I recently took out a $300 payday loan with www.tendollarpaydayloan.com. 3 days before the due date for my first payment I emailed them to advise them of new banking info. My ABA/routing number was incorrect, which I realized before my due and I submitted the correct number to them so they could update their records. Within 24 hours I recieved a threatening email that my payment had been rejected and I was going to be turned over to collections. It was an honest mistake.
I replied to their email and I received a response that my email message would not be responded to. I called the toll free number they gave me and the message was generic, so I did not leave my SS# as they requested. I called again, thinking I'd misdialed and recieved a fax tone.
On Monday, I recieved a vm at work and called the number they left 4x. The 1st three times my call could not be connected. I got through to someone's vm on the 4th try. Long story short, I have 4 different toll free numbers for them, each is a bad connection with poor sound quality.
I'm extremely hesitant now to give them the correct routing info. I'm going to insist on a physical address where I can send them a paper draft for payment. I began invesigating this company after discovering so many inconsinstencies with their contact info and I'm horrified at what I've discovered.
This is my first payday loan, but I've also discovered that the state of Oklahoma caps charges at $15 dollars per $100 with an installment payment plan at the 4th renewal (no additional finance charges to be accrued). They want $90 per $100 with 5 renewals plus pay down with fees after 5 renewals. I'm shocked that they were not compelled to disclose this to me. I believe they are lending illegally in my state and I'm going to offer a fair settlement of principal plus applicable state fees if they are willing to give me their physical mailing address.
After reading all the negative information on this company, I cannot update them with my electronic banking info. If they violate the Fair Debt Collections Act, I will sue them. I suspect they will continue to be evasive. I will try to honor my debt fairly and by state law. But at this point, that's all I have to offer.
Use extreme caution with these shady lenders.
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