ED Magedson – Founder
Blue Thread LendingHays, Montana USA
Blue Thread Lending MASSIVE FEES Finance Fees, Scam, Fraud Hays Montana
I was short on cash so I decided to try an online payday loan service. I contacted blue thread lending and they were very courtious and also deposited the funds directly into my account. The representative explained I would have to make 5 payments total to pay off my loan. After those 5 payments were made, I was contacted by a blue thread representative asking about my experience. I said it was great until she said I needed to start paying off principal...... The past 5 payments had totalled $560.00 including finance fees which seemed fair as my loan was $300.
This is the point she told me I hadn't even started paying off my principal yet...... ARE YOU JOKING!!!! She explained the interest is taken based on how often you get paid. I am on a bi-weekly pay schedule which mean't I was paying 30% interest every 2 weeks. This is far more than any other payday loan store I had ever visited and If I knew it was going to be this outragous, I would never have taken the loan.
She said those were strictly finance fees I had been paying. I requested a supervisor call me regarding the matter. I was out of town at the time so I asked if they could call the following Monday and also email me a copy of their agreement. Not only did they never send me the agreement, the supervisor called no more than 30 minutes later. I told him I was out of town and asked for a callback the next Monday. I never did receive a callback from the supervisor.
2 weeks later, I received another courtesy call from the same representative. I told her non of my issues had been dealt with and I was done dealing with their company, and was also putting a stop payment on their automatic bank withdrawls until I received my loan agreement.
To this day, I have yet to receive a copy of my loan agreement or a call from a supervisor. There has been no collection calls or letters as of yet. This all happened within the past 5 months. As of today, I have paid over $1500.00 in finance fees and only $75.00 in principal according to their payment schedule.
This report was posted on Ripoff Report on 09/03/2013 05:55 AM and is a permanent record located here: http://www.ripoffreport.com/r/Blue-Thread-Lending/Hays-Montana-59527/Blue-Thread-Lending-MASSIVE-FEES-Finance-Fees-Scam-Fraud-Hays-Montana-1081195. 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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