On Dec. 2, 2010 I applied online for a pay day cash advance loan. This was a one hour cash advance company. I filled out the application and gave all of my personal information including bank account, social security number etc.
I received a phone call around 8pm from this company and they told me I was approved for this loan. I asked how much could I borrower and what were the terms of the loan. I was told on the phone that I had to borrower a minimum of $400 and the fee is $120. I DECLINED the loan at that time since I was only looking to borrower $200.
After I got off the phone with this company I must have recieved 30-40 junk emails from various company's saying that I was approved to sign the loan document and send it back to activate. I deleted ALL of these emails and placed them in my spam.
I then went and applied online to a company that I have heard of before. "Check n Go" for a $200 loan. I received a call from them on Friday Dec.3 and was advised that I would receive my $200 loan on Monday Dec. 6th.
On Friday Dec. 3rd I received a direct deposit into my account for $400. This was from a company that I just DECLINED the night before and now had no information of who this company is, how to contact them or no documents received for me to sign, approve or acknowledge. I have NEVER received anything with the terms of this loan.
On Dec. 15 they withdrew $106, Dec. 31, $106, Jan 14 $106, Jan 31 $106. I have worked with several internet loan company's in the past and have always received an email alert letting me know that my payment is coming due and another email alert letting me know that they received my payment. I have never ONCE recieved any information on this loan, who this company is or how to contact them.
On Feb. 10th I contacted my bank and asked them if they had any information on this company and how I could reach them. My bank located a phone number and gave it to me. I then called this company and spoke to a woman named Pam. I asked her if my LAST payment was coming up on Feb. 15th. that would be a total of $530? She didnt release any information over the phone and advised she would email me the loan document. At that time I had advised her of the situation that I never approved this loan and I have never received any documents with the terms of this loan and that I had to get their information from my bank.
On Feb. 15th another automatic withdraw was taken from my account for $106 and I still had not received any email or information on this loan. At this time I am thinking OK this should be the last payment it is more than the $120 fee but it should be completed. (Based off the information that was disclosed on the phone). I have just spent a total of $530 on a $400 loan.
On Feb. 28th I checked my bank account and this company has withdrawn another 2 additional payments one for $106 & the other for $40. This is now a total of $676 for a $400 loan that I NEVER approved.
March 1st I contacted my bank and advised them to stop any future withdraws from this company.
My bank once again gave me the information to this company and I was able to locate them online. I put my email and last 4 digits of my ss# and it brought up my account. This site shows that I have a principal balance of $360! Next payment due March 14 for $135.00.
I immediately sent an email to this company and explained my situation. I advised that this was my written letter to dispute this account and to send me a copy of this loan document that I APPROVED" immediately. On March 1st I received a document that had my information on it but in RED letters said please review loan document and "digitally" sign for approval. There is not a "digital" signature on this document?
This morning 3/2, I emailed this company again and asked for a copy of the "digitally" signed document that I have signed and approved. I know they can not produce this document because I have never seen this Truth In Lending until yesterday March 1st. I have not received a response back today from this company.
I am a working single mom of 2. My oldest is a Sophomore in college and my youngest is 8 years old and Autistic. I am very busy, work 10 hours a day, gone 12 hrs and come home to continue what is left of my day with my autistic son.
I have tried to pay this loan in good faith based off the information that was disclosed over the phone . This is a loan that I NEVER approved and DECLINED over the phone. These phone calls are suppose to be recordered and monitored so they should have this conversation on record?
I feel like this company has violated my RESPA law. Anybody that receives a cash loan is suppose to acknowledge, sign and receive a copy of a Truth In Lending Disclosure and terms of a loan. I NEVER received anything from this company. Not a name of the company to contact, not a disclosure or term of a loan to read, and they can not produce a document that shows I signed & acknowledged this.
Who in their right mind that actually had this information disclosed to them would pay $676 on a $400 loan and still owe $360 towards the principal and who knows how much additional interest? This kind of interest charged to somebody should be illegal! How can a company get away with this?
With the economy the way it is and being a working single mother of 2 with no child support. There are times in the past and I am sure in the future to come that I am going to need to count on another cash pay day advance. What is going to happen now? I have stopped payment on a loan that I never approved to begin with and never have received any terms of this loan or even knowledge of who this company is or how to contact them. I have made 6 payments of $106 & 1 payment of $40 in good faith knowing that I may need to borrower again in the future but I still owe $360?? This has to be illegal some how?? They cant even provide a document with my signature and acknowledgment.. How long would these payments continue and how much interest can they legally charge somebody? Would I have to pay another $676 for only $40 to go towards the principal balance?? This loan that I didnt want in the first place could and will costs thousands of dollars and was $400 to begin with?