I received an installment loan from ez money in August of 2013 for $400 The loan life was for 6 months, with 12 biweekly payments (a total of $1,009) The payments were manageable and were only $84. The customer service reps were very nice and polite, however they did not explain everything to me. I was told that whenever I paid over the minimum payments that it would lower my principle and recalculate my interest. This was not true! When I were to make a payment of $150, it simply subtracted what I paid over the minimum of $84 and applied it to my next payment. In other words. With a payment of $150, $84 would go to my that specific payment and $66 would go towards my next payment...not my principle or interest. Which would leave me to pay $18 on my next due date and back to $84 the following due date. Basically, no matter how much I paid over I would still have have to pay the entire $1,009 unless I paid the loan of $400 off at one time...instead of overtime. I was misguided and lied to. I wish that circumstances would not have lead me to to have to take out a loan with ezmoney.