Complaint / Review
Platinum B. Services - United Federal Bank - SJM Marketing
Ripoff payday lenders illegal collection practices illegal licenses for lending

This company, as well as all other online payday lenders, are notorious for charging exorbitant interest and "fees". I got caught in this trap and now digging myself out.

Platinum B. Is one lender I've had a loan with. I took a $250 loan back in November and have paid $75 every two weeks directly from my checking account. This totals over $900!

Last night I receive a phone call from United Federal Bank concerning this loan. The foreign accented gentlemen represented himself as a Federal Counselor and that I would be arrested tomorrow if I didn't give him my account information to settle this loan.
Now, I've been working with the State Department on these lenders and have found 99% of them DO NOT have licenses in the states they lend in to loan money or transmit funds.

They also violate usury laws in many states for charging interest fees well above the legal limit!
Most of these online lenders have been sued by the respective Attorney Generals' in the states they've loaned in.

I am not going to pay them one more dime as I have paid that loan 4 times over already and still getting harrassed by them.

I was forced to close my checking account, and they still attempt to debit it, causing more fees to rack up with them for non sufficient funds!

What they are doing is absolutely illegal.

My advice to all is DO NOT EVER take a payday loan. If you have, fight them with the laws of your state. They can't sue you because they are not even licensed in your state to do business and no judge will every find for them, let alone come to your house and arrest you! There's no debtor's prison anymore!

As for the President who posted here, you must not allow your collection agency to harrass. I have already contacted the FTC and the Attorney General's office as well as name your company in a deposition for the state!
Your' collection agency has NO license in the state's database to collect. They must obtain a CCA license to collect.

Let's get rid of these lenders... File complaints with all of your state's regulatory agencies immediately!!!