UsFastCash Payday Loans Ripped off, took large amounts of money without permission Internet

Hi,

I have a question and it probably isn't on subject. I was just wondering. Why go online for a payday loan?

I tend to study things that interest me, and this question qualifies.

Payday loans by their very nature are high interest, but the information I get from studying articles,websites,and ripoff reports is that payday loans on the internet are a complete nightmare.

Some states might be different in their laws, but when I was in the US military there was always one constant. There were several pawn shops right outside the front gates of any base I was ever stationed at. They would take a post dated check and their interest was a LOT less than anything I've ever found online. Their limit was about $200.00 but from what I've been reading on the net most loans that have had the most problems on the net were about that amount.

Payday loan/post dated check cashers in your local area would also be less than the online companies I keep reading about, and if you had a problem you could go to their office instead of trying to find info on the company on the net.

Banks normally don't like real small loans but if you have a job(even the payday loan companies online require this) and make at least $1000.00 a month(most online companies I've researched also require this) they would have very little trouble making you a short term loan, especially if you banked with them and they could take payments out of your account(and we know online payday loan companies basically require the ability to do this). There interest would be seriously less than some of the horrendous amounts people have stated, especially in sites like ripoffreport.

I have actually gone this route and it's real cheap to do a small loan at your bank. It takes about an hour or so going it this route, but for the money savings an hour is real cheap. You could borrow $1000.00 or so going this route and still pay less interest than you would at internet payday loan site borrowing $250.00

My personal credit is by no means perfect. Got into trouble with credit cards a couple of years ago. Long story short, I payed them all of and cut them up. But the short term loan types when I needed cash quickly are the ones I've used above, and have never had trouble getting the money I needed.

Like I said, I'm just curious as to why online payday loan companies are even in business since there are a lot of alternatives to them. At least I think so, but I could be wrong. I do know that the internet would be the last place I would look for a short term loan because I always like to talk face to face with creditors when I can. Thanks in advance for any replies.

This company has since tried taking out 540.00 dollars in one debit and when it didnt go through tried several more times to take out the 540.00 dollars this is unexceptable I'm fine with the fact that I didnt read in to the cost of renewing the loan each time and wished I did so we didnt have to pay so much but the fact that they are trying to take out all this money is ubsurd and were fighting back as we speak with the bank and will get back all the NSF charges we have aquired throughout this situation.....Thanks again!!

If you had taken the time to read through their web sites FAQ or your loan document you would have discovered that when you take out one of these types of loans they are set to auto-renew.

What that means is that you have to contact them before your next pay date to have the loan amount plus fee debited to pay it off. If you do not, the loan is auto-renewed to the next pay period and the only thing debited is the loan fee. You still owe the original loan amount.

After a certain number of pay periods they will debit the fee plus $50 that gets applied to the original loan amount until the loan is eventually paid off.

Since it appears you let the loan auto-renew $740 doesn't seem like an unual amount with the accrual of fees.

You weren't ripped off. It's what you agreed to in your loan contract. You simply didn't understand how these types of loans work.