Latest Lists

Can someone help me with my payday loan mess?

I recently made the huge mistake of taking out a payday loan with an internet company by the name of 500 Fast Cash. The amount of my loan was for $300. I had NEVER done a payday loan before in my entire life, but I was in a very tight spot as I had some emergent, unexpected expenses and was right in between paydays. When I got the loan, I called 500 Fast Cash and told them to be sure to take out the entire $300 plus the $90 fee on my next payday so that I could be done with it. By the time my next payday came around, I checked my bank account online and 500 Fast Cash had only taken out $90. I got right on the phone with them and told them that I had specifically asked them to take the entire $390 out and not just the $90. The person on the phone was VERY rude and argumentative. She insisted that they had no record of me ever calling them and telling them to do that, even though I both called AND sent them an e-mail! She was very unprofessional and her exact words were, "Like, for real, I have like no record of you ever calling us." She sounded like she was no older than 16 or 17!. I finally got sick of arguing with her and told her to just make sure that they take it all out of my account on my next payday in 2 more weeks, which she said they would. Two weeks later, on my next payday, they did it again. They only took the $90 out of my checking account. This time, I didn't even bother calling them back or e-mailing them, but I got right on the phone with the Consumer Credit Protection department for my state. I explained the situation to them and they informed me that 500 Fast Cash isn't even licensed in my state, therefore, should not even be doing business with anyone who lives in my state. In fact, they told me that there are only 12 payday loan companies who ARE licensed in my state, and none of them are internet companies. They even gave me the state government web site that lists all of the licensed payday loan companies. Sure enough, there are only 12 and they are all local. The guy with Consumer Credit Protection even said that my only real option to get out of the whole mess would be to close by bank account and open up a new one, which I did yesterday. He said that if I didn't do that, he was 99.9% sure that they would just continue to debit my account and cost me a fortune. Here is my question: Should I contact 500 Fast Cash and tell them that I have found out directly from my state that they are not even licensed to do business here and tell them that I will be filing a complaint? I'm so mad about this, but even angrier with myself for dealing with any internet payday loan company. I will never do this again! I am looking for helpful answers. Please don't refer me to other payday loan companies or give me criticism for getting into this mess! This is the biggest mistake I have ever made in my life and I freely admit it! One more thing: If I do write them an e-mail to let them know that I found out about them not being licensed and that I plan to report them, should I give them my name and the so-called "account number" that they gave me so that they know who they are dealing with?

Public Comments

1. Stop calling them! They are obviously not a legitamate company. Email them a letter (this will give you time to get your thoughts together and give you proof to support your contact if needed in the future) and let them know that this is not acceptable business practice - I would also contact the better business bureau to see if they can shut them down! Good luck - at least you learned from this so many people use those loan places over and over!
2. Talk to your bank and tell them whats going on, I would close my bank account and open another one, then send them a money order for the balance minus the 180.00 they have already taken, next time make sure you research the company first, and never give your checking account information to anyone, this is a scam and they could have robbed you blind. Good Luck!
3. Is there a physical address where you can mail them a payment? Call them and find out. Find out the address to mail a payment to, the loan balance, and the correct name of the company (so you know who to make the check out). Then send them a cashiers check for the balance of the loan. Include a letter requesting that they apply this to your loan and send you written confirmation that the loan is paid in full. (you can even put a paragraph detailing the problems you have experienced with this company and cc the attorney generals consumer fraud division. Call your states attorney general and get the info). Mail the letter and cashiers check certified mail-return receipt. I would not do restricted delivery. Be sure you keep a copy of the letter and the receipt for the certified funds. You may even want to make a copy of the envelope so you have a record of how it's addressed.
4. In answer to your question. Do you have their physical address? Notify your bank to stop all payments. Send them a Cashiers check via registered mail receipt requested. Dollar to donut I will bet you that in 30 day you will receive the letter back unclaimed. Post office regulations require them to return the letter as unclaimed after 30 days. This constitutes refusal to accept your payment. You are now free to cancel the check which means in the case of a cashiers check you get your money back. You can file a complaint with the the state concerning the licensing this is a gray area. Please don't refer me to other payday loan companies or give me criticism for getting into this mess! This is the biggest mistake I have ever made in my life and I freely admit it! You already have and a better job than I could.
5. Jo, I have never been to those pay day loan offices..I hear their interest is pretty high. Some people work with an understanding company, so small loans through work might be possible. However a lot of people are too embarressed to ask anyone they know for help, so online companies can help. http://www.americaschoicetoday.com/Payday-Loan.html
6. if they play this game & if they don't want their $$$ then i'm not sure i'd even pay them b/c u DID specify 2 pay in full.