500Cash

Personally I haven't used them or know nothing about them but there are some really great people on this board that will be able to help you. I am relatively new to this myself but have learned much over the past month. Also, the help I have gotten here has alleviated many of my fears and let me take back control of the situation. Someone should be along soon to answer your question.

lol thanks. I meant to type 500FastCash. After reading what some people have mentioned on other boards, looks kind of scary...

It is scary. What's even more scary to me is how they continue to operate. My hope is that someday, in the not so distant future, they will ALL be shut down.

Daini - have you paid this loan in full yet, including the interest allowed by your state law, or have you paid anything against the loan at all yet?

If you can post the following info, we can help you out:

-state you live in
-amount you borrowed ($300, right?)
-amount you have paid back, including any "rollover fees" or interest only payments

With that info, we can help you out!

Well I live in MO. I havent paid anything on it yet, but since I only needed the cash for a last minute thing that couldnt wait till i got paid. What they want is $90 a month and in their email, they said that i need to email them when i want to pay off or else it will roll over every month, so I sent them and email or two saying I wantd to pay it off when the $390 comes due instead of wasting all that money and havent recieved a response, I tried calling their number but its just some automated thing thats pretty useless.

dainichister if I were you I would call them and tell them straight up you want to pay them off, I hope you can because according to what I have read about them at this forum they are pretty nasty. If you put 500 cash into the search box in the upper right hand corner of this forum you can read about how other members dealt with them.

I'm going to go ahead and post your state information for your pdl laws. If you need and further assistance, please feel free to ask, I am sure someone will be able to help you.

Missouri State Information

Legal Status: Legal

Citation:
Mo. Rev. Stat. ???? 408.500 et seq.; 4 Mo. Code Regs. ???? 140-11.010, 140-11.020

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-31 days
Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)
Finance Charge for 14-day $100 loan: $75
apr for 14-day $100 loan: 1980%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)

Where to Complain, Get Information:
Regulator: Missouri Division of Finance
Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
Phone: (573) 751-3242
Fax: (573) 751-9192
Regulatory Contact: Joe Crider,, Supervisor, Consumer Credit
Regulator Website

Thanks for the help, I only took the loan out yesterday but after stumbling upon this forum and reading what other people had to say I got worried about it so I just want to pay it off asap and hopefully not worry about it again. If they refuse to let me pay in full (their email clearly stated i was allowed to) what should i say? Tell them I'll reort the to BBB?

dain, 500FastCash is a d/b/a of MTE Financial. Illegal as all hell! I'm sorry to break the ugly news to you. MTE Financial and all of their one million d/b/a's are not licensed/legal to lend in any state in the US. They are very sneaky. Very sneaky. Do not be surprised if you don't get a response from them to pay it in full. And do not be surprised to see 90.00 debits coming out of your account FOREVER. If you can not get through to these people, you might be forced to close your bank account since they have your information. I understand you just needed a short term loan and want to pay it off, which is wonderful! However, any dealings with MTE related pdls is not good. They lie to you and the government agencies. They will do anything possible to get more money than they are owed. And, another thing, seeing as how they are unlicensed/illegal, you are only obligated to pay the principle amount borrowed - not their illegal fees. So if they deposited 300.00 into your account, you are only obligated to pay the 300.00. Of course, their contract terms are 390.00 to pay back (I have them memorized). Just please be careful. If they don't respond to you regarding paying it in full, watch that bank account. They will debit 90.00 every time you turn around. Now, you might have luck with them and they might just do what you ask them to. Which would be a nice change of pace for this company. If they do, I'll have to give you a pat on the back!