Maryland couple forced to front repayment of $5,600 for a $750 loan: 'If this had been explained clearly, there is no way [we] would’ve agreed to it'

Was this couple fooled, or were they simply foolish?

It should come as no surprise to anyone that reading the fine print is a crucial step when taking out a loan. However, while this Maryland couple admitted to making a few mistakes during this process, we cannot simply dismiss their current predicament as an unfortunate consequence of their own actions. 

After all, it's far easier to judge what happened to them than to admit that you yourself could have been similarly duped. Thankfully, after they shared their story online, these individuals might actually have the evidence they need to fight having to repay over $5,000 on a $750 loan.

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  • A man happily signs a document next to his partner as a bank manager smiles on the other side of a table.
    via Unsplash+ (Getty Images)

    A man happily signs a document next to his partner as a bank manager smiles on the other side of a table.

    Image is representative only and does not depict the actual subjects of the story.

  • My boyfriend took out a $750 loan… now they want over $5,600 back. We feel completely tricked. Do we have ANY options?

    My boyfriend and I are honestly overwhelmed right now and I'm posting this for him because we don't know what to do. Please don't judge, we already know this wasn't the smartest move. We were just in a tight spot and needed help.
    via HatNumerous9725
  • For context, he has a full-time job making $19.25 an hour, gets overtime, and is paid weekly. Paying back the original loan plus a little extra would have been completely manageable for him. That's why he felt okay moving forward.
    via HatNumerous9725
  • A man shakes hands with a bank manager across the table next to his partner.
    via Unsplash+ (Getty Images)

    A man shakes hands with a bank manager across the table next to his partner.

    Image is representative only and does not depict the actual subjects of the story.

  • He needed money urgently and applied for a small loan. He got approved for $750, and over the phone they made it sound like a normal short-term loan. They told
    via HatNumerous9725
  • him it would take around 4-5 months to pay off, which made it seem reasonable. Based on that, we assumed he'd maybe pay back like $50-$200 extra at most.
    via HatNumerous9725
  • They never mentioned the APR. They never clearly said how much he'd actually be paying back in total. There was no real breakdown over the phone, just "you're approved" and pressure to go through with it.
    via HatNumerous9725
  • After everything went through and we actually looked at the documents, we realized how bad it really is. The APR is over 700%
    via HatNumerous9725
  • and the total repayment is over $5,600... for a $750 loan. The way the payments are set up, almost all of it goes to interest at first, so the balance barely goes down.
    via HatNumerous9725
  • It honestly feels like we got played. If this had been explained clearly, there is no way he would've agreed to it. Now we're stuck trying to figure out what to do next:
    via HatNumerous9725
  • A couple argues as they review a document about needing to repay a loan.
    via Unsplash+ (Getty Images)

    A couple argues as they review a document about needing to repay a loan.

    Image is representative only and does not depict the actual subjects of the story.

  • * Is there ANY way to fight something like this or get out of it? * Does it matter that none of this was properly explained over the phone?
    via HatNumerous9725
  • * Or do we just have to take the L and try to pay it off as fast as possible?
    via HatNumerous9725
  • We're not trying to run from it, we just feel blindsided and want to know if there's any way to fix this before it gets worse. Any real advice would mean a lot right now.
    via HatNumerous9725
  • FEDERAL TRUTH IN LENDING DISCLOSURES ANNUAL PERCENTAGE RATE FINANCE Amount Total of Payments CHARGE Financed The amount The you will The dollar amount have paid The cost of amount of credit after you your credit as the credit provided have made a yearly rate. will cost to you or all you. on your behalf. payments as scheduled. 728.00% $4,919.29 $750.00 $5,669.29 Payment schedule will be: Number of Amount of When Payment is Payments Payments Due 1 $105.09 04/03/2026 2 $105.09 04/10/2026 3 $105.09
    via HatNumerous9725

  • Sure, this woman's boyfriend might have been too optimistic. He might have also been too rash when he took out the loan in the first place, given that he was strapped for cash at the time and needed the money for an emergency down payment. That being said, let us be wary of demonizing those in need. 

    If bank managers can help loan money to individuals, they should do so with transparency. All of the information should be clearly and carefully communicated. Otherwise, it's not a fair deal. We believe the couple when they said that if they had known the APR was approximatively 700%, they would have considered other options for financial assistance. 

    Thankfully, several members of this online community shared their insights with the couple, and it sounds like this agreement might not stand in the state of Maryland. Below are some highlights from commenters. We will follow this story for further updates. 

  • Haunting-Planta... It's called a pr atory loan and may well be illegal.
    via HatNumerous9725
  • oitus_Interrup... https://labor.maryland.gov/fi nance/consumers/comphow. shtml You can call your state regulator to discuss the matter with them and see if they have suggestions or if a consumer complaint is warranted.
    via HatNumerous9725
  • Round_Yam_2677 That rate is illegal in Maryland so not enforceable.
    via HatNumerous9725

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