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Report: #1087735

Complaint Review: Mobiloans LLC - Marksville LA 71351

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  • Reported By: Lisa — Drexel Hill Pennsylvania
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  • Mobiloans LLC P.O. Box 1409 Marksville , LA 71351 USA

Mobiloans LLC Marksville Louisiana Money Pit Scam, Beware Of The Snare By This Predatory Lender Marksville Louisiana

*Consumer Comment:

Bait and Switch with the Note

*Author of original report:

The Contract

*Consumer Comment:

The Contract

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    On 8/8/2013, I was introduced to this company via the internet after going on the Money Mutual website and applying for a small loan. After filling out the Money Mutual loan application, I was redirected to a webpage that said Money Mutual couldn't match me to a lender due to some credit issue, but I was then redirected to the Mobiloans website.

     I read what was on the webpage and decided to give it a try because I believed that Money Mutual wouldn't send me to a loan shark company.  I filled out Mobiloans' loan application, which included questions concerning income, how much and often it was received.  For those questions I entered that I was disabled; how much I received; that I received it monthly and it was from SSD.  When I was done with the application, I was redirected to another webpage that stated to wait a few minutes while the application was being processed and I would receive an email with their decision.

     After about 5 minutes, I received a picture email from Mobiloans instructing me to click on the link for their decision.  I clicked and was sent to their webpage stating I was approved and my line of credit was $800!  I was very happy because I have had problems getting a loan without a co-signer.  I made sure I read every thing on their website which was the terms of condition, privacy policy, security and responsible lending policy.  I decided to withdraw from the line of credit $400 because after reading everything, Mobiloans seemed legit and fair although a little pricy which I understood most short term lenders are.  The only thing that made me pause was within the terms & conditions policy, which has since changed as of 8/23/2013.  In the old version, the repayment policy was vaugely worded when it came to how often repayment was expected.  I just thought that the repayment policy was worded that way because people received income diffrently (ie: monthly, weekly, bi-weekly, etc...).

     About 10 days later, I withdrew the balance of the approved line of credit and notice my repayment balance went from $860 to $960.  The new balance supposedly included the original amount for the line of credit (Mobiloans' name for the loan) which was $800 plus two other type of fees which totaled $160.  I was fine with that and also on the webpage next to the repayment amount, the word 'monthly' was there.

     Everything is done and viewed on their website and because they use an image with all the information on it, it is nearly impossible to get a copy of what you are seeing.  Even if you use the 'share' option to email yourself a copy, all you will receive is a link to the webpage that seems to change.  That being said, on the 3rd of September, $160 was withdrawn from my account by Mobiloans for repayment on the amount I owed from the line of credit.  Then on the 15th, I received an email from Mobiloans that was a "reminder of a payment" that was due on the 18th.

     I was completely confused since I believed payments were expected on the 3rd of each month.  So I had emailed Mobiloans reminding them that a payment of $160 was already taken out on the 3rd.  I received an auto-reply informing me that Mobiloans can better assist me if I called them (which is also the same email sent by them no matter what you may email them about including their own form located on the website).

     I called and spoke to a woman who had a spanish accent and told her my concern about the 2nd payment.  She just repeated what was on the 'home' webpage and that she advises all customers that they should read the terms & conditions.  I informed her that I did and I also pointed out the vague repayment policy which basically stated that all payments were expected when the customer received payment.  The representative then suggested that I could extend my 2nd payment which would be included in the 3rd payment.  Both will be the 'minimum' payment amount which is $135.  So instead of paying $160 on the 3rd of next month, Mobiloans will withdrawl $270!

     After speaking with her, I decided to look at my account and even though Mobiloans took $160 from my account, my repayment balance went from $960 to $950!  This company is nothing but a loan shark type of company and as their slogan says "with a new twist".  They are supposed to be a 'tribal' company.  Well I'm native american as well and I am ashamed to know of a tribe that operates with greed!

This report was posted on Ripoff Report on 09/27/2013 07:34 AM and is a permanent record located here: https://www.ripoffreport.com/reports/mobiloans-llc/marksville-la-71351/mobiloans-llc-marksville-louisiana-money-pit-scam-beware-of-the-snare-by-this-predatory-1087735. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#3 Consumer Comment

Bait and Switch with the Note

AUTHOR: Tommy S - ()

POSTED: Tuesday, October 01, 2013

 I to had (have) a loan with this company. They can try and hide behind its legate interest etc. The fact is they make it look like it is a Mo. to mo. loan when in reality its a 15 day loan.  (Bait and Switch with the Note) I can't wait froe them to take me to court because I have ways of Documenting everything.

 

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#2 Author of original report

The Contract

AUTHOR: Lisa - ()

POSTED: Friday, September 27, 2013

     I think $160 and $125 is a bit much since neither states it's for 'interest'.  Both totals are for 'fees'.  Even student loans show more than a 10 dollar reduction when you make a payment.  Plus the 'contract' which has been changed (remember you only get a link if you try to copy) as of the 23rd of last month.  They now have a way to get a pdf which wasn't available.  So don't try to make a sow into a princess with pearls.

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#1 Consumer Comment

The Contract

AUTHOR: Jim - ()

POSTED: Friday, September 27, 2013

The interest is paid down first then the payments apply more and more to principle.  Nothing immoral, illegal or unethical with that, its done everyday and called "amortization".  As for due date, exactly what does the contract say?  Does it give a date such as the "15th" or does it say "every payday? 

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