Last week, (Tuesday December 8th, 2009), I saw a television commercial for Money Mutual... a payday loan lender. Montel Williams was their spokesman.
I figured that since he was their pitchman, that the company had to be legitimate.
I went to their website, www.MoneyMutual.Com and filled out the forms. I didn't see any downside to the process. If they were going to charge a bunch of money or if there was something else crazy, I just wouldn't accept the loan. (Money Mutual seems to be a dba of Western Marketing Studios, LLC)
About 3 minutes after filling out the forms, I was bombarded by emails from a dozen different payday loan websites... each of which were mere brokers introducing "me" to other potential lenders. Out of the mess, there was only one website that seemed to be an actual lender... www.200cash.com. At least, their website gave you the notion that they were a lender and not just going to introduce you to more websites or firms.
I looked at the website for 200cash.com Inc. and liked the fact that the process was a "no fax" application/transaction. This was important as I don't own or use a fax machine. Let's face it... they are kinda antiquated nowadays.
The application process for 200cash.com requires that you pay them an application fee of $19. That seemed excessive... but, it also seemed to make the website seem a bit more legitimate for some stupid reason. I filled out the forms.
The following morning... I received an email from 200cash.com. It included a document titled... Declaration Of Wage Assignment. That document looked like a bad paralegal or legal secretary drafted it. One thing that was glaring... is that the purported loan amount that I was getting was only $200. Yet, they wanted me to agree to a wage assignment for some $780.
The email said that I had to complete the form, have my employer sign the form, have it notarized, and FAX it back to them.
First of all, my whole reason for moving forward with this firm was that the transaction did not require me to fax anything. Secondly, 200cash.com was now wanting me to involve my employer... and to disclose my financial stuff to my employer. None of this information was disclosed in their application process.
I tried to phone them several times. I could never reach a real person. I could not even leave a voice mail message for them. It was just a stupid electronic answering service that gave you no meaningful information other than directing you to send them emails.
Well... I finally did just that.
I sent them 6 emails. Three to one email address and Three to another email address for them.
Interestingly, I got one email response a few minutes later. It was a "boiler plate" type response. Directing me to send my inquiry to all sorts of other email addresses.
Bottomline, 200cash.com took $19 from my bank account on the premise that they were going to process my payday loan application on a no fax basis. They didn't do that. And, I'm not going to involve my employer in my finances.
I can't seem to get my $19 back from them... despite my efforts.
I think that I'm going to file suit against them for $10,000 in the JP court here. Maybe then I'll get a response from them.
If you have had a problem with this company/website... contact me.