Question on legality of "short term loan"...
Date: Thu, 04/26/2012 - 11:00
They state in their loan agreement it is a short term loan.
I applied with them weeks ago and never heard back so I assumed I wasn't approved. Than late last Thursday I received a text saying my loan was approved and it would deposited to my account the following day. I figured it was just a spam text as since I applied on a few sites I receive random texts for loan matching sites. Anyway the next day money was indeed deposited to my account. I was no longer in need of money and didn't want it. Than I checked my spam folder in my email account and there was a loan approval from [email]info@paydayloanmanager.com[/email]. I googled the email address and was brought to betterthanpayday.com which I than knew who it was as I applied weeks ago.
Bottom line is I didn't want the loan anymore after realizing they were so expensive and illegal in my state, NY. My main question is are they legal in NY as I see they have actual store locations in 3 different states. Also how do I handle this as I never spoke to anyone from their company or sent in any of the documents they require.
Thanks!
I just looked at the rates on their website and the rates are fo
I just looked at the rates on their website and the rates are for the 3 states they have offices. Plus the rate on my loan is completely different, higher that is. It also states on their rates page that they comply with the disclosures of the 3 states they operate in. I also read the "FAQs" section on their site and the question asking whether you will need to fax in any documentation says it depends on "lenders" and whether your application is inconclusive or seems false than "lenders" may ask you to fax in documentation. Is it possible this site matched me with a lender? I can login on their site and access the loan agreement. Really weird. They can't be legal.
I just read the whole loan agreement and the lender listed is My
I just read the whole loan agreement and the lender listed is My Loan Company. The annual percentage rate is over 4,000%!
This is too much. Now when I click on their homepage a window po
This is too much. Now when I click on their homepage a window pops up saying..."STOP! You will not be getting a loan from us. This is a demo site". I guess that answers my question. They are a matching service and the office locations on their site must be bogus.
It's probably too late to have your bank reverse it but I would
It's probably too late to have your bank reverse it but I would ask, just in case.
Tell them you didn't sign a loan agreement, didn't ask for this money and would like to have the deposit reversed and have your account number changed for your protection.
If it's been too long for a reversal, send the company an email letting them know that you did NOT request this loan, nor did you sign an agreement with them and that you will NOT be paying interest on a loan you didn't ask for. Tell them they can reverse the charge, or you will return the principal balance to them.