Golden Valley Lending I applied for a $700 loan 2 months ago and they are still taking money out of my bank account. Internet

Golden Valley Lending, Silver Cloud Financial, Mountain Summit Financial and Majestic Lake Financial deceived consumers by collecting debts that weren't legally owed because they violated interest rate or fee caps in Arizona, Arkansas, Colorado, Connecticut, Illinois, Indiana, Kentucky, Massachusetts, Minnesota, Montana, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio and South Dakota, according to a complaint filed Thursday by the Consumer Financial Protection Bureau. This was filed April 26,2017.

All four companies are online lenders based in Northern California and are owned by the Habematolel Pomo of Upper Lake Indian Tribe, a federally recognized tribe that has 263 members. For several years, all four companies have been  offering small-dollar loans, ranging from $300 and $1,200, at annual interest rates ranging between 440 percent to 950 percent, the CFPB says. 

Rates that high violate many state laws, according to the regulator, which also contended that the costs weren't properly disclosed as required under Truth in Lending Laws.

Under the Dodd-Frank Act, the CFPB is authorized to take action against institutions engaged in unfair, deceptive or abusive acts or practices, or that otherwise violate federal consumer financial laws like the Truth in Lending Act.

I have used Golden Valley several times in the past. They have always been great with me. Their repayment plan is cleatly stated in the contract and is available on line. As well i recieved an email prior to each payment indicating exactly how much they would be taking from my account. 

You can view your contract online at goldenvalletlending.com by logging into your account with your social security number and email address. You will then see a "view my documents" tab. This will show you the contract you signed with all of your payment dates and the amount of the minimum payment due. The structure is 20 minimum payments, each one putting only 5% of the original principle towards your loan. On a loan for 700, this would be $35 of each payment. This payment structure is however only a guideline, and is the most expensive way to pay back your loan. Anything you pay over the finance fee will go toward the principle, lowering all future finance fees and reducing the total cost of the loan. For instance, if you could add $35 to each minimum payment it would be paid off in 10 payments instead of 20. In order to add to your payment you must call the Customer Service phone number at 855-214-8144 3 business days before the payment is due. I know it can seem extremely difficult and counterproductive to pay more, but it will really save you more money over the course of the loan. Anything you do not pay in full you will be charged a finance fee on your next payment date. You are also able to pay in full at any time without penalty, and if you do so before a payment is due, the amount of the finance fee can be pro-rated by the day. Example: If you have a payment due on March 7th, and you pay in full a week early on February 28th you would only pay half of the fee that would have been due on the 7th to pay in full. 

Due to you feeling that you were given misinformation and you have a medical condition you may be able to ask for a "skip payment" or be able to have your finance fees reduced for a payment. When asking for this though, remember that these options are given as a one time courtesy for the life of the loan and are reviewed on a case by case basis. In other words, if you are courteous to the representative on the phone and can explain your situation in a calm manner they will be able to assist you better and find better options for your situation. You can not avoid your responsibility to pay back the loan, but you can get a small break. The main requirement to be able to get a courtesy on your loan is that you have succesfully made 4 payments in a row without any returning. 

If you still do not understand any part of your contract after reviewing it on the website feel free to call customer service and have any points explained to you that are not entirely clear to you. 

I did not seek help or advice to be treated like an idiot in a rebuttal. This is the first time I have ever asked for a loan and apparently im just being scammed at this point. I am now on disability due to multiple medical issues and was concerned as to why they are continuing to take money from me. Im sorry but paying over $2300 in interest off of a $700 loan is ridiculous. Guess I learned my lesson in 2 ways. Dont apply for a loan and dont seek help through this website. 

So you took out a loan, and you wonder why you have to pay more money than what you actually borrowed?  It's called interest.  It's just like when you purchase something on a credit card, and you don't pay off the balance when you get the bill; interest is charged.  When you took out the loan, you had to be given paperwork stating how much the interest will be and/or how much money you will be responsible to pay back.  You never mentioned what state you live in, but it is illegal for them not to give you paperwork stating such.  Also, if they actually never gave you any paperwork, why would you not ask them about paperwork and repayments?  If you haven't already learned, these places are loan sharks because of the amount of interest they charge, and can legally charge.  You've learned your lesson and will hopefully not borrow from these types of places again.

Get out your contract and read the terms for payoff. I am sure that this company didn't loan you the money for zero interest because no payday loan type company would do that at all. In the contract you should see a paragraph dealing with payoff provisions. In order to pay it off, you have to follow the provisions outlined in your contract. Sounds like you are just paying interest only with no principal reduction. The quicker you take care of this, the less interest you will pay. No, I don't work for them.