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MTE Financial/Quickest-Cash-Advance / Too Many Payments!

1 United States Review updated:

I got an online loan through MTE Financial/ Quickest- Cash- Advance site. Unlike most payday loans, which require repayment by the next payday, Q-C-A allowed you to make repayment installments each payday. The installments were paid at $90.00 until paid off or so I thought. The payments are taken out of your bank account. A 5th ACH payment was submitted to the bank for the amount of $140.00. The "800" automated customer service stated, after the usual ID request, that because this was my 4th loan, I was being charged an additional $50.00 for automatic renewal of the loan. Which I never opted to do nor authorized and this was my 1st loan. I never had any monies redeposited into my bank account as a result of this so called automatic loan renewal. I had Google MTE and found the other complaint. I have gone to my bank to put a Stop pay on the ACH MTE Refi Deb. I hope it will stop these payments, but they can use different aliases to try and get paid.

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Comments

  • Ja
      1st of Jul, 2008
    0 Votes

    I think you may have misunderstood how their agreement goes. I have a loan with them and it works like this;
    the first four (4) payments are of 90.00 to just keep renewing the loan, then starting on the 5th payment you pay the 90.00 + 50.00 towards the principal amount of loan until paid off in full. Your account is automatically set up for renewal on these terms. TO CHANGE THIS YOU GO TO THEIR WEBSITE, LOGIN, CHANGE YOUR ACCOUNT PREFERENCES TO PAY OFF PRINCIPAL AND INTEREST, INSTEAD OF JUST RENEWING IT.
    Which is ALL explained to you when you sign loan documents.

    To follow the lending laws of PDL's they have to call it a new loan each time it is renewed because of amount of time allowed for length of loan, when in fact it is actually the same one.

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