Think CashDeceptive business practices!

C
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I took out a $2,000 loan from "Think Cash" - an on-line loan business. Part of their agreement is that they send you e-mail reminders of when payments are due. For the first two months they did. I have reimbursed them ON TIME.

They recently STOPPED sending reminders... as they agreed... and money is taken from the account. They are not reliable and it has cost me more money than I ever expected. DO NOT utilize THINK CASH.

Responses

  • Ja
    James Jul 24, 2007
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    I don't see how this is a complaint. If you agreed to repay on certain dates, why do you need a reminder? They tell you the dates and amounts on the loan agreement and you agreed. They paid you the money and you agreed to the terms and conditions, so you should repay as agreed, even if it means they do you remind you.

    If you loaned someone money, you would not like it if you had to call and bug them each time they pay you a piece of the money back, you would hope that person was of good character and would show up with the money.

    1 Votes
  • Me
    Melissa Shirley Aug 24, 2007
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    Yeah it is your responsibility to know when your payments are due. Log on the site and look. they have it in your account.

    1 Votes
  • Jo
    John Smith Sep 27, 2007
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    You have to have an IQ of four to use these services. You realize that you're paying 365% APR for each 1,000.00 you borrow right?

    ###.

    -2 Votes
  • Di
    Dione Stephens Sep 28, 2007
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    I agree that it is your responsibility to pay back the loan and you don't need a reminder although some people do need a reminder because they may have lazy brain syndrome. Don't get sucked into these situations. Most businesses will work with you . If you have to have it get a car title loan at least you have 30 days to pay back not 2 weeks.

    0 Votes
  • Le
    LetDown18 Oct 09, 2007

    One more thing, my auto deposit is going in again in two days. If it is absorbed by some false/bogus place. I will take legal action against bank of the west.

    0 Votes
  • Ma
    Mary Dec 02, 2007
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    What an idiot....Just pay back the money that you borrowed by the terms that you AGREED.. My question is: Why didnt you go through your bank or another financial institution vs borrowing from an online lender. I will take a wild guess and say that your credit is probably so jacked up from not paying back other loans that this was your only option....Now you want to complain because you didnt get a reminder email????? For crying out loud. Get a life and pay your bills.

    1 Votes
  • Db
    DB Dec 04, 2007
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    a verified customer
    Verified customer

    I have a loan with them, and yes the interest stinks, but at the same time, I am a single mother, and I needed this money to pay my bills. I tried to get other loans and it did not work. I do not agree with the comment made that you have to have an IQ of 4 to take this loan, some people do not have a choice. I did what I had to do, and I will make every last payment.

    0 Votes
  • To
    todd Dec 09, 2007
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    I had a loan with them and I got every reminder email about my payments. Looking forward to getting another loan.

    0 Votes
  • St
    stupidenoughtoapply Jan 19, 2008
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    a verified customer
    Verified customer

    This is what the website shows... and yet after I applied I needed all of these... You have to send in paperwork, you don't get answer in seconds, and this is a waste of time... Rethink about applying here...


    Complete the easy online application.
    No phone calls, no paperwork, and no faxing required. Just submit your online application for an instant decision.* It’s safe, secure and completely confidential.

    Get an answer in seconds *
    Once your application is approved, your funds are deposited the next banking day (for transactions completed by 5:00 PM Central Time).

    Schedule payments online at any time with no penalty!
    ThinkCash will even send a reminder email before each payment is due. You can also pay off some or all of your loan at any time with no penalty and save future finance charges!

    0 Votes
  • Th
    thomas smith Mar 05, 2008
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    Iam out on long term disibility and needed a quick loan, i used think cash and they are very quick, and very professional to work with, send me a reminder every two weeks, i pay and everyones happy. They always say thank you for my business. very polite people. Even though the intrest is high. sometimes we have no choice. Tom smith.

    0 Votes
  • C
    C Mar 21, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I've used them before with no problem. All pay-day loans have high intrest rates---but sometimes you have to do what you have to do! The key is to paydown as much and as quickly as possiable.

    0 Votes
  • Vk
    v-kay Apr 07, 2008
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    a verified customer
    Verified customer

    I have used think cash svcs, about 2 yrs, when needed.I vhave no complaints. yes interest is high, that's a price u pay...could be lower, at the same time i'm working on my credit, learned to be a more responsible debt payer..and to MR. I. Q. OF 4, unless you are debt free, u cannot talk...how many credit cards u got? are they intrerest free? tHE THING I LIKE ABOUT THINK CASH IS U'RE GIVEN A LONGER STRETCH OF TIME TO PAY OFF IN SMALLER AMTS., WHICH IS REASONABLE, YEAH, U PAY, BUT OH WELL... UNLESS YOU YOURSELF ARE DEBT FREE, U CANNOT TALK...

    0 Votes
  • Sa
    sarah r. Aug 03, 2008

    The payments correspond to you pay periods. If you are paid every two weeks, the payments come out every two weeks. It's not that hard to remember.

    ThinkCash, I think, is one of the best payday loan companies out there because you have the option of paying in full at ANY TIME and their payments are never over $100 per payment due. Most other lenders of this nature expect you to pay well over $100 per payment if you hope to pay it off in a reasonable amount of time.

    0 Votes
  • An
    anna fluellen Sep 04, 2008
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    I applied a 5 days ago and was told to fax documents and call etc. My information was honest and correct. Has anyone received a loan from this company without having to fax and call?

    0 Votes
  • Tj
    tj Sep 22, 2008
    This comment was posted by
    a verified customer
    Verified customer

    think cash payments come due on your payday, unless you can't remember when you get paid.
    They have this set up for you whenever you agreed to the loan agreement. I have used this company and found that they are very nice and willing to work with any individual if they are willing to pay the payments on time. So, just make your payments. They are due on every payday like clockwork.

    0 Votes
  • Sh
    Shaun Nov 11, 2008
    This comment was posted by
    a verified customer
    Verified customer

    Ultimately, it is the borrowers responsibility to know when to pay back the loan.

    As for the lame remark about having to have an IQ of 4?

    The reason for my taking about a loan of this type is last mintue travel expenses. Being able to do this online quickly and easily makes this a GREAT choice. Especially when it will be paid back in full within 2 days after interest begins accruing. Very minimal interest charges. I think you just have to know how to use them correctly.

    1 Votes
  • Tl
    tlhalker Mar 06, 2009

    i applied and was approved right away without having to fax anything. they were nothing but nice to me and i will use them again if needed-i recommend them to ANYONE who has horrid credit.

    0 Votes
  • Sh
    sheran May 01, 2009

    I took out a $1500 loan with think cash. I made a total of $1, 000.00 in installment payments. After $1, 000.00 in installment payments, my balance was still $1, 456.00. I decided to go ahead and pay them off. When I paid them off, I had to pay $1, 845.00. Yes, they did offer a hassle free loan when I needed it, but they are loan sharks.

    0 Votes
  • Mo
    mojojojo May 21, 2009

    These companies are pathetic, despicable, and disgusting. They prey on poor people who are desperate to get money to pay bills for basic living expenses. I recently read that the Pay Day loan companies operate in an unregulated industry. Fortunately, Congress is looking to pass bills to limit the amount of interest they can charge. I am anxiously awaiting that day. Unfortunately, many more people will be exploited before the bill is passed.

    -2 Votes
  • Mi
    Michæl Jun 02, 2009

    Mojojojo, why should such a company be subject to regulation as long as they stick with the terms of the original contract, legally? Offering credit at a high-interest rate to people who can't get credit at a low interest rate is NOT exploitation. The reason they charge so much isn't because they're greedy—or at least no more greedy than anyone else in a free market environment. Profit margins in the payday loan industry are less than 15% on average. High interest rates are due to the high risk investments that they're making—it is expensive to absorb the risks associated with lending to people with bad credit. If Congress limits the APR much below where it is now, the companies will exit the industry as it will be impossible to make a profit. My home state of Ohio recently passed a law limiting brick-and-mortar payday loan services to something like 26% APR—this means that the company can now make a little over $1 on a two-week loan of $100. Considering the default rate is usually around 6-7% (and some estimate it is closer to 15%), what kind of business would be able to survive with such price ceilings in place?

    Doesn't it mean anything to read the reviews of happy customers above? You can see that there are people who are responsible with their borrowing and can make good use of short-term lending. It all boils down to letting people make decisions for themselves—yes, even broke people.

    Obviously if ThinkCash.com didn't fulfill its contractual agreement (to email the customer with reminders), then that's a different story. But email is not exactly foolproof, in this world of spam filtering and SMTP errors. Even if the company was in the wrong, it was foolish of the OP to rely on email reminders for something as important as loan payments.

    1 Votes
  • La
    Lady Diva Jun 10, 2009

    This a prime exmple or preditory lending and it these type of "loans" have been outlawed in some states. With the state of the economy today most creditors are willing to work with you as long as you are paying them something on a regular basis. I have looked at the site and I would have to have a brain tumor while smoking crack to take out a loan with these people. The payback on a $1000 loan is $2775.90, hell the mob has better interest rates than that.

    -2 Votes
  • Mi
    Michæl Jun 10, 2009

    Lady Diva, try to think things through critically. They're required by law to post their APR on the website, but an APR doesn't make sense when you're talking about a SHORT TERM loan. If you pay it back within two weeks, you end up spending about $84—totally reasonable for a $1000 loan.

    Once again, the nominal Annual Percentage Rate is 219.4%, but reduce that to a two-week financing fee and you're left with around 8–9%, which seems rather generous when the default rate is around 6–7%.

    It's this kind of jumping to conclusions on the part of voters that puts lending companies out of business and forces people to bounce checks or skip utility bills in order to get cash in an emergency.

    0 Votes
  • Mi
    Michæl Jun 10, 2009

    And no, most creditors are NOT willing to "work" with a person who has extremely bad credit and only needs quick cash for an emergency—say, antibiotics for their kid or an auto repair. These loans are available as an option for a segment of the population that doesn't qualify for better credit. Like me.

    1 Votes
  • Sm
    smartguy Jun 11, 2009

    They are theives and should be investigated by congress

    -2 Votes
  • Sm
    smartguy Jun 11, 2009

    Michael, how long have you been working for Thinkcash now?

    -2 Votes
  • Mi
    Michæl Jun 11, 2009

    I've never worked for ThinkCash, or for that matter, any lending agency. I work for a property management company. I'm a recent college graduate and I've utilized payday lending on two occasions, before my neighbors voted to cap the interest rates in Ohio at 28% nominal APR. Since I can no longer get a payday loan down the street, I decided to check out this company and I was disappointed to hear from this OP that the company doesn't follow through on its promises to give reminders. So I didn't take out a ThinkCash loan.

    Then I decided to read the comments and I was pretty disgusted to find out that the people here don't seem to know what they're talking about—and I know that it's the same kind of ignorance that has put these places out of business in my state.

    How about instead of making an assumption about my motives, you try to come up with a response to what I'm saying? Even if I did work for ThinkCash, that wouldn't make my argument invalid. Tell me why you think ThinkCash is a company of thieves and should be investigated by Congress.

    2 Votes
  • Sh
    sheran Jun 11, 2009

    Because they are thieves and should be investigated!

    -2 Votes
  • Mi
    Michæl Jun 11, 2009

    How are they thieves? And why should they be investigated?

    2 Votes
  • Ji
    jijj Jun 12, 2009

    To all those putting down borrowers, "U don't know how I feel unless ur in my shoes" the old adage...

    2 Votes
  • Ba
    Badboychronic Jun 16, 2009

    I hate payday loans but after doing the math maybe not so much as a do My bank of america . Some times I know my checking account is getting low, maybe its that $600 vet bill for one of my dogs or a double charge that should not of been, hoping my paycheck will clear before my bills. I play the game .Wrong move bank of america fee $35 times three 105 bucks for being just alittle short under 10 bucks .I could of took out a $250 loan and payed it back in 7 days for a little less then 20 bucks I'm guessing at .92 cents per 100 .I have never used think cash yet but think I will take out a loan just for the next time when I do just to test them out .There all pretty bad but at times people need money .I would tell everyone you need to join a credit union most of them are none profit they took a 22 percent car loan to 8 percent and paid off my credit cards at half the rate I was paying them.

    1 Votes
  • Jo
    jozzy Jun 16, 2009

    I have to say, I hate these loans - cash advance, payday advance, installment loan - whatever you want to call them. I've been caught in the trap at one point as well and I really think they take advantage of people in hard time. Cash Call is the worst offender, but they're all bad, and all greedy.

    That being said, what do you expect if you have bad credit? Why else would someone take the risk on someone who is known for not paying their bills? I mean, if someone you didn't know walked up to you and said, "Hi, I know you don't know me, but I don't pay my bills so I have a low credit rating, and I don't make enough money to pay the bills that I have now, which is why I need an emergency loan. The banks won't give me a loan, so would you give me one, at a rate comparable to the banks? I might file bankruptcy on it after I get it. I might just not pay it. But hey, you should feel bad for me because I am broke and have bad credit and just give me the money. Ok?" Does that seriously make sense to anyone?

    If people don't like cash advance places, simply pay your bills on time and go to your local credit union and get a loan when you need one. Otherwise, no one is putting a gun to your head and making you sign on the dotted line for a high interest loan. It's not the loan place's fault that you have bad credit.

    1 Votes
  • Ba
    Basiclife.com Jul 10, 2009
    This comment was posted by
    a verified customer
    Verified customer

    No one should be alowed to charge 334% intrest. Actually no one should be alowed to charge 27% intrest. Basiclife.com

    -2 Votes
  • Ba
    bankonit Sep 17, 2009

    I want to tell anyone who is reading this to not do business with Think Cash. They prey on the misfortune of others. I took a loan out with them last year and my family had to help me pay it back because I lost my job. Now that the loan is paid back in full, they are giving us the class A runaround to send a receipt of payment in full. Also I want to warn everyone that they are quick to damage your credit report. Also their computers at Think Cash are not interlinked with each other. One Cat said I still owed which was a bunch of well you know. The other said that the payment is paid in full. I asked for a receipt. Not got one. Plus when you really need their help they put you on hold for at least an hour. Do not do business with them. Seek other avenues please everyone.

    0 Votes
  • Ti
    tinacarp Oct 02, 2009

    My mom just found out someone use her account information and got a loan through this company. So this company is not to safe if this happen. I just hope it get it self fix. She does not even have a internet services.

    0 Votes
  • Un
    UN'KNOWN Oct 06, 2009

    MY EXPERIENCE WITH THINK CASH IS THAT I FAXED MY WHOLE LIFE OF INFORMATION TO THEM AND THEY THEN TOLD ME THAT I WAS QUALIFIED FOR THE LOAN BECAUSE THEY COULD NOT READ THE DOCMENTS SENT AND THE COMPANY HAS A CPOY OF MY SSN, DL, BANK-STATEMENTS AND PAYSTUBS. I DONT AGREE WITH ANY OF THIS MESS !!!

    -1 Votes
  • Sc
    ScottyDog Oct 10, 2009

    Michael

    Your full of crap. I would bet that you do work for those loan sharks or somebody like them.

    It used to be considered usury to charge any higher than 10% interest on loans. Look it up.
    The Mafia used to make illegal loans at high interest rates hence the term loan sharks.
    Think Cash and the rest of the slime ball loan sharks that charge over 330% interest all deserve to be thrown in prison or publicly flogged.
    They prey on poor people and they rarely pay off their loans completely.

    It is just unbelievable that our crooked politicians passed a law in 1980 that exempts federally chartered savings banks, installment plan sellers and chartered loan companies from state usury limits. It shows that the bankers own our Congressmen not the voters.
    That is when Credit Card companies started raising their rates from 6 or 7% to around 24%.

    California still has usury laws and the maximum is still 10% or 5% above the San Francisco reserve bank excluding consumer loans for personal goods.

    Thankfully consumers are outraged and the usury laws are coming back. The money changers will just have to charge a lower rate and they will still make the loans, they did for over 150 years in this country.

    -2 Votes
  • Mi
    Michæl Oct 10, 2009

    I don't work for a loan shark, or any lending agency of any kind. But even if I did, it would not make my arguments invalid. Now let's look critically at your arguments:

    You say that it used to be considered usury to charge higher than 10%. But just because something used to be the case, it doesn't follow that it should still be the case. We used to not allow people to practice religion freely—should we go back to that system as well?

    Secondly, you point out that the Mafia used to make illegal loans at high interest rates. Why would anyone take out a loan from the Mafia if the banks were offering cheaper loans? The answer is because they didn't qualify for the banks' loans—because the interest rate was set artificially low. The Mafia broke into the lending business and established a black market for credit because the government tampered with the market by setting a price ceiling. It works the same with other areas of life. Black markets exist for other goods/services because the government is artificially establishing price.

    Now I would like for you to explain to me how the offering of high-interest rates is in any way predatory. I believe in a free market system. Any two people or firms are free to enter into any agreement that they mutually agree upon—this is what I refer to as a philosophy of liberty. It's about maximizing each individual's choices.

    2 Votes
  • Sc
    ScottyDog Oct 11, 2009

    Many Property managers are about as bad as loan sharks so that does not surprise me you work with them. It requires people with little or no moral values. Funny how you think loan sharks or shy locks are the symbols of liberty or freedom.

    Your moral compass is so screwed up you really need to examine where you are coming from.

    Thomas Jefferson, on of our founding fathers said;"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs"

    BTW-The mafia is in the lending business because most of the loans they make are to support illegal gambling debt.

    Your so called philosophy is called rationalizing theft not liberty or freedom. Is that how you sleep at night?

    -2 Votes
  • Mi
    Michæl Oct 12, 2009

    You've met some bad property managers—so should we ban rental property as well as short-term loans? Used car salesman have a reputation of being crooked—so should we ban the sale of used cars?

    And Thomas Jefferson was exactly right: allowing a private bank to control the issue of currency was one of the most destructive things that we could have done—and yet it's exactly what we did with the Federal Reserve. But we're not arguing about a central bank; we're arguing about short-term lending agencies. I would not hesitate to rid our country of the Federal Reserve. I'm not sure of the relevance of your point. And I can almost guarantee you that Thomas Jefferson would never have wanted to ban short-term lending. It certainly wouldn't fit with his classically liberal political philosophy.

    Theft is by definition involuntary. If I walk up to you and ask for the keys to your car, and you willingly hand them to me, and I drive off into the sunset, is it theft? No! And in the same way, the high interest rate on a short term loan cannot possibly be considered theft, unless the money was taken by means of force or fraud.

    What's screwed up about my moral compass? I never once claimed that people who offer payday loans or short-term credit are good, just, or kind people. I made no moral evaluations whatsoever. I merely said that they should be legally permitted to continue what they do. The law does not exist to enforce a moral code. It exists to protect the liberties of its citizens. Jefferson understood that very intimately.

    2 Votes
  • Ba
    babycarmen13 Oct 29, 2009

    I think it is unfair to accuse all people who have bad credit as being lazy or stupid. Yes, there are people out there who knowingly and intentionally do not pay back their loans and credti cards. But what about the people that are in a situation where either they put food on the table to feed their children or pay their credit card? What about the people that have gotten laid off, have to put their house on the market, but in the current market it takes months to sell; meanwhile, their mortgage company has put them into foreclosure? Are the interst rates crazy? Sure, no one is denying that. But sometimes, there is just no other choice.

    2 Votes

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