Ameriloan Payday Loan This company has been deducting multiple payments from my checking account, which has keep me in default for the last month in a half. I was only suppose to payback 390 and they have taken more than that from my account each month. Internet

A bit of truth from the inside

I work for this company, at the ground level. I see these loans get out of hand quickly sometimes. There will always be good and bad things when it comes to getting cash in a hurry. To save you future headaches, I'll give you the lowdown here.

These loans are good for people who need money quickly and discreetly. In my opinion, I don't think they are a very good value if you do not pay them off at the end of your loan term (usually 2 weeks).

If you borrow $300, then they will usually make you pay $90 for borrowing that money for 2 weeks. YOU MUST LET THEM KNOW THE MONEY IS THERE THOUGH!!!! It's a business, and they're in it to make money, right? If you don't call, fax, ect to tell them to take out the money, they WILL assume you need to "refinance" the loan and charge you another $90 for another 2 weeks of borrowing. This can get out of hand very quickly, as sometimes people make the mistake of assuming that the money coming out of their accounts is some sort of unspoken payment plan. REFINANCE FEES ARE PROFIT FOR THE COMPANY, THEY ARE NOT GOING TOWARDS YOUR BALANCE!

I hope this clears up some frustrations. Call or fax or both! Let them know you WANT them to take the full balance out of your account so you do not get any additional refinance fees!