• Report: #784470
Complaint Review:


  • Submitted: Tue, October 04, 2011
  • Updated: Wed, October 12, 2011

  • Reported By: Gideon — washington District of Columbia United States of America
Internet United States of America

MBSloans.com Payday Loan Scam, Internet

*Consumer Comment: I got an MBS loan too dooohhhh !!

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This is a shady and dishonest payday loan provider.  They debited my account for $200 and then charged $79 interest fees bi-weekly. When I tried to contact them numerous times over several days via their phone number, I could never get through.

It turns out that the phone number is never answered...by anyone, anytime! It merely for show.  So you are supposed to contact them 3 business days in advance to payoff this ridiculous high interest loan, yet they are not available for you to contact them via phone. 

In a last ditch effort to contact them, I was finally able to reach someone via their contact form, and when I tried to pay off the full balance of my loan, they responded that my request had not been made in time. Of course not, I wasted a week trying to call you! They refuse to let me pay off my loan, and added an additional $79 fee on top of several previous $79 fees they had already charged me.  

This is by far the most punitive, malicious, disorganized, and disreputable company I have ever done business with, and they are not located in the US so they feel that they can do whatever they want, and get away with it.

This report was posted on Ripoff Report on 10/04/2011 07:56 AM and is a permanent record located here: http://www.ripoffreport.com/reports/mbsloanscom/internet/mbsloanscom-payday-loan-scam-internet-784470. 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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#1 Consumer Comment

I got an MBS loan too dooohhhh !!

AUTHOR: deadsit - (United States of America)

If you have a loan with this company I suggest you close your bank account immediately !

My loan was originated on 8/9/2011 for $200.  I wanted to set up pay in full by 8/22/2011 when loan was originated (as I have set up with every other loan I ahve received from online companies).  I was told I can only set up a minimum payment at time of loan and would need to call back the following day to arrange pay in full.  The same day I got another loan from another company at a better rate so I then wanted to cancel the MBS loan all together.  I tried calling # listed on MBSloans.com website (877)269-6280 on 8/10/2011 to cancel loan.  Get message to enter in SSN#, when I enter information I get message no loan application or account on file, goodbye.  There is no option to speak with anyone.  When I dont enter in SSN, I get message goodbye.  Tried to log into account via website but do not know username or password.  Website tells you to call the 877-269-6280 number if cannot login to website.  I have made several attempts to try to contact MBS loans to no avail.

When I do Internet searches for MBSLoans I get their website (which is no help), and all kinds of scam alert web pages:


All of these sites unfortunately have been posted post 8/9/2011 when my loan was originated.

The only other # I was able to find was 1-870-639-4404 from a post on website  http://800notes.com/Phone.aspx/1-870-639-4404 ,  when I called they identify themselves as MBS loans but are unable to discuss loans that were funded, was advised need to contact customer care at 877-269-6280.  When I advised am unable to get through to MBS using that info was told thats the number they have.  I wanted to speak to a supervisor, no supervisor available.  Gave contact info to have a supervisor contact me back, never got a return call or email.   After several days I tried the 870-636-4404 # again,   I was told then that I could also call 877-259-3090 for MBS customer care, called that number.  It was to a company called PDLnow.com, they have no information on MBSloans.  When I called back again I was told the 870-639-4404 # that I am calling is for technical support only.  I advised great, I need to have my password reset so I can access website, was told need to contact customer care at 877-269-6280 to reset password. 

Since loan originated 2 payments were made on the loan:  1 payment of $79 was paid on 8/22 and another $79 was paid on 9/7/2011.  I stopped payments on 9/21 per advice from bank.  I stopped payment because I cant contact them and I am not going to keep paying $79 every 2 weeks for the rest of my life on a $200 loan, also stopped payment under the assumption that they would contact me based on the stopped payment.   No contact as of yet.  MBSloans has gotten around the stop payment by changing the payment amounts from $79 to different amounts.  Last 2 (unauthorized) payments were both on 10/7/2011 for $100 + $58 = $158 = $79 X 2.  Submitted affidavit to bank to challenge payments based on no contact from company and no way to contact them.  Unauthorized payments have put me into negative balance.    Will close account 10/12/2011 when I can cover the negative balance.  Bank is reversing the charges paid on 10/7 for 158 and closing the account.  I am willing to pay a balance of $17 to pay loan in full which equals $200 $158($79X2 already paid) 25 stop payment.  Balance = $17.  At most I would be willing to pay $42 to pay off loan.  I am not paying anything additional as I wanted to cancel on 8/10/2011 but have been unable to contact MBSloans.  If they want more all I can say is "good luck collecting".

As of today 10/11/2011 after several attempts, I have not been able to contact MBS loans in any way, shape, or form.  I have no emails from company in regards to this loan and I have gotten no calls from MBSloans in regards to the stop payment (their solution is apparently to just change the ACH amounts) Contacted Fairfax County Police .  They transferred me to the detectives in the bank fraud division as this may be a possible fraud case.   A criminal investigation has been opened and is pending.

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