Payday Loans / Payday loan scam
I wanted to post this to pass along some info. If you ever do a search for payday loans online, PLEASE BE CAREFUL. Here are a few tips that will save you headaches and money. Earlier this year I was in a financial BIND. I looked online for payday loans. I went to one, filled out all the info, then they send me to a site to get a loan, AGAIN, filled out all the info, and again, passed me along to another site with a bunch of other sites to fill out for a loan!!! THEN, the next day or two I had no loan but did have money taken OUT of my bank and nothing put in!!! One charge was for 99.99, another charge, 29.99, then another for 9.99!!! I called my bank to find out what this was and they gave me the company names and 800 numbers. I called these numbers, one of them was this club I was told I joined when I filled out the application for the loan, not even sure what the club was or what it was for, the other charge was a membership of some sort, and the one for 29.99 was a fee they were going to take out of my account on a monthly basis for some membership. I told these people I didnt authorize this, nor even knew what the hell it was??? I told them all I wanted this money BACK in my account. They all REFUSED and said they were non refundable fees!!! Im currently pursuing this to be reimbursed.
Please, here are some things to WATCH OUT for...if you do decide to take that route for a payday loan, read the bottom of the page, if it says the site is NOT a lender, nor makes any financial decisions, but is merely a site that matches you with a lender, DONT BOTHER because they'll bounce you around and you wont get anywhere, and you may be setting yourself up to have hidden fee's taken out of your bank, especially if you give them your banking info, which most of them want before they'll even tell you how much you qualify for. I've done this and they bounce you from one place to another, asking for all the same info, and you dont get ANYWHERE. ALSO, make sure you read every letter, even if it takes you time, read READ READ everything, because some of these sites make it sound like you're applying for a loan, when in fact you're filling out crap for some membership which you dont want nor need!!! I did this before!!! What also happened was I filled out the info for one payday loan, and the next day I had 3 deposits in my account when I only applied for ONE. Thats another thing they do, you'll fill out the info to one company and another one will get your info and deposit the money without you knowing their terms, payments etc. I filled out info for Think Cash, they passed me along to First Bank of Delaware for a 600.00 loan, in which I got all the info, terms, payments, etc. I checked my bank and they did deposit the 600.00, but then I see another 400.00 deposit, as well as a 200.00 in which I didnt apply. 2 other companies deposited this money into my bank, then I find out who they were and the terms and payments and they were something I would have NEVER of agreed to!!! It got to the point that I had to close a bank account I had for over 15yrs because of these fee's in which Im told cannot be reimbursed that I never agreed to, these loans that were also put into the account that I didnt apply for and payment terms that were unreasonable!!! PLEASE think and read before you apply for any PAYDAY LOAN. Thats how they get you!!!
1. Any site that says they're not a financial institution and makes no decisions on a loan, they're just a matching service..BEWARE, you'll fill out the paperwork and be bounced around from page to page to other companies that state the same thing.
2. READ every last letter on the page, some of these payday loans have hidden fees on top of the finance charges. One said before they even deposit the money, they want a 10.00 fee, in which they take BEFORE they deposit your money. So in other words if you have no money in your bank and need a payday loan, they'll try to debit your account for that money before they deposit, which can cause NSF fees.
3. READ every last letter on the page again, these companies also hide in there terms memberships you want nothing to do with. One has you fill out all the info, along with bank info, and unless you really read everything, state by clicking the box at the bottom of the page, you're agreeing to terms and conditions, but unless you REALLY read this, part of the T&C includes a memberhip of some sort, in which they debit your account a certain amount, and will keep doing this on a montly basis.
These are some things to really watch out for. I wouldnt recommend payday loans AT ALL if possible. If you're desperate, please look for a company that wont debit before they deposit, one that gives you directly to a lender, instead of bouncing you around, and one that you can pay back ASAP.
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