Who is MTE FInancial? They debited my acct w/out authoriz...

MTE Financial goes by several names. Ten Dollar Payday Loan, No-faxing-payday-loan, and Rio Resources. The last known place of business is Miami OK. Search for MTE Financial on this website. There are many posts about them.

P.S. they are very far from legit!

MTE Financial is AKA Rio Resources. They have a few other DBA names.

http://forums.debtcc.com/settlement/about14929.html

Did you authorize them with your checking account info?

We did not authorize MTE Financial to debit our acct. However, if it turns out that they are Instant Cash USA then we did authorize Instant Cash USA to debit our acct for $60 (interest only) every two weeks until we were able to pay off the principle. Our loan with them was received on August 31 and we have made four $60 payments since then. Our bank account was overdrawn and one of the payments didn't go through. We had no contact number to advise Instant Cash USA of the problem and then this week when our deposit was made we discovered that some company named MTE Financial took a $110 debit from our acct. While we did authorize Instant Cash USA we did not authorize MTE Financial. Are they actually the same company?

You need to go to the bank and tell them about MTE Financial. They have debited from your account you never authorized. They will be able to block the company from doing further debits. The company will call later after not getting the money. Then you will ask them for the real cause. First, block them from further debits and if you request your bank, they will dispute the charges with the company. If it's not verified, money will be put back into your account.

That is the problem with these companies, they go by so many different names and if you block one of the dbas they will either present a paper check or use one of their dbas to debit the account.

Most people here have ended up opening a new account because of this. It is next to impossible to find out all of these companies dbas, they are numerous.

Well I see Rio now has another name to add to their long list. I hope these people go down and soon. KYSIDE38

That is the name they had on my contract when I had them, MTE (in very very fine print though, I had to read that thing over and over before I realized it.

I knew they were MTE not Instant Cash Usa , thats a new one to me. KYSIDE38

I noticed that MTE financial payment tok $65.00 out of my checking. I don't have a payday loan with this company so why was the moeny taken. please explain?

If you did not loan with this company, then dispute the information with your bank. MTE Financial has many different names so it could be one of those companies that the are debiting for. If you have the contract, review it, I am sure MTE Financial is in there somewhere.

hi there,
I took a loan on the 27th of nov. I will not be able to repay it on the 8th of dec. I was wondering if someone could call me about this matter.
thank you
naomi kinard

I am having the same issue with MTE right now. I have so many loans out it took a while to notice. I am drowning in loans; they are sucking up nearly my whole paycheck. Starting to get scared now. Help, any suggestions?

Vera,

Are all your pdls internet? Have you paid back the principal amount borrowed? If so, then we need to look at if they are licensed in your state, what interest rates they are charging.

Tammy,

What recourse do people have if the pdls are Internet based, they have paid their principal, and are in a state where pdls are illegal (NY)?

ACHDUDE, You have plenty of recourse the law is already on your side. Contact the AG office in your state immediately. Consumer division and file a complaint. Go to www.paydayloaninfo.org and get your laws and send it to these vultures. If you have paid back principal be done with it. No more. KYSIDE38

ACHDude, Do what kyside stated. NY doesn't take knidly to the internet pdls. I know this for a fact as my mom lives in NY and the AG helped her with the ones she had.

I work for a financial institution in New York where I am the ACH department. I am currently devising a plan to attempt to help my members escape the debt trap escalated by pdls. I am working with the lending department to offer pdl alternative microloans.

Do you think members with these pdls would be put off if I were to send letters to them informing them of the risks of pdls, giving them information and web sites (ie paydayloaninfo.org) and suggesting the institutions alternatives? I don't want to be intrusive, but I consistently have to close their checking accounts because of the negative balances they accumulate via fees and the inability to pay these loans off. I see numerous members stuck in this cycle of pdls and I just want to help.

Personally I would have found it helpful. In my sitauation I never knew that they were illegal in my state. Kyside38

MTE Financial IS Instant Cash USA.

ACHDude

Your intentions of helping people sound good. If you want to provide alternatives to people against payday loans, you have to keep certain points very clear. The payday loan companies are not following the terms properly because of which you find most people in problems.

You will need to mention each and every minute term in the contract. People are not shown the terms made by these loan companies in the proper way. That is the reason of so many disputes on interests and fees with pdl companies.

You have to charge the fees and interests according to the state where the borrower resides. This way, you can win the good trust of people and they will know that your offer is a legitimate one. Basically, you have to create a feeling in them that you are not going to scam them because of their bad credit.

Most people have the intentions to pay their debts back. But there are many companies around who want to take undue advantage of people because they are in their debts and because of bad credit. You have to be different from all so that you win their trust.

Financial problems can occur anytime. If you are willing to give extensions and have patience that you will get your money back from your client, you can think about doing this business.

Of course, we want to hear what you have to say in this. There should be an understanding between the consumer????????s point of view and you as a lender offering micro loans. Get everything clear before you put your money.

i need to know what is my balance on this loan

I dont know how these people are getting away with this. They have taken out a total of 285.00 plus 4 payments of 60.00 dollars, on top of that they made me overdraft by 310.00 dollars. I dont know what to do or where to even start

This post is for kashira and monica - Are you also dealing with MTE? Is that the issue you're posting about? Please post with more information and we will be able to help you. What pdl's do you have? What states do you live in?