• Report: #1117506

Complaint Review: Maxlend

  • Submitted: Wed, January 22, 2014
  • Updated: Wed, January 22, 2014

  • Reported By: JennK75 — PENSACOLA Florida
Maxlend
Parshall, North Dakota USA

Maxlend ACH Fraud, double debiting, Parshall North Dakota

*Author of original report: Not good enough

*Consumer Comment: MaxLend Refunded and Paid for Damages

*Author of original report: Thumbs Down Maxlend!

*General Comment: Maxlend "glitch"

*Author of original report: Rebuttal is an error

*Consumer Comment: I doubt it is an errorneous

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I needed cash so I went to the Money Mutual site that Montel Williams peddles on TV.  They passed me on to MaxLend. I agreed to a short term loan of $700 for a fee of 120.01.  I seup an ACH for the following Friday to repay the entire loan. On Friday I was debited $1640.02. I tried to contact the company but their phones were down all day. I emailed and was told to call them in the response.

I have had zero success in reaching them. I read on another site that all customers were erroneously overcharged. This was a bank holiday weekend. Being overdrawn had serious implications. To date nobody from firm has attempteed to contact me nor has this company released a statement on their website or via email.  This lack of consideration is unacceptable. 


This report was posted on Ripoff Report on 01/22/2014 04:18 AM and is a permanent record located here: http://www.ripoffreport.com/r/Maxlend/Parshall-North-Dakota-58770/Maxlend-ACH-Fraud-double-debiting-Parshall-North-Dakota-1117506. 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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REBUTTALS & REPLIES:
3Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Not good enough

AUTHOR: JennK75 - ()

This letter says they will give up to 70 Wal-Mart gift card on next loan. Why would I take another loan?  How about some of my initial loan fee reimbursed?  They want to make even more off me?  WTF. Thanks but no thanks. 

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#2 Consumer Comment

MaxLend Refunded and Paid for Damages

AUTHOR: John - ()

MaxLend has refunded affected customers and paid for damages.  If you have not received your refund or money for overdrafts and late fees please check out their site:  www.maxlend.com.  They have posted updates on the issue and contact info.

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#3 Author of original report

Thumbs Down Maxlend!

AUTHOR: JennK75 - ()

I just got a call back from the "Customer Service" dept trying to do right by the fees that they may have caused in overdrafts.   I am appalled that this company only wants to do that much. They make a killing off the interest they charge on these loans...they should have refunded us beyond the damage.  Afterall, they just admitted that they had 10s of thousands of customers affected by this!! One of the things in the agreement is that you won't join a class action against them and agree to arbitration.  I am not sure I can do much more than take this as a lesson learned, but in all honesty, I think they should at least refund us the interest we paid on the loan for that installment as a show of good will for their MASSIVE error! 

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#4 General Comment

Maxlend "glitch"

AUTHOR: dont do it - ()

I am also a victim of the "computer glitch" and have experienced financial distress as a result.  I do not believe it was a glitch rather an attempt for the owner of Maxlend to "replenish the pot" 

 

I will be closing my account tomorrow and will reimburse Maxlend what I owe however my payments will be mailed- the old fashioned way.  Maxlend was in breach of the contract when they dipped into my account and took all my money without warning causing overdrafts and financial distress

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#5 Author of original report

Rebuttal is an error

AUTHOR: JennK75 - ()

 To Whom it May Concern:

In response to the rebuttal above, you are wrong.  This company had a "billing error" and doublej drafted every one of their customers who had a due date of 1/17/14.  If you search the web by this companies name you will find at least 54 other people who have posted about this "glitch" and how they were equally affected.

The glitch worked as follows:

Users who had secured a payment arrangemnet had been drafted for their agreed upon payment arrangement and then were debitited the entire outstanding principal and interest of their loans as well.  The company (now that I FINALLY got to speak to someone) freely admits that they made an error - had a glitch.

In my case, my payment arrangement was to pay the entire loan off.  So their system debited me the payment arrangement and the outstanding principal and interest balance that was on the account prior to the payment arrangement.

Nothing in my paperwork says that my loan would cost 1640.02 for 700.00 principal held for 7 days.

My big issue with this was that I was debited twice and I did not receive any communication, apology, response to this company about the errror.  I tried to call them about the error and their lines were so overwhelmed by all of othe people who were victims of the glitch that they could not handle the queue and simply dropped the calls.  Because they could not be reached, they could not reverse their mistake in time for the long holiday weekend.  Potentially putting myself (and who knows exactly how many others) in a very bad predicament.

The fact that they still have not written me an apology or tried to contact me to resolve the issue - see if I had any overdrafts, etc. from their issue is the problem.

I think this company should be making us whole and then some.  Imagine if I had been waiting until payday to buy my groceries or diapers and was not able to access any funds?  4 days is a long time extra to add onto the inconvenience.

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#6 Consumer Comment

I doubt it is an errorneous

AUTHOR: MochaG - ()

A loan company like this always looks out for vulnerable people who need money quick. When a victim is under condition of despair, the victim will NOT read whatever they were presenting at the time of signing. As a result, they may have certain clause saying that your total loan (principal) will automatically be added a certain processing fees/interest to the loan on the first day of contract signed. Once you start paying, you will be paying from that amount plus a high percentage interest up to date your payment is.

In your case, you made a loan of $700 plust $120.01 up front fees. If you carefully read the contract you signed with them, you may find that there are more hidden fees/interest at the time you sign the contract. Now the principal of $820.01 becomes much higher. Then the high interest rate (usually is 20%+) for 7+ days is applied to the new principal. As a result, the total for pay out is over $1,600!

I doubt that they errorneously calculate the amount. I highly expect that they have those hidden fees/interest added to what you believe is the principal, and then the final amount is what their real principal. I am sorry to hear your story. I hope you have learned that this type of loan shark is always out to take advantage of those who have financial problem, not help them as they advertise.

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