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Report: AMERILOAN

Category: Loans

AMERILOAN ripoff, ADVERTISED AS DEBT CONSOLIDATION, WAS PAYDAY LOAN, I'M UNEMPLOYEED! RECEIVED LOAN IN BANK AFTER DENIED 3 DAYS LATER I HAVE NOT FOUND ANY TYPE OF ADDRESS EXCEPT WEB AND A FAX NUMBER ON ANY DOCUMENTS VIA AMER California

*Consumer Suggestion ..Not a good situation

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AMERILOAN

Phone:
Fax:

California,
U.S.A.

Submitted: 12/24/2005 10:52:31 AM

Modified: 12/29/2005 11:46:50 PM

Judy

TEN MILE, Tennessee

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I APPLIED FOR A DEBT CONSOLIDATION LOAN AS ADVERTISED BY AMERILOAN. I RECEIVED A PHONE CALL A FEW DAYS LATER FROM A GENTLEMEN FROM AMERILOAN STATEING THEY NEEDED A FAXED PAY STUBB. I REPLIED THAT I WAS LAYED OFF AT THE TIME AND WOULD NOT QUALIFY AND WANTED A DEBT CONSOLIDATION LOAN. I WAS INFORMED THAT THEY WERE SORRY BUT COULD NOT ASSIST ME WHICH WAS FINE BECAUSE PAY DAY LOAN WAS NOT WHAT I WAS INTERESTED IN. I CHECKED MY BANK ACCOUNT A FEW DAYS LATER TO FIND 200.00 DOOLARS DEPOSITED IN MY BANK ACCOUNT FROM AMERILOAN, NO CONTACT INFO ONLY A FAX NUMBER. I RECEIVED AN EMAIL FROM THEM A WHILE LATER WITH RENEWAL OFFER TO PAY DOWN LOAN BY 50.00 DOLLARS PLUS INTEREST OF 60.00 DOLLARS. TOTAL 110.00 DOLLARS, WITH 995.445% INTEREST. WHITH NO WAY TO CONTACT THESE PEOPLE BY PHONE TO DISCUSS MATTER, I WAS AT A LOSS. THE FIRST PAYMENT WAS DUE AND THEY DIDN'T TAKE IT SO I THOUGHT THEY REALIZED THEIR MISTAKE ANS WAS JUST GOINT TO TAKE 200.00 DOLLARS BACK. NEXT FRIDAY THEY DEBETED MY ACCOUNT FOR 60.OO DOLLARS AND MISSED NEXT FRIDAY THATN THE NEXT THEY DEBITED AGAIN FOR SAME AMOUNT. I CLOSED BANK ACCOUNT AND DECIDED TO MAIL 80.00 DOLLARS BAL. WHEN THEY CONTACT ME BY PHONE OR MAIL AND GIVE ME A CORRECT ADDRESS ANY SUGGESTIONS WILL BE APPRECIATED.

Judy
TEN MILE, Tennessee
U.S.A.

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Not a good situation Frank [12/29/2005 10:29:23 PM]

Submitted: 12/29/2005 10:29:23 PM

Modified: 12/29/2005 10:29:23 PM

Frank

Loganville, Georgia
U.S.A.

Not a good situation

Judy, I'm sorry to hear of your experience.

I feel like I almost made the same mistake before. Fortunately, I live in Georgia where state laws make it extremely difficult for These Loan Shark type companies to operate.

One of the thngs I tried to do and failed was I responded to an internet ad about Loan Consolidation. I saw a lot of these and I always looked pass all the hype and big capital letters to read the fine print. Every single one said it was a payday advance.

One day I was desperate and tried to apply. This was back when I first moved to Georgia. When I told them I lived in Georgia, they didn't want anything to do with me. In fact I was bold enough to call on their customer service reps and was told Georgia state legislation limited them far too much. I could have lied a bit and gave them my old state address and checking account information, since I was still using that account, because afterall, they direct deposit the money straight to my checking. But I actually had a wise moment and decided to quit right there. And I'm glad I did.

Listen, if you really basically said NO to this company in which to have this thing done as you explained, then did you try to dispute this with your Bank?????

At least this terrible company screwed you for only $200 Plus Interest and not a lot more. If you feel like its a dead end everywhere, then I'm afraid you just need to pay it off in full and NEVER GIVE OUT YOUR CHECKING ACCOUNT AGAIN.

The only exception might be giving it to a reputable company such as your Auto Insurance or a large bill pay service that you trust and know they can't hide. But please don't make the same mistake again. I was stuck in Payday Loan Grief for years.

You were smart to say no in the first place before they did this, but you may have been too quick on the trigger to give them your checking account before you knew the consequences.

Bottom line, first check your dispute options with your bank, but try not to draw this out too long because Ameriloan may move to bombing your Credit Report next. So to save you from so much trouble, it may be the best thing to pay them all principle plus interest and never let this happen again.
Thanks.