The newest Payday Loan scams!

MAKE ME!!

I THOUGHT THIS WAS PDL FORUM.

I am blessed to have found this web site

rwilliams,whats up?someone in your ear.i checked and you got nothing on your page.you don't think i was addressing you.i wasn't,i was addressing the poster before you.

sounds like we have a pdl employee on our site! well I agree with Rwilliams we all got into this mess becouse we have bad, or no credit and cant get a loan elsewhere, we are all so desperate to get a little money that we dont read the fin print, every one of my ipdls that have come after me to collect on a debt have said "didnt you read the fine print?" well duh no! the IPDL's feed on this and take full advantage of us desperate people. It is definately sad.

There is so much negative publicity for the payday loan industry, because the apr is said to be so outrageous. Have you compared the APR of a payday loan with the APR of a bounced check, credit card fees or even a utility bill? Look at this:
· $100 payday advance with $15 fee = 391% APR;
· $100 bounced check with $48 NSF/merchant fees = 1,251% APR;
· $100 credit card balance with $26 late fee = 678% APR;
· $100 utility bill with $50 late/reconnect fees = 1,304% APR
What do you think is the better choice?

None of the above are good choices, above all, payday loans.

The big difference is that the other fee's are a 1 time fee. For the payday loan they are every 2 weeks, sometimes more if the company decides to play games, until the loan is either paid in full or the person stops them from accessing the account.

I'd rather have a 1 time $30 bounced check charge than pay an extra $900 for a $300 loan or even an extra $180 for a $100 loan because most companies charge a $30 fee per $100 & that's if they even pay it down after 4 fee's, sometimes they don't & the fee's add up to even more.

It took me 6 years to learn enough to stop the cycle & get myself out so I know that I'll never go that route again

Here! Here! Dawn, well said!

Thank you, sometimes I get so frustrated, I'm glad I can vent here

Thanks for the information.

This so called good story does not necessarily have a great ending. Perhaps one should look at the other side of the story. The story regarding legitimate lenders who serve a real purpose. More importantly, one should ask military personnel how this cap has affected them. The truth is, almost no company can afford to lend them money. Look at all the sites that indicate that they do not service that segment of the market any longer. I'll bet the individual who wrote that article has never had to choose between paying a bill or going without food.

Hello if you take out a pay loan in florida for 500 dollars, and you pay it back in 30 days its 555 dollars you owe the store front in st pete florida that not bad at all 55 fee for a 500 dollar loan.

Ok, I myself have been a vicitim of "unauthorized charges" from a payday loan company. It sickens me to death the lengths people will go to separate hardworking honest people from their money. It's not just the payday loans you have to watch out for anymore. Now, when you request a loan there are multiple "offers" that pop up during your "application review". They offer different types of subscriptions such as "Identity Theft", credit cards to purchase merchandise from their company only, and the list goes on and on. For each pop up they ask that you either "decline" or "accept" the offer. Now, here's where you can really lose ALL of your money.

I requsted a payday loan last week, I filled out the application and clicked "Decline" to every single offer that came up. Well, guess what? I checked my account this morning and there was an ACH draft posted to my account for $49.95. When I saw it, I knew I didn't write it or authorize it since I only write about 2 checks a month. Also, the check was to a company by the name of "Freedom Subscription" (www.freedomca.com)which I've never heard of. It all looked very legit and I suppose to someone looking at it they would assume I ok'd it. Well, I didn't. I contacted the company and really let them have it. I told them they needed to refund my money as I did not give them permission to stick their dishonest hands in my bank account. The person on the phone was less than sympathetic and said to me that they "would never take money out of an account unless it was authorized" I said "yeah right" and told him to shove it.

I stated that if the company did not refund my money I was filing fraud charges against them. Funny how that made him move a little faster. He then told me that it would take 30 days to get my money back as they had to print me a paper check. I told him it didn't take that long for them to steal my $50.00 and I wanted it back in my account immediately and the bogus "subscription" cancelled. He claims he cancelled the "subscription" but I hardly think he did. Anyway, I got his name, agent ID number and also a confirmation number confirming that I canceled it. I realize that this information could be bogus as well, but I wanted something to show my bank that I didn't authorize the charges if they had questions.

Ultimately, the customer service rep in the fraud unit informed me that they are seeing an increase in 3rd party charges to customer accounts when they've applied for and received a payday loan. I was also told that even if you "decline" each offer, they are still charging customers and will continue to do so unless you freeze and close your current account and open a new one. I told them my story and also said that the company claimed they would return my money but I didn't feel they could be trusted to do that. He told me that they would return the check to the company (unpaid) and put my money back in my account within 24 hours but I would have to get another account because in his experience these companies continue to take your money, in small amounts, under different names.

So, the moral of the story is this, if you need a payday loan stick with reputable companies that have a LOCAL address in your area as well as a telephone number. Companies such as Money Tree, Check into Cash, etc. will work with you if you can't pay them back. My suggestion to anyone thinking of getting an online payday loan is this:

DO NOT GET ANY ON LINE PAYDAY LOANS, EVER!!!!!