The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
500 Fast Cashtake out money from account after paid full amount

I took out a loan with this outfit (should know better, but was in a hurt) for 400.00. There was to be a $60 fee for service. That seemed high as have used others and never a problem. I authorized for the loan and the fee to be taken out the next payday. I didn't really pay much attention to this at first. My computer went down and all files lost, so didn't have access to follow this a month or so. I did find however, I kept having less in my check account than thought on several occasions. Finally was able to get access to stuff and started finding this outfit rather than taking out the loan and fee amount as I had authorized and only for that amount and date, they kept taking out $120 a month. They then in Oct took out 120 plus an additional 50 on the same date and then 105 plus 50 on same date several weeks later. So far it amounts to $805.00 on the original 400 loan and 60 fee. Called my bank and nothing can be done because I gave the company information and auth. to withdraw on ACH, even though this auth was for a one time specific date and amount which would have paid them off. As others, find no way to contact them

Responses

  • Ac
    aceradioman Nov 05, 2009

    Fast Cash got me the sameway. I ened up having to close my account in order to stop the payments.
    A.H.
    St Louis MO

    0 Votes
  • St
    StopThePaydayMadness Dec 22, 2009

    Contact 500fastcash at their email address. Don't they usually contact you to remind you how much they are going to take from you each payday. Usually a set amount for the first 4 times and then that amount plus $50. which lowers your principal. They keep doing that until you've paid off the principal but in the meantime you continue paying that huge finance fee - ends up like $1000. for a 300 or 400 dollar loan. To stop them you need to look at your contract with them - did you print it. Email them and fax them the following:
    - that you revoke authorizition to do debit ACH, to debit your debit card, or to debit your checking account or take any more monies from your bank account.
    - point out to them the laws in your state. Look this up on the web. M any states do not allow rollover payday loans and put a cap on the finance fee. (For example: california does not allow a finance fee of over 15% and does not allow a payday loan to automatically rollover and only allows a one time $15 fee for a bounced payday loan.
    - Request that they mark your loan as paid in full and that they email you that they have.
    - Tell them you revoke authorization for them to contact you via phone or mail either at work or at home, and that you revoke authorization for them to contact your references by either phone or mail
    - Tell them that they can only contact you via email.
    - Be polite but firm and thank them for their prompt attention to this matter. Make sure you contact them at least 3 days before you next payment is due to stop it in time. I've tried this with several payday loans and it's worked on two so far. I'm waiting to hear from the other day loans.
    - Lastly point out the amount you borrowed, what the agreement was to pay back (For example: Loan was for $300; total payment was to be for $390.) Then point out that you have made a payment of 105. every two weeks for however many weeks (put the dates of your payments - look online at your bank statement to get this info). Then point out how much more over the agreed amount to pay back (for exampe: 601 dollars instead of 390 for a total of 211 over the amount). Point these numbers out before you ask that the amount be marked as paid in full.
    Good luck.

    0 Votes
  • St
    StopThePaydayMadness Dec 22, 2009

    Attorney General McGraw Continues His Success in Halting the Making and Collection of
    Payday Loans in WV. $1.57Million in total relief to date.
    When Attorney General Darrell McGraw directed his office to investigate the Internet payday lending industry in 2005, few
    states had dared to assert their authority over the industry at that time. Notwithstanding the obvious hurdles, McGraw’s
    investigations of dozens of Internet payday lenders and their collection agencies have been very successful, prompting other
    states to enforce their laws regulating or prohibiting payday loans.
    Today, Attorney General McGraw announced settlements with 17 more Internet payday lenders and 14 collection agencies,
    bringing the total obtained from his investigation of Internet payday lending industry to $1.57 million in cash refunds and
    cancelled debts for 6096 West Virginia consumers.
    The latest settlements include three lenders owned by federally recognized Indian tribes who assert they are immune from suit
    by states under the legal doctrine of “tribal sovereign immunity.” The settlements with the tribal corporations, Miami Nation
    Enterprises and SFS, Inc., affiliated with the Santee Sioux Nation of Nebraska, and MTE Financial Services, affiliated with the
    Modoc Tribe of Oklahoma, resulted in $128, 239.50 in cash refunds and cancelled debts for 946 West Virginia consumers. The
    companies did business under numerous trade names, including:
    Miami Nation Enterprises
    d/b/a Ameriloan
    d/b/a Cash Advance
    d/b/a US Fast Cash
    MTE Financial Services
    d/b/a 1000PaydayCash.com
    d/b/a 500 Fast Cash
    d/b/a Nofaxingpaydayloan.com
    SFS, Inc.
    d/b/a Preferred Cash
    Loans.com
    d/b/a One Click Cas

    0 Votes
  • Li
    LilLexxi05 Apr 13, 2010

    I have a loan out from 500 fast cash and they asked me to tell them my payday and then two weeks later they told me my pay dates were wrong and i need to send all this proof to change it so they wont keep charging me a 25 fee for not having the money in the account...however they made it nearly impossible to change me paydate and I argued with them for hours...My boyfriend also got a loan from them and after he paid off his loan they kept charging his account to the point he had to close his bank account and open a new one...

    0 Votes
  • Mi
    Michael Mueller Aug 08, 2010

    I had the same problem with a 300 dollar loan which turned into overdrafting my account twice. I was informed by the bank to close my existing checking account down and started a new one, it was a hassle but I did not end up paying more than 425 dollars. They are shifty if you put a stop payment for 90 dollars and it is sent back to them they resubmit it for a 40 and then 50 dollar amount which does get taken from the account. My advice is to shut down your old account they are not authorized to withdraw from the new account and if they do it is against the law and they know this. They will not bother me any more with there threatening phone calls anymore, I told them to sue me for it or send it to a collection company and see what happens. NOTHING HAPPENED

    0 Votes

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