I recently was in the position to apply for a pay day loan. The amount I recieved with out any e-mail confirmation was 200.00. I simply applied along with a few others and then saw the 200.00 in my account.
I had to research where it had come from as I never recieved a notification that it had been approved.
When I had determined that it was payday loan yes, I e-mailed them and they responded with the terms of the contract.
The terms were that 60.00 would be taken out of my account every 2 weeks and that I would call them when I wanted to pay the full loan off. This option is only available for 5 pay periods then they take 50.00 out in addition to the 60.00 untill the loan is paid. I was trying to just get to the first of the month when my husbands disability check came in.
I was horrified to see that my checking account was overdrawn because they were charging me 60.00 every week. This caused 2 other items to bounce and me to recieve a 105.00 charge from Bank of America. One of those items was my car insurance and that escalated to a cancellation of my car insurance and registraton which also escalated to my car loan company to send me a notice that if the insurance problem was not corrected they would take my car! As I have my paycheck direct deposited the bank was paid immediatly leaving me no money for food or my weekly rent check.
This situation was like domino's. I have resolved it by contacting pay-day loan yes and paying the loan in full thanks to my tax check arriving just in time. The customer service agents were down right rude, did not back down and the bank won't return the fees either.
I have learned my lesson and will not use any pay day loan companies again. If you have to us one of these loan companies, please do not use this one.
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