Everest Cash Advance review: payday loan money theft 46

On November 21, 2012, I took out a pay day loan from Everest for $300 and of course they made it so easy! The only thing they disclosure is a one time finance charge of $45 which was automatically taken out on 11/30/12. The next step is when it gets confusing on paying back the loan which in the loan papers says "pay back 5% each pay day until you pay the loan back". Never did it state that had to pay 30% each payday until you pay the principal back which came out to $90 finance charge/fee each time. I understand these payday loan companies have to make money but this is ridiculous! Everest has already automatically drafted from my checking account the initial finance charge of $45 on 11/30/12, $90 (finance charge) 12/12/12, $90 (finance charge)12/31/12, $90 (finance charge) 1/15/13, and now on 1/31/13 they are going to draft another $90 finance charge. I don't get how I can pay back the initial $300 in payments of $50 if they keep on drafting $90? So now I have paid of only finance charges $315 and by 1/31/13 I will end up paying $405. So if I pay the $300 plus the $405 I will be paying a whopping $705 total double of what I bar rowed. I know this isn't right, because I have been reading the multiple complaints against this company. BAD BAD COMPANY!

I agrred to a cash advance of $400 with a finance charge of $60. on 10/12/12. After the $15.00 processing charge was taken, I agreed the $385 loan and the $60 fee would be taken from my checking account on 11/02/12. I received a notice regarding the $60 auto payment and on that notice it said to call and make arrangements for the loan payment. I had already made the pay back arrangements so I didn't call. After having a $120 finance fee automatically taken from my account 3 times over a 6-wk period I called . The person I talked to kept repeating: "The person you made the agreement with on 10/12/12 is not authorized to make payment arrangements, you must call us to make those arrangements. THAT is NOT how it was explained to me on 10/12/12. I have paid $360 to this company in their underhanded finance fees, I owe $25.00 to them to total the $385 loan - I will mail them a money order. I have filed a complaint with the BBB of Delaware over the payback practices of this company!

I got a called from a courier service stated that she has documents that going to deliver to my house so she give me the file number and the number to Associates company that's filing claim for Everest so I called the Associates company I spoke to someone she stated the loan was take out in August 2012 and I was trying to explain around that time my purse was stealing with all my identification in it and the bank account was closed. I called Everest and was put on hold for 10 mins and after 10 mins the answer machine came on. I was trying to get all the information from the Agent

Everest Cash Advance is the lowest, I got a loan from them on 1/30/14 for $400.00. I ask multiple questions when getting the loan and my payments were supposed to be $60.00 every two weeks. But me trying to get the loan paid off early told them to take $100.00 that 1ST payment. Well after that my payment were everything but $60.00 ($108.00, $110.00, $92.00) and these are just the ones I have noticed. So it's been 5 months and I am still owing them $286.00 (balance). When will it stop? When I close my bank account which is coming soon. DON'T USE THIS OR ANY COMPANY THAT IS AN ONLINE PAYDAY COMPANY IT IS USUALLY A SCAM.

i got a loan for $400.00 in January 2011 and I have paid back $1260.oo so far and they keep taking money out of my account I can not closed my bank acct

i have been trying to pay off this loan for the last 8 weeks & they keep deducting fees from my checking account of 180$

This company is harassing me all day and night stating that I have a loan with them in 2012 and its 2014 and they started calling me. They want me to pay a loan totalling $400+ as in as we talk. I told the customer service person that I need to settle down for I just got out of the hospital from a STROKE and was told that I just need to take care of the problem. What kind of customer service they have. And I was told by the staff too that they Everest owns 300+ companies and she cannot name all of them all she wants is for me to take care of the loan or they will file a FELONY case against me. Now, I am back in the hospital for another STROKE. They are harassing people too much ...MAC from Arizona

If there is a lawsuit, I want in on it. Long story short. I browsed $400, tried to pay if off and there was no place on the website to pay it. They always hung up on my calls and wouldn't responded to my e-mail. They took 1200 from me and now I'm in collections for almost 1, 000 more.

I agree they are very expensive. I actually read the contract before signing, and chose to pay it in full. I got a loan for $800 and only had to pay back $920. I will take that and just suck it up. I would never make payments if I chose to use them again. you will end up paying $2500 on a $500 loan. no thank you. If you use them, tell them you want your first payment to be paid in full like i did. I was down until next payday, but at least I didn't have to deal with all the mess y'all are going through. They do take a long time to answer, I do online chat, so I can save the conversation for proof. I usually do press option 1 or 2 and call from a different number that I did not provide on my application. You just have to play smarter.

why cant you close your account? does your bank have anthing to do with it?

Thanks for clearing this issue up, but I guess that's what happens when you don't really understand or just want that money for your emergencies! I do appreciate that they lent me the money but they need to do it at a LOWER INTEREST RATE for us that are barely living from paycheck to paycheck and now its gotten harder for the government is taking out more TAXES on our wages! All I know is after Everest takes their money I have to file for bankruptcy cause its getting hard to pay all my other commitments.

Hi Rosie,
You got some of the information right about the terms or the loan, but it seems like you either didn't listen to or didn't understand the full terms. I used to work for the company, so I can lend some insight.

The finance fee of 30% is correct. The reason your first payment was only $45 is because Everest gave you half off of your first payment. The part you read in the loan documents about a %5 paydown refers to what happens if you don't pay down the principal and only make the finance fee payment every due date. In that case, after 5 due dates if you haven't paid down the loan, Everest will start applying 5% to pay down the principal. You are still responsible for paying the loan off by paying more than the finance fee. Everest will take 30% of the remaining principal each due date unless you tell them that you want to pay off or pay down the loan.

I'm sorry that you paid more than you intended to, but the terms are clearly outlined in the contract as well as read to you over the phone after you are approved for the loan. These short-term loans are intended to be repaid on your next pay day, in which case you would have only incurred the $45 finance fee. If you had paid the loan back on your second pay date you would have paid $135 in addition to the principal ($45 + $90).

Okay folks, here is what you do, find out hat your state laws are concerning Pay Day Loans are. Everest will say they are not bound by state laws, but they are. Find out if they are registered PDL companies in your state. If they are not, it doesn't matter if they are from Alpha Centauri, they cannot make the loans charging any interest. Go over your contract. Know it thoroughly and your legal standing in the state. If you live in a state where only 2 payday loans at once is the law, they did not do due diligence in offering you another. If they go over the maximum a state allows, they are in violation of the law. They will threaten a collections agency and they will use one. But in court the judge will explain their errors in application of the law. Stand firm. Notify them you are cancelling their authorization to debit your account. Then go to your bank and do exactly that. Inform them all communication must be in writing and that you are willing to pay off the principle and the amount of interest allowed by law in your state. If they are not registered in your state, then you are not obligated to pay back more than the principle. On a $300 loan, it will cost them more to litigate than it is worth. But they will drag it out as long as possible. and you will get harassed. Do not be goaded into verbl communication, keep everything in writing, documented. Express a willingness to repay the principle because no matter what, you did borrow, you are in receipt, it is a legitimate collection. As to the interest, that is a matter for your state to adjudicate. Contact the FTC and BBB to notify them of wrongdoing. Everest seems to be a very bad one, they operate with a fake US address, but they are in the West Indies. Good luck.

I agree with neaster. I've gotten 2 loans from this company. Both times I paid them back just what they asked for. The only problem I have with them is they call me all the time for a new loan.

I have used this company for a loan on 2 seperate occasions. I paid them back both times. they only took out what they were suppos to. The only problem I have is they keep calling offering more loans.

I borrowed from Everest ONCE, before I understood the repayment conditions! When I realized what they were up to, I paid it off ASAP. No problems with them taking extra money out of my account, but they are easily THE most expensive payday loan out there. I don't recommend anyone take a payday loan, but if you HAVE to try My Cash Now. Their fees are WAY more reasonable than Everest and are based on the amount you take out, not some number that comes out bi-weekly until you pay the full loan off in full! Plus you have the option of "extending" the loan (for a fee) or when I've been in a real jam I'd just "pay it off" then take out a smaller loan the next day, pay that off then take out a smaller loan, etc until I paid it in full. I've used them several times with no problem. Like any other payday loan, they're simply out to make money but out of all the payday loans I've looked at, they are the most reasonable and flexible. Good luck!

I just called them and paid off my loan. I knew I would have to pay a lot but I needed the cash. I held for about 3 min before someone picked up. So far everything has went how they explained it would. The person I spoke to was American. No accent at all. Easy to understand. When I got my loan they clearly explained to me verbally and through e-mail what would be debited from my account. I will never take a loan like this again if I can help it but not because of this company, because it was a learning experience for me.

In response to "anonymous-consumer":

"They CANNOT be reached Monday - Friday between the stated hours."
Actually, they are available 7 days/week. 7am-5pm CST on weekdays, and 8pm-5pm on weekends. They're open every day with the exception of a few national holidays.

"The online chat feature is not even manned by English speaking representatives."
Um, yes it is. Everyone in the call center - which also handles customer service by chat (and is located in AMERICA!) - speaks English and there are a few Spanish speakers also.

"Initially after e-signing, you get an e-mail that says a copy is on its way but it never arrives."
Did you check your spam folder? The system sends out the documents automatically - they are triggered by signature to be sent directly to the email address on the application.

"If you contest that you owe the money, all they say is "per your contract you owe the money"."
Did you read the contract and agree to the terms by signing the contract? If you signed a contract, then you owe the money. It's that simple.

You should carefully consider each loan and whether you can pay it back on time before deciding to borrow money from a lender. I disagree that Everest is "predatory." They are a business, not a charity. They're not around to just give out money; they expect to get it back according to the terms under which is was lent.

They are willing to work with people who are having difficulty paying back the loan. You just need to call and talk to Customer Service or Collections and work out a payment plan for the remainder. If you just close your account they will end up sending your account to a 3rd party collector. That 3rd party collector can then choose to report you to the credit bureau and/or file judgements against you. It's always better to work things out with the company than having to deal with 3rd party collections.

They are doing the same thing to me as well. I went on ahead and close my account and I called them to get a physical address and all they tell me is that they don't take payments in the mail well what is the difference when they take it out of your account. They want you to pay it in full well hell if I could then I would have never went to them. So I say to anyone do not do anything online when it comes down to a loan especially if they can't give you a physical address.

This company actually works out of the West Indies. If you look at the fine print for their Terms Of Service on their website, it says it abides by the standards of Nevis (aka West Indies). This is how they are able to rip Americans off because they do not have to abide by U.S. regulations regarding payday loans. Close your bank account immediately to keep them from continuing to withdraw their necessary "Finance Fee" if you cannot pay the loan in full. You will be sucked dry! Everest Cash Advance is a bad bad bad BAD payday loan company!

Some of these comments on here sound like they are coming from Everest themselves! I understand that people need to read contracts before signing anything. However, some people are desperate for money in this tough economy and want the fastest access to money possible to avoid eviction. Recent laws in the USA have really cracked down on these payday loan companies so that hard working people are not taken advantage of. With a name like "Everest" it is easy to assume they operate and are licensed to do business out of the USA, but they are not. They CANNOT be reached Monday - Friday between the stated hours. You can continually try and call them and you will end up just being sent to voicemail. The online chat feature is not even manned by English speaking representatives. Even after paying off the loan in full, these people will continue to take money out of your account. They also will not send you a copy of your contract. Initially after e-signing, you get an e-mail that says a copy is on its way but it never arrives. And when you e-mail them (because you cannot reach them by phone) you get the exact same email that says an email with a copy of the contract is on its way. If you contest that you owe the money, all they say is "per your contract you owe the money". It is a vicous circle. I have dealt with unscrupulous companies but this company does not even fall under that classification. They are thieves who will rip you off until you are in so much debt, you will never be able to climb out of it. DO NOT DO BUSINESS WITH THESE PEOPLE AND IF YOU ALREADY HAVE, CLOSE YOUR BANK ACCOUNT!

Do you just go around not taking responsibility for your actions? You filed two complaints both transactions you entered into a cash for title loan and it didn't go as planned? Its a predatory loan- get a life and start taking some responsibility

I never even applied for a loan through this company and had $500 deposited into my account from them. I never signed ANY paperwork, or gave them my account information. I intend to file charges and investigate them further. In the meantime, I have to find out how they accessed my account. We use that account to pay our bills and now need to switch everything over to a brand new account. What kind of hackers are these people?

Did anyone ever just stop your bank from them taking money out of your bank account, before you paid it off? I paid them alot of money already and its still not paid off. I want to call my bank and have a stop to them taking money out and I want to know what will happen if I do that.

When you call, choose the option that you are applying for a new loan. They will answer then, and transfer you. (most of the time) You basically need to pay it off w/ interest your next payday or you pay outrageous interest. ...my two cents

i dealt with these ripe offs for about 3 months. im trying to pay them back paid in full, but every time i call i can never get through. how many times do i have to call to get through? if i close my bank account do anyone know if they will still have interest accumulating will this effect my credit?

Listen you all need to stop whining and read the contracts before you sign or authorize them, and don't tell me you didn't cause they wouldn't have given you the loan. I've had several loans through them and never had any issues. If you read they said in normal print we will debit your account for the fee bi weekly until the loan is paid in full. Which means if you have a 300.00 loan it is 390.00 to payback completely and you must tell them atleast 3 days in advance if you want to pay in full. If you do not do this they debit 90.00 from your account bi-weekly for the fee alone, which does not go towards principal until you call in advance and tell them you want them to take the full amount. You can elect to pay the fee plus some of the principal which will lower your fee next time if you pay atleast $100 on the principal. It says all this in the contract, and if you need to contact them call [protected] Mon-Fri 8 am to 5 pm.

You all need to stop your whining and read the contracts when you authorize the loan. They are not scams I haven't had any problems with them. And if you need to speak to someone you can reach them Mon-Fri at [protected]

I feel your pain blonde but I would contact them in writing, preferably certified mail this way you have proof cause odds are they will tell you 3 days is not enough time to set up the withdrawal.

For the above comment, I understand how loans work and that I need to call the company 3 days in advance prior to the payment withdrawal date for the interest to advise them that I would like to pay in full. But who's fault is it when the customer (such as myself) is trying to do the right thing per my contract and call them in advance and they don't respond? I have worked in loans and contracts for 14+ years. At this point, it's on them to contact me after numerous emails/phone calls and yet no answer. hmmm?

OK FOLKS LISTEN UP . WHEN YOU TAKE OUT A PAYDAY LOAN THE INTEREST YOU ARE PAYING ...I.E. THE DEBIT THEY ARE TAKING OUT EVERY PAYDAY FROM YOUR CHECKING ACCOUNT IS NOT PAYING BACK YOUR LOAN. IT IS MUCH LIKE RENT. PAYING FOR USELESS SPACE. YOU ARE PAYING TO BORROW THE SAME MONEY YOU BORROWED IN THE FIRST PLACE. IT IS JUST LIKE PAWNING A PIECE OF JEWERLY IN A PAWNSHOP. YOU CHECK IS PAWNED. IF YOU DONT PAY FOR YOUR CHECK IN FULL, THEY WILL ACCEPT INTEREST AND HOLD THAT CHECK ANOTHER 2 WEEKS, AND ANOTHER 2 WEEKS AND SO ON.

BEST BET. LOOK AT YOUR CONTRACT. YOU WOULD HAVE RECEIVED ONE BY EMAIL MORE THAN LIKELY OR IF YOU CAN GET AHOLD OF THE COMPANY FIND OUT WHAT THE PAYOFF IS. PAY THE FULL LOAN ( PRINCIPAL) AND 1 INTEREST PAYMENT IN FULL. THEN CONTACT YOUR BANK AND PUT A STOP PAYMENT ON THE COMPANY NAME OR ANYTHING COMING OUT OF YOUR ACCOUNT FOR 90 DAYS OTHER THAN AUTODRAFTS THAT YOU ARE AWARE OF ..I.E. ELECTRIC BILL, PHONE BILL ECT.

YOU ALSO NEED TO REQUEST A LETTER FROM THE COMPANY FOR A PAID IN FULL NOTICE. OFTEN ENOUGH ONCE IT IS PAID THEY WILL SELL YOUR INFORMATION OFF TO ANOTHER COMPANY TO TRY TO COLLECT THE SAME DEBT . I WORK IN THIS INDUSTRY AND THEIR ARE GOOD PAYDAY AND TITLE LOAN COMPANIES, BUT IF YOU ARE GOING TO DO ONE DONT DO IT ONLINE. DO IT LOCALLY, WITH SOMEONE YOU CAN GO INTO THE STORE AND MEET, SHAKE HANDS WITH AND ASK QUESTIONS. ASK WHAT THE LAWS ARE AND FOR COPIES OF ALL OF YOUR PAPERWORK AND CONTRACTS. BE SMART ABOUT BORROWING MONEY AND DONT TAKE SOMEONES WORD FOR IT.

They also go by VIP Loan. What they do is take all your money and call it interest. You have to tell them that you are paying on the principle or they will keep charging you interest. They are horrible. I do not think they are even located in the U.S. I wish someone would sue them.

I hadn't had any issues with this company till yesterday and today. I had a loan with them previously and was able to talk to customer service and pay the account in full. It's a different scenario this time, I have sent 3 emails advising them I want to pay my account in full with no response, 9 phone calls to customer service with a "long hold time" message, wait on hold for about 5 mins, and no one answer and it goes to a voicemail box. I have left voicemails with no return calls. I finally did what you all suggested above and called my bank and put a stop payment with them. They have been taking funds each pay period for about 2 months now, which more then pays back the small loan I took from them. I will watch my bank statements and make sure they don't withdraw the funds under a different name. If so, I will stop pay that too!

Fortunateli I recognized the call back number on my phone before I signed anything. I had a moment of weekness and was going to get a payday loan (DUMB< DUMB DUMB!) and then I remembered the heartache I wnr through before> GO WITHOUT HEAT, GO TO A SOUP KITCHEN, YOUR LANDLORD CANT EVICT YOU OVER ONE MONTHS LATE RENT-DO ANYTHING BUT DEAL WITH CREATURES OF THIS ILK. I DONT KNOW HOW THEY CAN SLEEP ATNIGHT OR LOOK IN THE MORROR. NASTY, NASTY OPPORTUNISTS WHO PROBABLY HAVE SIDE JOBS AS POLITICIANS. gb

What they are doing is illegal. They are also known as VIP Loans, Everest Loans and SCS Processing. Do some investigating and I am sure you will find something. They are not even located in the US.

I needed $300 until next pay day and it has now cost me $180 and they still havent taken the principal of the loan even though we told them to. I am filing a dispute with my bank for the charges. Call your bank. They will file the dispute and reverse the charges for you. I also went to the Better Business Bureau website and filed a complaint. From that site I was able to get the company address:
Everest Cash Advance
300 Creek View Road
Newark, DE 19711
[protected] Hopefully we can all shut them down!

I have to agree with everything that is being said. I got a loan for $600 and they have been taking $180 bi-weekly. So after a few weeks I thought my account was paid in full. We I called to speak to customer service to ask why money is still being taken out of my account they state that I have not paid of my account. I told the guy I don't understand you have taken almost $700 out of my account. So I asked to speak to an supervisor and he snapped at me and said I am telling you the situation. You still owe $600. I could not believe it they have been ripping me off. I went to my bank to put a stop payment on the account.

well they are harassing the heck out of me, and you cant understand a word they say when they call because they are not american, 1st the guy tells me his name is justin smith and in the same sentence repeats his name as john smith, and goes on about a lawer and legal matter, i tell him 1st of all use your REAL name not a made up fake one and if you wants to talk about legal matter maybe i should get a lawyer for harrasement cause i have on my caller i.d where you called me like 10 times straight in a row.

Every negative complaint about this company is true. This company should be shut down immediately. If you are trying to help yoursel, do not deal with this company. I wish there is someway that this company can be exposed nationwide! Learned my lesson the hard way!

Wow, my God I hope this doesn't happen to me. I borrowed money but I paid it off in full on the due date, now I'm worried I can't afford for more money to be taken from my next paycheck. This was my 1st payday loan and if I ever need another I will not use this company. I should really have checked them out prior to the loan.