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3.6 14 Reviews

AmeriLoan Complaints Summary

9 Resolved
5 Unresolved
Our verdict: With a good resolution rate, AmeriLoan generally handles customer issues well. However, it’s important to be proactive. Familiarize yourself with their processes and services. Reading through various customer experiences will provide valuable insights into how they handle complex issues.
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AmeriLoan reviews & complaints 14

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10:55 pm EDT

AmeriLoan Loan

My car just towed and I paid off all the debt! Now people are leaving letters and knocking on my door asking for triple what the loan was because they need to recover 'lost revenue' and telling me it cost more to tow my car than what its worth. So I'm being told that they need more money to pay for them towing my car after I paid their high interest.

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9:01 am EDT
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AmeriLoan Never had the &option& to pay back loan in 30 days

Initially, I borrowed $250 from Ameriloan when I filled out an Application on line. That was in November 2012. It is now July, 2013 and they are STILL are deducting $45 and $30 from my checking account EVERY month! I logged in to my account to CHANGE the amount of monthly payments to pay it off ---that was months ago. Also, I was NEVER given the OPTION of paying the $250 back within 30 days to AVOID their interest. I've paid back the $250 plus ANOTHER $300 in INTEREST to Ameriloan! I am disabled and live on $710 a month. Ameriloan is definitely a RIP OFF!

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11:53 pm EST
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AmeriLoan payday loan

I TOOK OUT 250.00 TO PAY ON TUITION, READ THE CONTACT AGREE WITH INSTALLMENT PAYMENT. EVERYTHING WAS FINE TIL NOVEMBER AFTER THANKSGIVING, AMERILOAN DECIDED TO GOES INTO MY ACCOUNT 4 TIMES THE SAME DAY. THEY CONTUINE GOING INTO MY ACCOUNT WHERE I COULDN'T CLEAR UP MY ACCOUNT, BY THE END OF DECEMBER MY ACCOUNT WAS AT A VERY LARGE AMOUNT END UP CLOSING THE ACCOUNT. I OWE MY CREDIT UNION VERY LARGE SUM OF MONEY.

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3:32 am EST
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AmeriLoan fraudulent activity

I took a loan of $300 dollars about 4 months ago on a payback program of 90 dollars every paycheck. This company deceived me by charging my bank account $90 dollars twice the same day for 3 months, and now the charged $45 + $75 the same day last week. I contacted them, and they said I was only paying for the fee of "renewel" of my existing loan. wtf is that? I paid them 3x over the amount of the loan, and they said I still own them $245.00. i did a lilttle research on them just to find out they are immune to state law on their unlawfull practices because they are an Indian tribe, and they work in conjunction with many other companies all owned and operated by race car driver Scott Tucker (hope he dies on a fatal crash). This company is a HUGE HUGE HUGE SCAM!
I still don't know where to beging in order to protect myself from them, and save my identity, because now, they have most of my info. Hell would be too good of a place for this scam artists.

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9:43 pm EDT
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AmeriLoan no curtesy

I had completed a aloan with ameriloan and transferred the repayment schedule to another bank account. well the primary bank which was citibank put a block on our account stating that ameriloan trying to put through a payment. after explaining to a rep at ameriloan what has happened she instructed me to call the bank bank because the did not attempt to take a payment. Of course I did what i was instructed to do, well cicitbank tells me that I must set up a conference call with them to rectify this problem. I inturn call my Ameriloan rep ms. Lisa at ex 2018. and she told me that she would not call citibank to help clear up this problem and in a " matter of that attitude": she stated that this is our problem...I told her I wanted to speak to a supervisior and I am still waiting on that call... I have been doing business with them for over three years and never have we been treated like this. I dont care hard times are I know that we will never use this company again...another bites the dust ameriloan...thanks for your lack of courtesy

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3:10 pm EDT
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AmeriLoan unauthorization withdrawl of money

I know i was in need for money at the time, and i was helped although a 400.00 loan turns into one thousand dollars or more. I did not see the agreement form and that gave you Ameriloan the wright to go into my account take out extra money which in yurn cause my personal account to overdraw, I am responsible for that, I called spoke with Robert who didn't give a damn about my situation. Montel Williams i will tell all my friends not to get involve with Ameriloan or any other loan, learn to be without it is not that hard, Thank GOD i paid you all in full, trust and believe i will never contact you again for anything. and i will place it on FACEBOOK or what ever site so my friends and family will know you all are full of ###. Grant it i did needed the money and it did help, It just cost me more than i could have imagined.

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1:32 pm EST

AmeriLoan Bad service

Do not never do bussniess with these rip off artist i barrowed 250 an paying back close to a grand for those who need a loan go visit your shaded loan shark u.ll come out wth better deal dont let these loan sharks contiune to rip the hard working people of america off these people must be repulicans an hve only there self, s greed an abitions in there mind set america revolt to the greed of corp america so please take the greedy american captilist greed so i for one will never do bussiness wth anouther online loan agenecy ever again they only care about there greedy capitalist ways.

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12:58 pm EDT

AmeriLoan Fraud

I applied for a loan because I needed some money until I could pay it back in full. The same day I was charged to the same very seldomly used account 29.98 for super club savings. I never agreed to pay anything other than the loan installments. The advertisement said I would get the results of the loan in 24 hours or less. The next day, AFTER the transaction at my bank, I receive an email with a user name and password to look at the status of my account. I go and it says that my account is pending and if approved I may get my money in 4 more days, which would have been too late anyway. I asked the company to revoke my application and cited that they charged me for something I didnt ask for. I am also reporting them to the FBI internet fraud unit.

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8:39 am EST
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AmeriLoan Liars

Thought when I paid the initial loan off, I wasn't aware that I wasn't done yet. Then they proceed to tell you that you still owe the interest on the loan. What starts as a $250.00 loan, ends up to be $400. What kinda crap is that? I know that they have to make money, but the interest is ridiculous. Unfortunately, they have us trapped. They helped when I needed the money the most, but tacking on such huge interest is unreal. We fill out the application, so what do they do to earn that money?Never again!

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Melissa2004
Huntsville, US
Mar 07, 2011 8:23 pm EST

I took out a loan with Ameriloan with the understanding that I was on a payback plan that would be automatically debited from my account. Well after 4 payments of $90 on a $300 loan I thought I was finished only to find out that I had paid nothing on the principle and was only paying the bi-weekly $90 finance charge and that I still owed a pay-off of $390! I would never have agreed to that. They are scam artists and white collar criminals!

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xolucky24xo
13476, US
Jan 10, 2009 9:20 pm EST

around Oct. 15 I got a loan from Ameriloan for 200 plus a $60 fee. since then they have been takin $60 out like every 2 weeks or so.. now for the past month it has been $80 and $90 and it says my next payment due is 80! I know for a fact that I have already paid off the amount but they keep taking money out. Is there anything I can do? I tried e-mailing them but no answer. Could I just close my bank account or what? PLEASE HELP!

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Will10
Tacoma, US
Dec 18, 2013 3:23 pm EST

I am confused about this company. I call to inquire about a new loan ( I am a current customer and I am tol the computer isn't set up for making loans). I wa also told by another agent that they were NOt MAKING ANY NEW LOANS...WHAT IS UP...ARE THEY GOING UNDER, THAT WOULD BE MY GUESS.

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RWAKELAND
Mt Zion, US
Oct 14, 2012 3:20 am EDT

They give no way to log into account. Need to change a payment date but can't get into my account.

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clohe
Walltownship, US
Oct 15, 2011 3:47 pm EDT

Took out $ 300 loan, payments were 105.00, then they were155.00.Then they decided to take out 495.00 from my account . Im on a fixed income right now. Needless to say I am going to close my checking account. I do not know how these people sleep at night!

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ToniajB.
Vallejo, US
Aug 16, 2011 8:42 am EDT

I got a loan for$ 250 from ameriloan and they said my payback amount $325 and that they would take out $75 a month out of my account until the loan is paid down. When a few months passed and $300 had been taken out they email me saying that my next payment would be $125 when it should have been $25.

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mark baty
King City, US
Mar 26, 2011 12:05 am EDT
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my bank and i still have not found where ameriloan has deposited a loan in my account. the money being taken out is already over $400 dollars. its time for a lawyer i guess.

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bettylucille
battle creek, US
Feb 23, 2011 3:25 pm EST

they need to stop calling my phone, i do not owe them any money or i will have the charge for harrasment. if they want to correspond with me it will have to be on paper and paper only. so if i owe send me something in the mail to show it. betty armstrong, 279 howland st., battle creek, michigan 49037

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waxman
Oshkosh, US
Mar 06, 2010 5:38 pm EST

was accepted for a $150.00 loan a week ago. Money never deposited, and they will not answer my emails or phone calls.

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pissed to pisstivity
El Monte, US
Dec 30, 2009 10:11 am EST

Need to read FINE print! u borrow 300 and if u don't tell them to take out full amount borrowed the follwing month +fin. charge 390.00
they will keep deducting 90 from ur account! paying them 230 to borrow 300 dollars! rip off! They suck!

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2:57 pm EDT
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AmeriLoan Harrassment

I have been getting repeated calls from Ameriloan re a loan that was secured on-line, approximately two years ago, in my mother's name. My mother at that time was 95 years old, has macular degeneration in her eyesight and has never owned or used a computer. I suspected it was obtained by her daughter who was her in-home care provider and had a computer and was known to use my mother's ss money for gambling. I furnished pertinent info to Ameriloan and filed an identity theft report and furnished that info to Ameriloan. The calls abated for a short period and then started-up again. Approximately 2 weeks ago I called Ameriloan and talked to a John Webster and advised him that I was in NO WAY RESPONSIBLE for the loan and told him that if the calls did not cease I would contact an attorney and explore my options. Today, 09/14/2009, I received another call and called the number provided and again talked to the same John Webster. Again, I advised him that I was in no way responsible for the loan and that there is no way my mother is responsible for repayment. In addition, I again advised that if the calls didn't stop I would contact an attorney to see about suing for harrassment. He told me he had no ability to stop the calls and when I asked for another number to talk to somebody that could he told me it would be customer service and they would refer me back to him. He was very curt and said he had nothing further to say or discuss. He also said that Ameriloan's collections dept determined nothing came of the id theft report and would continue collections. When I asked who they intended to collect from, he stated "probably nobody" to which I replied, "that's correct". He then hung up.
I cannot believe that this company is allowed to even be in business let alone continue their shady practices. This company needs to be sued out of business and I am going to explore that option.

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11:18 am EDT
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AmeriLoan DIREGARD FOR CALIFORNIA LAWS AND BANKRUPTCY LAWS

Ameriloan continues to force contact with me even after I have given them accurate information regarding my attorney's contact information and notified them that my attorney has been fully retain. Yet they state the attorney must call them with a file number. All other creditor have verfied my attorney's information and contacted his office and I have had no further problems with any company other than ameriloan which has total disregard for the California laws and fair collection practice laws. My attorney and I have begun Civil proceeding against this company for continual harrassment.

This company is HORRIBLE.

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D. HOKANSON
Central Point, US
Oct 01, 2009 9:06 pm EDT

see previous comment

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D. HOKANSON
Central Point, US
Oct 01, 2009 9:05 pm EDT

Any one whom has taken a payday loan out from this company, contact your State Consumer4 Finance Department. They may not have a license in your state to do business. If they don not you are within your rights to file a compliant with them and they will contact them directly and you will probably never hear from them again. Also contact your bank and file a stop payment on your account about the
ach that they try to take out of your account and will return your money and not allow them to take another cent from you.Good Luck to everyone that has been taken to the cleaners by this company.

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3:27 am EST
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AmeriLoan Fraud and scam

Please advise anyone who further a victim from Ameriloan. Never uses this company to apply for a loan. I have never borrowed money from Ameriloan somehow they got my information that I borrowed from different lender. I thought they are same company. Actually they're different company. So Ameriloan place a money to my account $200.00 they been deducted my bank account for 4 payments. I still owe the payoff of $260.00. They still continue duct $60.00 till i have 260.00 pay off the amount. Thats a rip off.

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mconk
Troy, US
Jan 27, 2009 12:17 pm EST
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Its not a rip off - its the way ALL of these payday loan companies work. They will re-finance your loan UNTIL you notify them you would like to pay it off in full. IF yo uintend to borrow money from one of these companies - as soon as you receive the deposit, IMMEDIATELY notify them via phone, in writing, or via fax that you wish to PAY OFF your loan IN FULL on the due date. otherwise, the loan is re-financed, according to the loan aggrement. You MUST have signed a loan agreement SOMEWHERE in order for ameriloan to gain access t oyou account. The company is legit. I have used ameriloan and other payday loan companies several times. They all function the same way, which is according to the loan documents that YOU SIGN. alot of websites out there will submit your application to several different companies at one time, but only ONE company will actually process your loan, and that will only happen after you speak to someone verbally over the phone (they will call you) and sign the paperwork electronically. Read the loan documents they emailed to you. I bet it sin your spam folder.

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5:29 am EDT

AmeriLoan Violating usury laws

Ameriloan will not answer any BBB complaints, ore respond. This is a fictions name, used by a person who has started a home based business. Go out an read the website www.paydayloans.com There is a company called Trihouse Enterprises located in Nevada, who sells information to people on how to start an internet payday loan business.

This is why you have a 800# to call and fax # and no physical number. It just like a person becoming starting a business, and they are assigned a team of people who work for you which is hired by Trihouse Enterprise, once you become one of their clients. These internet payday loans are nothing more than advance fee loan scam disguised as an internet payday loan The hidden truth is in the mathematics, and the terminology.

Have you ever paid attention to one of the agreements? For example for a loan of $300.00 It tells that it will cost you $90.00. The agreement may even tell you the average APR is 762% for a 14day loan. Then look at the repayment options, pay in full, pay the finance charges only for pay periods 1-4. You do not have to respond they will be automatically renewed. Then on pay periods 5-8 you will be required to pay the finance charge and the principle.

The loan balance is automatically refinanced and the finance charge is reduced by $25.00 each time. The borrower even changes the contract agreement to reflect the current amount account balance, and current date, and uses the same the same electronic signature which they obtained from you when you originally signed the loan. The agreement says there is no prepayment penalty, but you will not be refunded for the finance charges which you paid.

This is the hidden truth. These lenders are copying the mortgage payment options. The finance charges, interest and principle for borrowing a $300.00 loan for the next 1-3 years but has just repaid within 7-60days, based on your pay date.

They told you the cost of credit for the year is $90.00 on a $300.00 loan. Well if you pay the loan in full on your next pay date, technically you have just repaid the lender the finance charges for borrowing a loan of $300.00 which should have been repaid over a period of 12 months. Annual percentage rate means the cost of credit annually, not daily.

Next, the repayment options. During payperiods 1-4 the lender is automatically rolling over the loan, calling it an extension, or renewal. It does not matter that is a disguise. The lender either is a broker or has a mortgage broker working with them. This is copy cat payment option of an mortgage payment plan called interest only.

Then during pay periods 4-8 you are having the loan paid down with interest and the principle, and the loan just keeps refinancing the balance until it is paid in full. This is a copying the payment mortgage option for an adjustable rate mortgage. Next, you have the loans with the 4 cash extensions, or renewals where the borrower pays the finance charges first. Then they are required to pay the finance charge plus interest at the end of the loan, this is copying a balloon rate mortgage. These are the same options which have caused homeowners to go into foreclosure or file bankruptcy. Now here is the catch the lender has just made you repay them $870.00 on a $300.00 loan. this is equivalent to an apr of 223%.

Congratulations to the lender he has just made a profit, and made us repay him for a $300.00 loan for the next 2 years and 7 months, and we have repaid it based on their payment plan early within 60 days. The trick is he never told you, and because they did not ask you to pay the money before the loan was issued, no one is catching it. Because they are issuing the loan, and hiding your advance finance charges, and interest and principle in their repayment plan.

Now, I have filed a complaint to the Ftc, the IRS, the State attorney general and the Office of financial regulations of florida where I live. I received a call from an investigator who has been looking at these online internet payday lenders. Do you know what the scary part is? The lenders are under fictions names, and several of them were all all traced to one person. A man, who lives on an indian reservation. There is a federal law which states that he cannot be sued or prosecuted because of the Native American law. But regulators are seeking out a way to prosecute him based on state laws. Has this information every been released to anyone? No, it has not. I even I had my bank records pulled and the funds drafted from my account were sent to a canadian personal account. Which I am assuming is a mortgage broker.

These are people setting up internet home based businesses. Some are using a local broker or Canadian broker. The agreement is unenforceable because it violates the state usury laws, and some state has strict laws which requires they have to be licensed with your state as a consumer reporting service organization. But you cannot fight them by contacting them or filing a complaint to the bbb, or just your state attorney general. Please if you have documentation, such has bank statements, see if your bank can pull routing numbers for your internet payday lenders, keep copies of your agreements, and to support your complaint. Next verify what your state's usury law limit is .

And if you are a victim of one of these lenders, Ameriloan, United Cash loans, Cash advance network, paycheck today, Magnum Cash advance, Cash Net USA, Geneva Roth, Ez payday cash, and Zip Cash.

Find out if they are registered in your state, if not then File a complaint to the Office of Financial regulations in your state. All of these lenders are using the mortgage payment options to cover up to charge you in advance fees, interest and finance charges for a loan for the next couple of years within a short period time. Don't let them do this. Send letters to the credit bureau indicating the file is under dispute. If you have paid them any money at all, above the principle file your complaint immediately. Send them a letter to letter revoking authorization to draft any more funds from your account, and make sure you email it to them for tracking purposes. You can fax it too, but I would do both. I have had several lenders tell me we never received your fax. Next, contact your financial institution and tell them what is going on.

It will be totally up to you about if you decide to close your account, and set up a new one, or stop payment on the ach deductions. If you stop payment on the ach deductions. That will not work. it is only valid for 60 days for one. Next, it will only stop payment on the dollar amount. This means every thing you attempt to pay for totaling that amount will not go through. Third, the payday lender can change digits to reflect multiple drafts equivalent to the total of $90.00, and they will clear your account or put in the negative.

Third if you decide to close your account, you need to find out what your financial institution's policy is. I was told my office of bureau of investigations, that some victims have closed their account, and the lender submitted an deposit of .15, and this automatically opened the account back up. You need to find out if this is the case on your end. If, that happens then this would not be something they office of financial regulations in your state would be able to handle. This would be the responsibility between your bank and your banks regulator to handle.

Third, be prepared to take the stress of the heat of the collectors calling you. I cannot tell you how quick someone will take the case. I can tell you that I started complaining in May08, I am just now starting to receive a responses back from the status of the case and what is being done. But, in the mean time I am receiving all these calls. and the cease and desist letters which I have sent via fax an email are not working. So, now I just forwarded every communication, and log the time and representative calling me from every place and forward it to agent handling the case.

There are no guarantees on the outcome of the case of you getting your money back. But, from what I have been told Ameriloan is one of the companies who have settled in the past, and those people's account were closed. But, there are cases where the account has been reported as closed. But the lender starts up a later and tries to pursue you. So, I am hoping that by me telling my regulator of the scam being hidden by the lenders copying the mortgage options. Which are the same options which have caused consumers to loose there homes, these lenders will not be able to pursue you later. Because a home owner could not repay a mortgage this way, what would make you think that a payday loan can repaid this way.

My state attorney of General did nothing. He said that it is not a public interest. But, I was glad to know the Office of Economic Crimes was interested investigating these people. But you must go through the Office of financial regulations in your state. Now, take action!

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Jer at Trihouse Consulting
TTY, US
Apr 29, 2012 2:56 pm EDT

borrow $300 on Tuesday to fix your car and keep your job. Pay the payday loan lender back $60 -$90 your next payday as you promised.

Your total payment? $360 - $390 and your done. APR you ask? 450%+ You don't want to fix your Car? Keep your job? Then don't borrow the cash.

This. Is not rocket science!
Jer at Trihouse Consulting.

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Katzlife
York, US
Oct 18, 2010 1:24 pm EDT

This company is ruining my daughter and son-in-law. I am trying to help and found your comment. Thanks for the info! I am going to start right away. I am also going to contact the Montel Williams web site. He endorsed them on a commercial. I certainly have lost respect for him.

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jeanine
, US
Apr 21, 2009 8:31 am EDT

I actually paid them off after a couple of months, but the problem I have with them is they are contacting me here at work offering me more money to take out. When you are rude to them they continously keep you on the line asking you questions as if you are taking the loan out. This to me is very unprofessional of them to harass you even when you want nothing to do with them anymore.

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crimsonmoon
Harvey, US
Jan 29, 2009 12:09 pm EST

I too am in the $90 repay plan and they have already collected over the $300 i originally borrowed and I still owe according to them $300. I can't wait to get this paid, I don't care if my family eats rice and beans for months. I will never deal with them again. thank you for the information.

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dawn weston
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Dec 02, 2008 11:27 am EST

thank you for your valuable information. these people are ruining me. I'm so pissed I could pull my hair out! The fact that I'm not the only one is of some comfort

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12:00 am EST
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AmeriLoan Unauthorized charges!

I took out a payday loan with Ameriloan a few months back, trying to make ends meet. In addition, I had two other internet payday loans with other companies. Unfortunately, I found myself further and further in debt and, unfortunately, had to file for bankruptcy. I was advised by my attorney to put stop payments on all of these loans. I did this on the 11th of January. The companies contacted me and I told them what was going on (1) that I had filed and (2) to contact my attorney. Well, guess what? Today, January 30th, I happened to check my bank account and saw that I was $1500 overdrawn! These people (Ameriloan, United Cash Loans and One Click Cash) all ran checks through my checking account! These checks were NOT authorized! I'm just devastated by this and hope that my bank will reverse these charges. I just wanted everyone to know DO NOT, EVER get a payday loan with ANY Company. They are very unscrupulous people who prey on those that are in a financial bind.

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BeckyC
, US
Feb 21, 2011 2:12 pm EST

Do not use this company even if you are extremely desperate. I am not joking when I say I only borrowed 300.00 and have paid back 500.00 so far and they are still waiting for a payment of 125.00 in 14 days. Thats not it. They still want more payments and say my pay off amount is 325.00 more. I cannot believe the stress they put you through. DO NOT USE for any circumstance! Now every time I look at my account its going down for no reason. If you use them for anything, it will happen to you too!

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knowledgeisgolden
Chicago, US
May 30, 2013 2:02 pm EDT

I personally cannot believe that Montel Williams would put his face on all of these unethical and undermining loans. I took out a loan several months ago for $800. Big, Big mistake. I should have just endured the heartache of being broke and overdrawn with my bank. I ended up paying $200 per month just for the interest, but please note that nothing pays down the loan until you start paying the extra $50 per paycheck. And please note that I said Per Paycheck. They talk really fast on the phone while you're taking out the loan and it seems like you'll only be paying once per month. Next thing you know, your senses kick in and you realize that they really meant $200 per paycheck. Now when you finally become able to begin paying the extra $50 on the principal, you realize that after 3 payments, you have already paid back $650 in just 3 paychecks, only to have paid $50 toward the loan itself. Please find another alternative until Montel Williams gets a conscious and stops promoting these Money Mutual lenders as a fast, safe way to get cash. Trust me, everyone knows that it is a recession right now, just reason with your creditors. Do not take out the Loan! Enough Said!

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Lavendergirl16
Arcata, US
Mar 22, 2013 4:15 pm EDT

I am sad to say these people are stealing from people who are in need of help! Yes I didn't understand or read the fine print and have now paid 420.00 on a 350.00 dollar loan and still owe 455.00 dollars according to them. When I signed the loan I read the Loan agreement like any other loan I have ever taken out. ***Loan 350.00 Finance charge of 105.00 Total Loan Amount of 455.00***. This is not hard to understand. I was never asked if I wanted to make payments so I thought they would take out payments until the $455.00 was paid off. Well just be AWARE that these payments are interest only and you are paying nothing towards your loan! I am just sick for all the people myself included that they are stealing money from as if the interest isn't enough already. I am going to pay the loan off today and hope these crooks get what they have coming to them. Good luck and please think twice before doing business with them.

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lynnbr56
Kokomo, US
Jan 22, 2013 7:29 am EST
Verified customer This comment was posted by a verified customer. Learn more

This is what they are doing to me. I hope I do not have close my acc. Because that is where my pay check goes through auto pay . What a pain.

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arlenestephens_89
Dexter, US
Sep 26, 2012 9:03 am EDT

look i agree with the response up above, i borrowed 500 and paid it off responsiblely, 150 ea month
til paid and 150 at the end of the 5th month which was extra, and they still say i owe 765.
THIS IS NOT HEARD OF, WHEN YOU GET A GOOD PAYING CUSTOMER THEY WANT TO RUIN YOU.

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Dsavid
, US
Jul 28, 2012 9:34 am EDT

I, took a loan with Ameriloan a few months ago now I have a so called attorney Alex Watson calling stating that he is issuing a warrant for me or to pay the loan in full. Who are these people and why don't Amerloan contact me. Davis

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freewayryder
Palmetto, US
Nov 05, 2011 9:07 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

you have to read the fine print very carefully, for the first four months u pay only the finance fee which does NOT apply toward the principal.. on the fifth and successive months you pay the finance fee PLUS 50 dollors more to start paying down the loan. In my case i borrowed 500. i have payed the 150, , this next month i plan to pay the full 650, , do not loan with them unless u can pay this off full within two months. i figured out if i went the renewel route a 500 dollar loan would cost 3100 to pay off... 500 plus 150 for the 13 months it takes to pay down the principal at 50 bucks a month, my total monthy payment after the fourth month would be 200 and take 13 months to pay down... its very expensive unless u can pay it off quickly, , PLESE read the fine print and be sure u understand.

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cruizer2011
Chicago, US
Aug 11, 2011 7:14 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

kgaide, I recently reported MoneyMutual and the other three payday lenders I mentioned above in my earlier posts to Consumer Credit Division of Financial & Professional Regulation (www.ildpr.com). You can fax your complaints to [protected] (if you live in illinois). I spoke to someone in this office today to get the status of my complaints, the person said that they are going after MoneyMutual and the other PayDay loan companies and will post these fraudulent lenders on this link soon http://www.idfpr.com/DFI/BorrowerBeware.asp. Read my other posts for more info. Hope it helps.
Also, I received an email from one of the companies stating that I can pay $275.00 to settle the account where I should only be paying $50.00. I replied back with the following (please read the fine print):

I DO NOT AUTHORIZE YOU TO DEBIT ANY AMOUNT. I HAVE ALREADY PAID $600.00 AGAINST THE LOAN AMOUNT OF $500.00. I OWE AMERILOAN $50.00 AND THIS AMOUNT WILL BE MAILED TO YOU IN THE FORM OF A CASHIER'S CHECK. PLEASE SEND ME THE PHYSICAL ADDRESS WHERE I CAN MAIL THE $50.00 PAYMENT.

THANKS,
***************************************************************************
The information contained in this communication is confidential, is intended only for the use of the recipient named above, and may be legally privileged.

If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited ****and by responding to this email you
agree to the amount of fifty US dollars as a full settlement of the account.*****

If you have received this communication in error, please resend this communication to the sender and delete the original message or any copy of it from your computer system.

When the person responded I said that you agreed to my terms. You should have read the fine prints before responding to the email. I have heard back from them since.

When they replied, I responded with this...
Did you read my fine prints before responding? It says...
****by responding to this email you agree to the amount of fifty US dollars as a full settlement of the account.*****
See you in court!

I haven't heard back since.

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kgaide
Milton, US
Aug 04, 2011 12:49 am EDT
Verified customer This comment was posted by a verified customer. Learn more

I borrowed 400 in May and have paid back about 460 and I then closed my account. They are saying I owe 670. Do I pay the amount with a money order or should I get an attorney. I will be calling the better business bureau.
Will this damage my credit score? Will it come up on my credit report. Can anyone advice me what I should do. They are starting to call me at home and work. And what did they say about we have to give them 3 days notice to pay it office

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cruizer2011
Chicago, US
Jul 30, 2011 11:17 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

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