• Report: #299214

Complaint Review: 500fastcash

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  • Submitted: Fri, January 11, 2008
  • Updated: Mon, June 15, 2009

  • Reported By:bay point California
500fastcash
500fastcash.com Internet U.S.A.
  • Phone:
  • Web:
  • Category: Loans

500fastcash The loan was for 300 dollars. They where to take out 390 dollars. They've taken 890 dollars and stealing more from my account Internet Internet

*Consumer Comment: How do you stop it?

*Consumer Suggestion: How to Prevail

*Consumer Suggestion: Its called INTEREST!!

*Consumer Suggestion: How to Get These Scammers Off Your Back

*Consumer Comment: If you have the money, tell 500fasthcash you will pay the entire principal plus the fee.

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I applied with 500fastcash and was approved for a three hundred dollar loan. I agreed to pay back three hundred ninety dollars on my following pay period.

500fastcash has taken over eight hundred dollars out of my account since mid November without my consent and has ruined my account.

According to my Bank they cannot stop this illegal activity from these perpetrators until the money is removed from my account.

The bank is charging me a heavy fine for each illegal withdraw that I enquire about.

Please, your immediate attention to this matter is beyond appreciated. I need help now.

Anthony
bay point, California
U.S.A.

This report was posted on Ripoff Report on 01/11/2008 02:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/500fastcash/internet/500fastcash-The-loan-was-for-300-dollars-They-where-to-take-out-390-dollars-Theyve-take-299214. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

How do you stop it?

AUTHOR: Dawn - (U.S.A.)

I am having a problem with this company as well, I never received a loan from these people yet they have taken 60.00 from my account for sure and possibly more I would have to go back and check, but for sure 60.00 I have had this pproblem before online and my bank covered everything eventually. How do you stop it? Isn't there some way to get these people? I would guess if there pulling this on us theres probably some tax fraud and stuff goung on that the feds might be interested in. Just does'nt seem like these people should get away with this stuff.
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#2 Consumer Suggestion

How to Prevail

AUTHOR: Mcguirerod - (U.S.A.)

In June of 2008, 500fastcash was sent a "Desist and Refrain" order from the California Department of Corporations, notifying them that because they are not licensed with the State of California to perform "Deferred Deposit Transactions", it is illegal for them to do so with California residents residing in California.

In November of 2008 I (without knowledge of the above) received $300 from 500fastcash, over the internet. Upon receipt I became a bit skeptical that such things were "above-board". So I did a little digging, and found out about the California laws regulating such activity. I also went to the Department of Corporations web-site were they have a very convenient "license check" application so you can see who is licensed to perform deferred deposit transactions. They also have an "Enforcement" listing that lists all of the "Desist and Refrain" notices they have sent to these types of unlicensed companies.

To date, I've paid NOTHING back, having closed my checking account. When they began to call to "collect" I asked them to present me with a contract. When they presented the document I signed, I presented them (via fax) with the "Desist and Refrain" order that predates my transaction with them by several months. THUS, the supposed contract I made with them is ILLEGAL, and not enforceable in California courts, which is the only way they can collect on the matter.

Furthermore, if they were licensed, they have willfully violated the deferred deposit transaction laws of California. California law states that if a licensee willfully violates the deferred deposit transaction laws, then the licensee cannot collect ANYTHING (not even the principle!) (California Financial Code(s); SECTION(s) 23060-23063).

They've continued to call me and demand $600 in payment. I give them the same response everytime.

To date, they've collected nothing. Hope this helps.
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#3 Consumer Suggestion

Its called INTEREST!!

AUTHOR: John - (U.S.A.)

Every time they take money from your account, they are taking out interest because you are automatically renewing the original loan.........get the principal together, and PAY IT OFF!! You signed papers when you got the money, even if it was an electronic signature.....did you not read the terms? You won't have a leg to stand on in court, don't even waste your time! You aren't being ripped off!
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#4 Consumer Suggestion

How to Get These Scammers Off Your Back

AUTHOR: Glendaleatty - (U.S.A.)

First, close your bank account. Then, sue for the money that they illegally took in small claims court. Good luck!
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#5 Consumer Comment

If you have the money, tell 500fasthcash you will pay the entire principal plus the fee.

AUTHOR: Wilson - (U.S.A.)

Anthony,

These payday advance companies are worst than Cashcall (99% interest) because the payday advance will automatically renew your paycheck loan and your effective annual percentage rate can be over 400%.

I have a former co-worker who borrowed $300 ($100 from three different payday advance stores) and she is still paying them every week for three years because she cannot come up with the full $300 dollars because of the loan fees.

From 500fastcash.com website:
When do I repay?
Your repayment is the best part. The minimum required payment will be deducted from your bank account. You get cash when you need it most and repay when you have it!

Still a little short on payday? No problem! Online customers are automatically renewed every pay period. Just let us know when you are ready to pay in full, and we will deduct your loan plus fees from your bank account.


I'm a little low on funds. Can I get an extension?
Customers are automatically renewed, so you do not need to request it.

If your next payday comes around and you are not as caught up as you had planned, don't worry; we have it covered. We will automatically extend your due date, and only deduct the renewal fee from your checking account. Additional fees will apply, but you will be able to repay your cash advance from future paychecks.
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