• Report: #352815

Complaint Review: My Cash Now

  • Submitted: Fri, July 18, 2008
  • Updated: Fri, May 22, 2009

  • Reported By:Jersey City New Jersey
My Cash Now
mycashnow.com Internet U.S.A.

My Cash Now Mycashnow.com turned a $600 loan into $3200.00 with fees even after paying what I could afford. Internet

*UPDATE EX-employee responds: Unfortunatley this is the norm

*UPDATE Employee: they violate usury laws of all states

*Consumer Suggestion: Do not respond to online loan scams

*Consumer Suggestion: USURY LAWS OF NEW JERSEY CAN HELP YOU - FILE A COUNTER SUIT IN SMALL CLAIMS

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Took a loan from Mycashnow and Paydaymax.com for about $600.00 total paying what I could afford every other week, usually having to extend loans, which set me up for failure with their high fees.

After a couple months I could no longer pay the principle plus fees and tried every way possible to stop the ongoing, mounting charges, by calling and emailing repeatedly to the company that handles the payments and represents both Mycashnow.com and Paydaymax.com- Credit Protection Depot to explain my financial situation and make arrangments to finally get this paid off.

Without success I saw an ad for a company that assisted in working out payment arrangements with payday loan companies like this to come to a fair settlement for both sides and put this to rest once and for all.

The company I contracted instructed me to stop payments to Credit Protection Depot and sent numerous proposals to get this debt paid off in a manner fair for both sides.

I followed the instructions of Credit Protection Depot where to fax the proposals and even sent in payments totaling about $400.00 in good faith that I'm not running from this debt and want to pay it off, meanwhile all of the $400 went to interest only without my knowledge.

After all the back and forth contact between myself and the company representing me, Credit Proection Depot and Mycashnow.com were still adding fees building up the new balance to over $3100.00.

The last correspondence from Mycashnow was a threatening email saying that because I ignored them and not made payments, which was obviously false, they would refer my account to collections.

I immediately contacted them to let them know proposals were sent for Mycashnow and Paydaymax and it was my understanding that they were finally accepted and that checks have been mailed (to a Canadian Address Credit Protection Depot provided me) totaling about $400.00

They indicated to send them another proposal that same day along with proof of the $400 in payments sent and even provided me info on where to send this to, which I certainly did. They indicated if I did this, they would stop the account from going to collection.

Weeks later I get contacted by a collection agency- National Credit Adjusters in Kansas who reported my info to the credit bureau for $3100 and used every threatening tactic to recover funds saying Mycashnow accepts no proposals, untrue because why would they tell me where to send the proposal to and give me a deadline of the same day?

The collector lied in every way, contacting my job, threatening lawsuits, further fees and more damage to my credit.

With this in mind, please think twice about doing business with this company. Payday loans in general set you up for failure and give you a tremendous hassle to find and contact them, should problems arise. Trust me when I say they'll make you and your bank accounts miserable.

Ripped off joe
Jersey City, New Jersey
U.S.A.

This report was posted on Ripoff Report on 07/18/2008 11:34 AM and is a permanent record located here: http://www.ripoffreport.com/r/My-Cash-Now/internet/My-Cash-Now-Mycashnowcom-turned-a-600-loan-into-320000-with-fees-even-after-paying-wha-352815. 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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Updates & Rebuttals

#1 UPDATE EX-employee responds

Unfortunatley this is the norm

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

So sorry to hear about your trouble with this payday loan co. As you stated they have the address in Chatanooga, but I worked for them (and they have quite a few more sites) and I am in Northern Nevada.They do their business here, not there, everything is processed in Reno, NV. Banking laws are different here in NV, is what THEY told me.They tell their employees that they are a "Christian" company. How Christian is this behavior! They will continue, so please do all you can to stop them from charging you 486% interest. Good Luck!!!
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#2 UPDATE Employee

they violate usury laws of all states

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

mycashnow, paydaymax, discountadvances, paydayspot, credit protection depotmycashnow, paydaymax, discountadvances, paydayspot, credit protection depot, supportseven, basenine, logic marketing, and accountpros
ARE ALL THE SAME COMPANY.

for those of you who can never seem to pin this company down its main office is located at 5962 brainerd rd, chattanooga tn. and also has one office in costa rica. if you read the web agreement, its states they are located in grenada, antiqua, and other offshore spots.....not true. they do however funnel all funds to and from customers thru a bank in panama.

the credit protection depot is the collection agency who tries to recover funds. by law since they are listed out of the country, u only need pay the principal balance. the only way to keep this company from debiting ur acct is to call in, and chg ur bank acct # or to close the acct all together w ur bank, u should also chg ur reference ph #s bc they will call them.

this company is made to seem very large and hard to find. when infact they operate from an unmarked building beside a biglots in chattanooga. there are less than 30 people who take calls from all 4 companies, mycashnow, paydaymax, discountadvances, and paydayspot.

sitting less than 10 feet away are the people who work for the collections department for all 4 payday loan companies. there are only about 20 of them.

these people can only read scripts given to them verbatim off proprietary software. they are not allowed to give any other info. the company is so secretive that when the employees go next door to the biglots or a restaurant, they arent supposed to say what kind of work they do.

because of lawsuits, these payday loan companies dont operate in 13 of the 50 states and even had to move their location in reno, nevada to costa rica last summer.

also you should know they dont lend to people on any type of disability, self employment or military personnell. so if ur denied for that reason, its not because you have bad information, its just because they dont want to lend to you.

also you should know that if you dont pay, you will be reported to teletrack which is system for companies who dont do credit checks, but it wont affect your credit AT ALL. and no legal action will be taken against you, no matter what they say, they'll just note ur acct so that you cant apply anymore.

any other questions? feel free to post.
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#3 Consumer Suggestion

Do not respond to online loan scams

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

I will NEVER understand why people are responding to these online loan scams. Their very name screams SCAM at you. Can't you find a loan scammer locally to give your money to??

Virtually ALL internet ads are SCAMS. The sooner you people realize this, the better off you will be financially.

I Challenge ANYONE to show and prove internet ads are legitimate in every respect.

Most of the ads you see on TV and hear on Radio are SCAMS, also. Do you want to take a chance that you picked a WINNER?....I should think not!!!!
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#4 Consumer Suggestion

USURY LAWS OF NEW JERSEY CAN HELP YOU - FILE A COUNTER SUIT IN SMALL CLAIMS

AUTHOR: Corporate Slayer - (U.S.A.)

case to compare:(((Redacted)))

THIS IS YOUR TICKET TO CLASS ACTION LAW SUIT UNDER THIS CASE NUMBER:

(((Redacted)))

iT TAKE A LONG TIME FOR IT TO DOWNLOAD BUT ONCE IT DOES READ IT AND F YOU WANT THE "JIST" READ THE LAST FEW PAGES.

THEY ARE IN VIOLATION OF URURY LAWS IN ALL STATES!!!!!

EMPOWER YOURSELF!


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