US Fast Cash - Should I accept settlement offer?

if you owe them $40 and you are 100% sure of this, i would not cave in. they can say it will go up but if they are not legal, they cannot enforce this.

I agree with bea2ls. Did you send them something stating your state laws and that they must follow that. I personally wouldnt' settle with them. I would just send them the remaining $40 and thats it.

What state are you in?

PDL companies are regulated by state laws as to how much they are allowed to charge for a loan. They are obviously violating these laws if you only owe them $40.00.

Earlier today I posted: State Regulatory Agency complete address info....find that post, look up your state and call the Regulator for your state. Forward the email FastCash USA sent to you to the Regulator.

How in the world are they coming up with $160.00 settlement on a debt of $40.00??? Furthermore, where the heck are they coming up with $520.00??? What!?! just pull a number out of a hat and hope the pdl victim agrees to it? I mean really!!!!

I would only pay the $40.00 owed! They have no other options than to accept it. They are not going to file a civil case on a $40.00 debt...the court costs and filing fees would be much more than $40.00. And they cant garnish your wages without the civil case ruling a judgement against you in their favor.

MGall27,

Just reread your post....and I was totally confused! Are you trying to just pay them back the principal? with no interest? You said "I've already paid $360 on a $400 loan"

It may be a $400.00 loan. But if they are a legal & licensed PDL company and you agreed to their terms when signing the original contract it will be $400.00 plus their interest fees.

If this is the case...then it is not just a balance of $40.00 owed.

fatcat, i am assuming that the poster has been making payments towards the loan but they say those are fees and did not going towards the principal.
if they are not a legal company, they cannot sue, garnish your wages, anything. you morally owe them $40, i would ask for a physical address and send a money order.

MGall27, what state are you in? if they are not legal, you DO NOT owe them anything more than the principal amount loaned....
fatcat, i am assuming that the poster researched this company and found they are not legal. i do not know what state they are in or am i familar with this company so i cannot tell.

Hi guys, thanks for responding! I'm in CA...the original loan amount was $400, I have paid $360 towards that principal amount. They are NOT legal from what I have read on this board, so I thought I was only obligated to pay the principal. I know I owe them what I borrowed, and I definitely want to pay that. What they are saying is the 3 payments of $120 I have made were like "re-financing" my loan, and that I owe them the principal amount of $400 PLUS interest of $120, but they will settle by allowing me to pay $40 (the remaining principal) and $120 in interest = $160.

OH! No Way! If they are not a licensed & legal company do NOT pay them one cent more than the $40.00 owed on the principal amount! And I would tell them I was reporting them to your states attorney general, FTC, and the Regulator-Division of Fiance! Make sure when you send the final payment of $40.00 write "PAID IN FULL" in the memo!

Here is a little bit of company info you might find interesting!

Business Contact and Profile
Name: US Fast Cash
Address:
2533 N Carson St Ste 5436
Carson City, NV 89706

File Open Date: November 2004
TOB Classification: Payday Loans

BBB Accreditation: This company is not a BBB Accredited business.

Customer Complaint History
BBB serving Northern Nevada and the Lake Tahoe Basin no longer processes complaints against this company. Any complaints are directed to BBB serving Tulsa, OK for processing.

For a full report contact BBB located in Tulsa, OK at (918) 492-1266 or tulsa.bbb.org.
Prior to October 23, 2008 this company's complaints were handled locally. The following data represents complaints processed by this BBB prior to October 23, 2008.

BBB processed a total of 23 complaints about this company in the last 36 months, our standard reporting period. Of the total of 23 complaints closed in 36 months, 2 were closed in the last year.

These complaints concerned :
1 regarding Issue Not Defined
21 regarding Billing or Collection Issues
3 - Failure to correct billing errors
1 - Failure to substantiate charges
5 - Improper collection practices
7 - None of the Above - Credit, Billing or Collection Complaint Issue
2 - Unauthorized bank debits
1 - Unauthorized credit card charges
1 regarding Customer Service Issues
1 - Failure to respond to phone calls or written requests for assistance or support



These complaints were closed as:
14 Resolved
6 - Company resolved the complaint issues. The consumer acknowledged acceptance to BBB.
4 - Company offered a partial (less than 100%) settlement which the consumer failed to acknowledge acceptance to BBB.
4 - Company addressed the complaint issues. The consumer failed to acknowledge acceptance to BBB.
1 Unresolved
1 - Company failed to resolve the complaint issues through BBB voluntary and self-regulatory process.
8 Administratively Closed

US FAST CASH, UNITED CASH LOANS, AND AMERILOAN are all the same PDL Company according to BBB.

BBB has requested basic information from this company but has not received a response. As a result, BBB may not have current information about the company.

United Cash Loans is located at the same address as USFastCash, & AmeriLoan. A subsequent BBB investigation determined that this address is the address for offices of the Miami Nation Indian Tribe. During its investigation of these companies, BBB employees visited the location as well as sent a certified letter to the Chief of the Tribe asking for further information regarding these companies. Employees of the Miami Nation Indian Tribe neither confirmed nor denied knowledge of the loan companies, and informed BBB staff that they would have to speak to the Miami Nation Indian Tribe's Leadership concerning the matter. BBB has not received a response from the Chief concerning this matter. At the present time, BBB does not know if these companies are operated by the Tribe, by employees or other people using the Tribe's addresses, or is a joint venture between the Tribe and a for-profit company.

The complaints against this company and others located at the same address generally allege the inability to pay off the requested loan, charges to the consumer's checking or credit card account despite never receiving the requested loan, or continued unauthorized charges to the consumer's credit card or checking account once the loan has been paid off.

BBB has determined that this company is not licensed in the state of Oklahoma to provide loans to consumers and does not appeare to be licensed in any of the states from which consumers have filed complaints with BBB. However, if the Miami Indian Tribe actually operates this business, it may not be subject to state laws regulating this industry.

BBB encourages all consumers seeking loans of any kind to research all of their options before providing any private financial information or signing any loan papers. Consumers should check with BBB on the company's grade, their complaint volume, and whether or not the company is licensed or regulated to provide the type of loan services the customer is seeking.

Fatcat, Please tone it down. Your posta are so confusing. I can not understand what you are trying to say. In one post you tell me yes, in another you tell me know.
Bea21 thanks I will go with your advice