Rapid Cash Management is based outside USA – are they legal?

Anyone know anything about Rapid Cash Management? $200 loan for $89 processing fee. No written contract only verbal agreement over phone. Does anyone have any address or experience with this firm - Said they were out of London and governed by UK laws...whatever that means.

First of all, why pay 89.00 for a 200.00 loan to Rapid Cash Management? That makes no sense. please do not get involved with these companies. If they are located in the UK i seriously doubt if they are even remotely legal here, stay away from them. Stay awy from any type of PDL, they cause more trouble than you can imagine

Rapid Cash Management is probably part of the GFSIL Route66 funding crew. Stay Away! Bad News! That fee is rediculously high anyway!

And you have to pay it up front it seems? Never give any money to anyone 'up front' that means they'll take your 89 and you won't ever see 200, but you might see Rapid Cash Management try to take more out of your account.

Seriously, I think its a 200.00 loan that is actually a 289.00 loan plus all additional fees. A very large rip off

Yeah, that's how a lot of the Route 66 type places work. You get a $200 loan and you will have to pay Rapid Cash Management $89 every payday. It's not a upfront fee.

WHAATT!?

mycandykiss-Is Rapid Cash Management continuing to debit your account for the $89??

Okay it is all about the wording, but my advice still stands never give any money up front for anything because it is a scam.

Rapid Cash Management put $200 in the account and then less than 10 days later they are to debit the $89 fee. I suppose they call it a fee so they are not over the legal finance charges. I am thinking of stopping my direct deposit and closing my account. I am very scared. It was all verbal over the phone and the recorded the conversation asking my permission to make these ACH debits to my account. They actually did a conference call with my bank on the line and asked my last two payroll deposit amounts and balance etc..... I was a little upset because the girl on the bank line did nothing much to verify my identity. Kind of scary.

maryann, you have made a "verbal agreement" to a loan of $200, of which an $89 "finance fee" will be deducted by Rapid Cash Management. Okay. They will continue to debit your account. The "finance fee" may go down each month; however, your principle amount of $200 never will. Some members have had these "verbal agreements" for years with them debiting their account. Okay, now let's get down to the nitty-gritty. "Verbal agreements" are totally illegal. They are illegal overseas companies. Do not be scared. Yes, you made a verbal agreement. Yes, they did a conference call with your bank to verify that indeed you did give them the correct bank account information. Yes, they claim it is "recorded". Now - down to the law. They are illegal. Illegal. Illegal. You need to close your bank account NOW. There is a "sticky" at the top of this site page regarding closing your account. You need to read this. Read it carefully and understand it. Make sure your bank will not "force open" your account due to pending debits. Close your account, go to a completely different bank and open a new account. Do this ASAP. You will also need to type up a letter revoking any wage assignment. I don't recall if any "verbal agreements" state wage assignment; however, you have no documentation, so do it just to be safe. mary, do not be scared. But be very fast and very cautious. You need to get your bank account closed and taken care of. Any questions regarding the bank account issue, just post. You need to send a letter (if you even have an address) revoking any wage assignment you may have agreed to. You need to file complaints against this company to the BBB, the FTC, and your state AG. Make sure you document everything in writing that you remember. Just type out everything that you remember (since there are no written documents regarding this loan). The date, the time, who you spoke to, what was said, etc. No, you do not abide by the UK laws. You abide by your state laws here in the US. I know this is a lot of information. So post ANY questions. Any at all.

I do like my bank - Washington Mutual - and have been reading about how ACH debits can even occur on a closed account. I would like to reopen another account at the same bank - what are my risks? Would it be better to wait a month and then reopen? I am definitely cancelling my direct deposit. Nothing was mentioned about wage assignment...but like you say I have no paperwork.

candykiss, did you read the "sticky" at the top of this site page regarding closing your account? You need to be sure that if you do close that account, your bank will not "force open" the account due to pending debits. If they can not promise you this will not happen, you need to put a hard debit block on the account. At least your direct deposit is not going in any longer. I need for you to read the "sticky" regarding closing your bank account. If you like your bank and they work with you, you can open a new account there. HOWEVER, if you do this, you make sure you get in writing that your old & new accounts will not be "linked" in any way. In other words, if anything hits your old account, they will not touch your new account. You need to go to your bank and talk only to the branch manager and do this now. Read about closing your account. Post any questions regarding this issue. And, regarding the wage assignment issue, just revoke it anyway. I don't care. Cover your ass. If you have a mailing address, mail it certified. If you have a fax number, fax it. If you have an email, email it. Do it all. These guys will NEVER stop debiting your account. And, remember, they are totally illegal. Do not be afraid of them. Point number 1 - You have NO loan documents agreeing to anything. Sorry about their luck. You need to (AFTER getting your bank account straight - now) file complaints with all the agencies I listed. You absolutely need to file these complaints. If you have any questions at all, just post.

I used washington Mutual, and they DO NOT force open closed accounts for any reason. They are very easy to work with. How ever I would suggest opening a new account at an unrelated bank. Its safer that way.
WAMU also will not link closed accounts to open ones. The good thing about that bank is that once an account is closed it stays closed.

Ok - I closed my bank account and sent Rapid Cash Management an email stating the same and revoking any and all authorizations for any debits to any bank accounts I may have. Can you tell me if OK Payday is licensed in the state of Nevada? Also, if you request these payday loan people not to contact you at your place of work, do they have to stop calling your job?

candy, OK Payday is not licensed in Nevada. I checked Payday OK also just to be on the safe side. Nothing. As far as these pld's contacting you, yes, they will. Even though you tell them not to, they will. They suck. Try desperately to not take any calls from them. Try to only communicate with them via email or USPS.

Was the $289 thing a loan or a pdl?