I just wanted to share my experience with Payday Loans, I first want to say they are not all bad and will work with you I have used them in the past, but now I'm dealing with a total ripoff company located somewhere outside the us called America Web Cash, use to be called The Money Store. BZ, but they were acquired by these jokers.
I had signed an agreement on line to borrow $500, which I made my payments religiously until I realized that I had made 8 payments of $140 each and still owed them around $300. Well that would have made me pay back almost $1500 for a $500 loan!
In order to stop the payments I had to ask the bank to close out my account. I could not stop the payments per my bank and my bank refused to close the account out due to the fact that these guys would run the payments through in different amounts and cause NSF charges, finally it got so bad that they were running the payments through as many as 20 times a day and the bank was charging me $36 each time! I had to force the bank to close the account and had to change my direct deposit to a new bank, etc... BIG HASTLE!
Well, I had already paid $1120 back to this company for a $500 payday loan (which I thought). Come to find out I had signed up for a year of some BS I did not want, some kind of a club and when they gave me the $500 loan, it was called a "rebate".
So therefore, not only did they have me by this "club" and not a payday loan I just rec'd a call from a law firm in Houston demanding that I pay $4000 to get this closed. Not only was my family threatened by criminal charges, but they even threatened to take away my Driver's License and charge ME with FRAUD!
I tried to reason with him, but to no avail, so I pulled out my guns and let him know that he could threaten me all he wanted, but I have resources as well, in and outside the family. I tried reaching The Money Tree. BZ, their website is gone, along with their 800#, the American Web Cash company you can tell is foreign and all you get is an answering machine.
Trust me, I have had dealings with payday loans before and they are expensive and I have paid them, but never anything like this. Nor have I dealt with a collections company (law firm) like this. I'm definately not trying to pull a fast one on these folks, but I believe I have paid my dues and just don't want anyone else to go through this.
I'm still not through litigating this mess, the collections agency called me and apologized and offered a settlement of $3000! Hmmm... Go figure! From now on, borrow from family, friends, even pawn things... Don't go through these payday loan company folks, they are crooks!
Alias
, Texas
U.S.A.
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