Ironically, My Cash Now calls its short-term loans "credit protection loans." That is a real hoot.
In July I borrowed $1,100. They charged me $672.98 in interest, so I paid a total of $1,772.98 for that loan. I had just separated from my husband and was in a financial crisis. I should have learned my lesson the first time, but I got another loan in August and paid $1,372.40 for a $1,000 loan.in October, I paid $1,078.80 for a $600 loan.
Now for the good part.in December I got a $1,130 loan and paid it off, plus $595.95 in fees. But My Cash Now took additional money out of my checking account on eight different occasions in January, February and March totaling $1,105.20. As a result, eight of my legitimate bank charges were returned unpaid, resulting in $256 in overdraft fees (8 x $32).
I filed an affidavit with my bank, reporting My Cash Now's unauthorized debits from my account. My bank investigated the incident and approved my claim. They deposited $1,105.20 back into my account, plus an additional $256.00, to cover the eight NSF fees of $32.
Two years later, I received a phone call from "Professional Debt Mediation, " saying that I owed My Cash Now $3,167! They used tactics that violate the FDCPA, such as saying that they would contact my employer if I didn't pay up. Then they offered to cut the amount in half. Unbelievable! I sent them a cease-and-desist letter, and then I didn't hear from them again. But they put the $3,167 "debt" on my credit report.
So now I have hired an attorney and am pursuing them.
I cannot believe they are still in business and that this is considered legal in a country like the United States!
If you're thinking of getting any kind of payday loan, DON'T do it! Don't even consider it an option. Please learn from the rest of us who have made this huge mistake!
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