I made the mistake of getting a payday loan with this Cashnet company for an electric bill. Unfortunately like most people I did not take the time to read the fine print. The loan was for $350 plus a $102 finance charge. I wanted to refinance the loan because i could not afford to pay the loan back all at once. I decided to pay increments of $50, in addition to a $90 processing fee.
Well they got a couple of payments, but when my hours were low at work my checks were lower. I couldn't make any payments. I had some other income coming in and i contacted Cashnet to make some type of arrangement. I spoke with a manager named Mark, and he blew up at me!!! I have never experienced anything like it before!!! He told me that he did not care if i could not pay my utility bills and take care of my household, he wanted his money, then he said that he report me to my state for bouncing checks against state lines and that the company was through going in my account they were going to call the proper authorities.
This happened in March. It's now May and every pay period (which is every 2 weeks) they enter my account at least 7 times to try to withdraw the money. I now owe my credit union $363.00 in NSF charges within a matter of a month, plus what I owe Cashnet. Be aware that everytime that they enter your account and it is a negative balance they charge a $30.00 NSF charge to your Cashnet account, plus the processing fees of $90.00.
Be aware also that there is an ongoing suit against them the State of New York vs. Cashnet, Inc. Cashnet does not have a license to do business in the state of New York. It might be wise for us all to find out if Cashnet has a license to do business in your state as well. I want to see Cashnet shut down immediately. The people are hostile and rude and they are ripping off the poor and the financially desperate. I have reported them to the BBB, the Federal Trade Commission and the next step will be my states attorney generals office.
Fay
Dallas, Texas
U.S.A.
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