200cash.com - 300cash.com debited my checking account $19.99 for application fee, did not receive any loan, ripoff Wilmington Deleware

1. There is a notice for the application fee on the last page of the application process. It is in large text and in plain view. See here:

https://www.200cash.com/secure/new_check.asp

2. The courts understand that application fee means a fee to apply and , like other industries, is non-refundable and is used by the company to offset application and credit / employment verification. Payment of this fee has no bearing on whether or not the applicant is ultimately approved and funded. (Many of us remember paying an app fee for an apartment rental app for example. This fee is never refunded if they don't approve you)

3. The website allows the applicant to simply leave at any point and avoid the app fee charge.

4. The approval notice is conditional. The text says approved pending verification of your information. This allows them a chance to verify the information submitted before making the loan.

5. The approval (pending) notice comes AFTER pushing the submit button UNDER the app fee notice text, not before.

6. 200CASH.COM, INC. is licensed in the State of Delaware as a Small Loan Agency. License number: 2003102706. This can be confirmed by contacting the State of Delaware, Division of Revenue. (We are not a Bank or Financial Institution, we are a Small Loan Agency.)

The way the loans typically work creates a spiral of never ending debt. If you are on such dire straights that a payday loan seems to make sense, what are the chance that you will be solvent in two weeks?

To make matters worse, the effective interest rates are normally in excess of 700%. Your local loan shark wouldn't even consider such a high rate.

Tough it out. It is worth it in the long run.

I applied for a short-term payday loan with 200cash.com, and an automated debit of $44.00 was taken out of my account today, 08/16/05, but I never received a loan from them. I have sent them an email, and have been trying to located a phone number. If anyone has any information for me, I would greatly appreciate it.

For the other two current complaints, have they taken any other further debits out of your accounts? Also, have you contacted your bank? If so, I would greatly appreciate some advice on how to stop these debits - I have only had 1 debit, but want to stop further ones.

Thanks so much!