Online application to USfastcash was aborted when I learned interest rate was to be 600%, but the company deposited fund in my checking account without completion of the loan process. USfastcash then began ACH debits from $90 to $125 every two weeks. I contacted the lender and advise loan process had been abandoned. No success; ACH debits continued.
How I was able to stop debits from posting.
(1) Contact your financial institution and send a letter permanently stopping payment of the ACH debits. There will be a fee. My bank charged $29. This gets their attention and the lender will contat you via email.
(2) I responded to USfastcash and advised that they had recouped the initial loan amount and then some. USfastcash never acknowledged the loan process was abandoned.
(3) After missing several ACH payments USfastcash offered to reduce the alleged current balance of $385 and accept a one time $125.00 payment via MoneyGram (c) which I sent. I advised USfastcash via email of the payment being forwarded under objection since the loan process was never completed.
Bottom line; the $125 was a lot cheaper than a lawyer and this stopped any further attempts to resume ACH debits against my bank account. The following link is testimony befor the Colorado Legislature regarding pay day lenders. Very interesting reading. Apparently most online lenders are not licensed.
Http://www.consumerfed.org/pdfs/PDL_Kucinich_Hearing_Testimony032107. Pdf
Don't be a victim. I know it is really difficult sometimes, but USfastcash and others like them is not the answer. Once they get their hooks in you, it is very difficult to get out of this abusive form of preditory lending.
Good Luck - hope this may help
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