I have seen a lot of people have had problems with Rio Resources deducting random amounts of money from the bank account after taking out a payday loan from them and beings mislead in the contract terms. The amounts far exceed the original amount borrowed and are illegal in several states.
I am pleased to announce the I have taken the bull by the horns against Rio Resources in the state of Maryland after they took $405 after borrowing $200 and then was evening demanding another $190.
Here is what I did. I immediately closed the bank account. I contacted the state attorney's office in Maryland, they directed me to the Office of the Commissioner of Financial Regulation to a lady who is in charge of lending enforcement. I explained to her what happened she told me do not pay Rio anything else because internet payday lending in the state is illegal. I then contacted Rio 1-866-465-5054 and spoke with Michelle, Renee, Apryl (depending on who answered), and explained to them what I did, what I was told by the state, not to give them another dime. They of course hang up on you.
I faxed the state all email correspondence from rio to me, me to rio, all bank statements showing the deposit from rio and all the credits from rio. After I closed the bank account Rio sent my account to collection (A.C. A Recovery, Inc out of NJ), claiming I owed $315. I sent that letter to the state.
I contacted ACA told them what I did and the scenario and that they as well as Rio will be contact by the lady in the Commissioners Office and that both will be getting a cease and desist. After I confirmed with the state that they had all of my faxes she told me she was started the case.
I contacted ACA again and gave them her contact number and for them to contact her in regards to my case and not me. The lady at ACA was actually nice and told me after my first phone call to them, they had already cease and desisted and then asked me 'So tell me, How did you know to do all this?', I just wanted to laugh, I told her through 2 months of frustration and getting hung up on I educated myself.
So anyway they are out of MD and tendollarpaydayloan and the others that operate under MTE Financial (Rio Resources) will very soon be getting the cease and desist and will be adding Maryland to the states they don't lend in which is currently, Georgia, Mass., W. Virginia, Idaho, Utah, and Colorado.
Point is if you borrowed money pay back the borrowed amount but no interest and if you keep having problems go to your state like I did. And never use these services again. Ever!
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