requirements) why would you need to use their services when a US company would be bound by state regulations that are likely to ensure you better rates and terms and conditions, even from a payday loan company ?