This company is a complete scam and CLASSIC example of how scummy payday lenders (especially those who are solely online-based) can be.
After applying for their $200 payday loan and clicking through everything including Arbitration Agreements to ACH Agreements, you get to the final page. You are required to click I AGREE above which lies the following language:
I authorize 200Cash.com, Inc. To immediately deposit $200 into my checking or savings account and to withdraw from the same account $200 plus the $60 fee on the date specified above. I understand that there is a $19.00, one-time only, non-refundable application fee, payable on the submission of this application and I also understand that I will be charged a $25 fee if the check or fee is returned for Non-Sufficient Funds.
Now, to the average individual, this seems that they are AGREEING to IMMEDIATELY DEPOSIT $200 in your account, for which you will pay $60 in interest and a $19 application fee. HOWEVER, they effect the $19 fee FIRST, before EVER processing your application.
After receiving an email from them saying "we took your 19 bucks, " I emailed them and explained that they were full of it. According to their language, they AGREE to IMMEDIATELY deposit $200. They failed to do so. They also failed to ADEQUATELY inform me on their website that this $19 fee is assessed REGARDLESS of approval.in essence, their agreement to deposit money was not held up. Therefore, this whole agreement is null and void.
They're a ripoff and the BBB has had NO luck in getting a response from them. It seems that Mr. Beyer, the Gestapo of this scam company, does a good job of posting the same bull on each individual that complains.
This company should be shut down for bad business practices. STAY AWAY FROM www.200CASH.com! From what I could research, 300cash.com is run by the same schmuck, so stay away from that one, too!
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