• Report: #194495

Complaint Review: US Fastcash, United Cash Loans

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  • Submitted: Fri, June 02, 2006
  • Updated: Fri, June 09, 2006

  • Reported By:Tempe Arizona
US Fastcash, United Cash Loans
usfastcash.com, unitedcashloans.com Internet U.S.A.
  • Phone:
  • Web:
  • Category: Loans

US Fastcash, United Cash Loans ripoff Internet

*Consumer Suggestion: Payday loans can NOT improve your credit score!

*Consumer Suggestion: US Fastcash, United Cash Loans ripoff Internet

*Consumer Comment: Auto-renew.

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I fell victim to US Fastcash and united cash loans too!!! Back in Dec. of 05, I applied for a loan via the internet with US Fastcash for a loan for $300. It was due two weeks later for the total of $390.00. After the two weeks came and went, they only withdrew $90 of the loan amount due and renewed the loan. It wasn't until I noticed several withdrawls against my account all from US Fastcash and United Cash Loans in varying amounts from $45 up to $145 over the last six months!!!

I recently tried calling US Fastcash's 800 number only to be placed on hold for nearly an hour!!! When I finally spoke with someone, I had to call another 800# for their 'collections dept.' to resolve an 'outstanding' balance!!! After speaking with an agent and telling them that all the withdrawls far exceed the loan amount of $390, they only were able to say that I was in collections and tried to explain the amount owed. As of today, I've over paid $575 over the loan amount of $390, totalling somewhere around $965!!!!

And that doesn't include the supposed loan with United Cash Loan for the same $300 that I haven't taken out, but show withdrawls from them as well similar to US Fastcash....so somewhere around $2000 is out there between US Fastcash and United Cash Loans of my money and doesn't include NSF charges against my account!!!!

I can't get straight answers from anyone and I've already started the process of dispute with my bank and tryin to close my account in order to gain control of my financial life again!!!!

Any help would be greatly appreciated!!! Thanks in advance,
Walt

Walt
Tempe, Arizona
U.S.A.

This report was posted on Ripoff Report on 06/02/2006 03:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/US-Fastcash-United-Cash-Loans/internet/US-Fastcash-United-Cash-Loans-ripoff-Internet-194495. 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 Consumer Suggestion

Payday loans can NOT improve your credit score!

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

Daniel, your plan is flawed. These companies do not use the "Big 3" credit bureaus that mainstream banks and finance companies check for mortgages, credit cards, car loans, etc. You will just be wasting your money. They will not report your on-time payments.

Payday loans are a very bad idea for any consumer. Internet payday loans are extremely dangerous. There is almost no circumstance where taking out a payday loan is recommended. If you do though, always use a local place.

It needs to be illegal for any lender including payday to not accept a full payoff at any time without advance notice. Also they must be required to accept any amount of payment up to the full balance thru the same payment method(s) that are used for other payments. In a few states it is outright illegal to "renew" a payday loan. This is a good law. If it remains legal to renew loans, it should be required that the "fees" after the first one be pro-rated daily when full payoff is received.
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#2 Consumer Suggestion

US Fastcash, United Cash Loans ripoff Internet

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

I too have recently become involved in one of their loans. I was seeking to upgrade my credit, by taking out, and paying off a loan.

First suggestion: next time read the whole contract before you committe so you know what you are getting into versus what you want out of this.

I read through the whole thing, and discovered

1. It's one of those loans where they scam you on the finance charge.

2. The main thing you wanted to look out for was A. payment due dates
B. what's due
C. How you pay it to them, and when you can pay it to them.

3. Look for the remit to or payment address, and viable contact numbers in case you had question or emergency of some sort, and couldn't make a payment. The fact that they never offer a payment address instead of holding your account hostage is bad business.

People like us shouldn't have to go through this crap to boost our credit or in the event of an emergency, because our credit is not great. But there's a way to beat even these people, and get what you need ultimately if you think it through first before you committe to an entity like them.

What I want is a way to boost my credit score and history, and the way to do that is take out a loan, and pay it back.

Anyway I thought out the whole thing, so since I didn't really need the money, I decided I'd take out a loan, with the intent of paying it back completely in about one to two months tops.

I happen to get paid three times in between due dates, and the first payment is not due until after I get paid the first time.

So I plan on paying not only the finance charge {this first one coming up}, but also a third of the 300.00.

Then at the end of this month I plan on paying them another third of the loan.

And finally I plan on paying them the last third of the loan which falls well before the second due date.

I will also notify them of the fact that I have paid the loan {principle} in full, and plan not to renew at that point. They can't stop you from making a payment to them once you have that first record of where your payment went to them.

There has to be a physical address the billing, and statement originate from, and that's how you get before they get you.

The only question mark remaining at this point for me, is if I only have to pay one more finance charge or not.

Theoretically I should only pay at most 180.00 in finance charges, I don't think they could argue the fact that I not only paid the entire loan principle, but notified them that I intended not to renew the loan.

At the same time I will also contact my bank, and notify them to stop any further payment for them.

Sorry you went through that crap, you shouldn't have been done like that. But they do it because they can. But like I said there's things we can do too.

The contract and the online help clearly say that finance charges are due each due date {only}.

They do not say that there is a finance charge for each payment. So if you can pay them more than once in between due dates it has a profound effect on what you continue to owe until the loan is paid.

What they offer you is to pay them at each due date because they figure that's what most people will wait for. So don't wait for that, pay the principle before, and then at the due date pay the charge, and more of the principle too.

It's a game they can only play with you as long as there's a principle, and you don't notify them that you know how much of the principly has been paid if not paid off.

They are in violation of the contract {if you read it}if you not only pay it off, but notify them, and that's grounds for a law suit if I'm not mistaken.

Like I said if that's true then that's how you can beat them at their own game at least a little.

Good luck, I'll let you know how things went next month.
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#3 Consumer Comment

Auto-renew.

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

The majority or payday loan companies have an auto renew "feature". Meaning that you have to contact them at least three business days prior to the due date (usaully Tuesday if the due date is a Friday) by faxing a signed form or online, to inform them of what amount you are paying on the loan. If they have not been contacted they will then auto renew the loan by debiting the fee (in your case 90 dollars) and issuing a new loan for the original amount and a new 90 dollar fee.

This auto renew will continue for several pay periods if you have not contacted them (somewhere betweeen 3 to 5). After that time period they will debit the fee plus 50 dollars to be applied toward the original loan amount and issue a new loan (and a new fee) based on the reduced loan amount. And so on and so on.

If these type of loans are not paid off immediately, the fees add up quickly.

You should have received truth in lending documents for these loans when you took them out in the first place. There should be an explaination of the payback process. If not check the companies website FAQs. There should be some explaination of their auto renew procedure.

Good luck. The sooner you get these paid off the better.
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