Quickest Cash Advance Beware-Rip Off Internet

The lending industry has been in front of controversies. There are lot of misconceptions on this industry. Installment loan consumers in Illinois may have much less choice when it comes to emergency short term credit on March 21. At least one payday lender in the state is not taking what it calls unconstitutional changes lying down, reports Crain's Chicago Business. IL Lending Corp., a business in charge of six payday lending establishments throughout the Chicago area, is suing in Cook County Circuit Court to block a provision of the new Illinois Payday cash advance Reform Act that will throttle installment loans.

Both Ronny g and myself gave you some very valuable info; use it in order to help yourself.  If anybody else tells you differently, don't listen to them. As I said before most PDLs operate illegally as proven in the report that Ronny g posted. He was also kind enough to give you their email address. I got the info that I posted at the FTC website for my state and by scouring the web for hours in 2008 to find the PDL help blogs. I did this because I was in the same situation that you are in now, but with five PDLs, not just one. Yeah I know shame on me.

So what you have to do now is:
1. go the the BBB and or FTC website for NC and inform yourself.
2. send them a copy of the email/letter that I posted filling in the blanks with the info that you received.. Tip: once you send them this email the ball is in their court and it is perfectly legal
3. Don't take any calls from them, do not discuss anything with them over the phone and don't let them intimidate you, because everything that they will tell you is a lie. They are very good at intimidation and making false charges.

After you send the email:
1. Wait until they contact you either by email or through the mail.
2. Don't make any more payments on the PDL until after you have heard from    them.
3. Remember that it doesn't matter where the PDL is located it is governed by the laws of NC, if that is where you signed the contract, no matter what they tell you.

If you find out that the contract that you signed has illegal provisions in it, ie, the interest rate is to high, or they are not licensed to do business in your state, you might not have to pay the loan back because the contract would not be legal. These are things that you have to find out either at BBB and/or FTC websites.

Don't worry about this hurting your credit score, I did this in 2008 to about five PDLs, I did not pay them what they said that I owed them and it never appeared on my credit report. If you don't believe me check your credit report now, if they have not reported it yet they won't ever do it. If they did and they charged you illegal interest or they were not licensed to do business in your state you can have it easily erased.

If you ever need fast cash again there are PDLs that you can go to that do operate legally in your state, the BBB should have a list of these places. -- Only use those places on the list. Remember it is only legal for them to charge you the max interest rate according to the laws in your state and they can only charge you that interest one time, even if you fall behind on your payments.

Example: lets say that you need $300 and the interest rate per hundred is $14.45 for a two week loan. You can only pay back half of the loan in the two week period and it takes you one month to pay back the loan. You still only have to pay back $343.45.

Now that you know what to do you don't have to worry just do it. Good luck.

The amount you now owe is due to all the finance charges they would have made on your loan (usually 99% APR on these loans) along with some other collection fee charges, and so on. You need to send a certified w/ return service letter asking for a verification of debt, maybe an offer to settle for X amount, and also dispute it with the credit bureau (this probably won't help, but it def won't hurt).

In the future ALWAYS get quoted interest rate AND annual percentage rate (APR) as this will tell you the real story on how much a loan will cost. They may say 14% interest, which you take to mean per year total, but they actually mean MONTHLY (a lot of cash advance stuff is 99% or even over 100% APR). That said however, no one forced you to take the loan and you should have read the fine print, as you should anytime you are agreeing to something, and if they start to squirm its a good body signal that you aren't going to like what you see.

Good luck!

I went to the website and clicked on "contact us"..got this...

Click here

if you have an account.



Click here if you do not have an account or
are unable to log in to your account to submit your inquiry.

If you do not have an account it just has a form to send to ask questions..no phone numbers..addresses...nada.

If you click that you have an account you get this...

Click here to go to our new website! You can apply or login there. Check it out!

If you click there it takes you to National-payday loan...so I click "contact us" there...

Click here

if you have an account.



Click here if you do not have an account or
are unable to log in to your account to submit your inquiry.

Surprise...same exact run around vicious circle jerk as the old site..no addresses, no phone number..ziltch..nada...scam.

So it's time for a quick search at the good ol' BBB..see what's cookin..

No surprise here either.. Quickest Cash Advance...

BBB Rating

Based on BBB files, this business has a BBB Rating of F on a scale from A+ to F.

Reasons for this rating include:

• 85 complaints filed against business
• Failure to respond to 14 complaints filed against business.
• 9 complaints filed against business that were not resolved.
• BBB does not have sufficient information to determine how long this business has been operating.
• BBB does not have sufficient background information on this business.

Among other things found there..this is interesting as well...

BBB has determined that this company is not licensed in the state of Oklahoma to provide loans to consumers and does not appear to be licensed in any of the states from which consumers have filed complaints with BBB. However, if the Modoc Indian Tribe actually operates this business, it may not be subject to state laws regulating this industry.

Business Contact and Profile
Name:     MTE Financial Services
Phone:     (866) 213-0268
Fax:     (866) 539-7503
Address:     515 G S.E.
    Miami, OK 74355
Website:     www.quickest-cash-advance.com
Entity:     Limited Liability Company
File Open Date:     March 2006
Type of Business:     Loans
BBB Accreditation:     This company is not a BBB Accredited business.
Additional DBA Names:    Rio Resources, LLC
Ten Dollar Payday Loan
Quickest-Cash-Advance
Additional Phone Numbers
Tel: (800) 354-0602
Tel: (866) 539-7504
Tel: (888) 339-6669

Additional Fax Numbers
Fax: (505) 293-2384
Fax: (866) 668-0535
Fax: (180) 080-3879 ext. 4

Now lets try National-payday loan since this is their "new" website..

BBB Rating for National Payday Loan

Based on BBB files, National Payday Loan has a BBB Rating of F on a scale from A+ to F.
Reasons for this rating include:

    * Failure to respond to 4 complaints filed against business.
    * BBB does not have sufficient information to determine how long this business has been operating.
    * BBB does not have sufficient background information on this business.
Name:      National Payday Loan
Phone:     (866) 465-5054
Address:     0000 not listed
    Arlington Heights, IL 60005
Website:     National-PaydayLoan.com
Email Address:     customersupport@National-PaydayLoan.com
File Open Date:     November 2009
Type of Business:     Payday Loans
BBB Accreditation:     National Payday Loan is not a BBB Accredited business.
Additional DBA Names:    Ten Dollar Pay Day
Rio Resources

Hope this info can help you.

Now for everyone else...please read the following which is from the BBB regarding these payday loans...they suck. It is well known and there is no shortage of bad reviews and fraud, ripoff and scam complaints about them all over the internet. But apparently, they still sucker some people in.

Payday loans

Payday loans, otherwise known as short-term high-rate loans, cash advance loans, check advance loans, post-dated loans, or deferred deposit check loans, basically work as very expensive credit. In order to obtain a payday loan, which is usually done by consumers in dire need of quick cash to carry them over until payday, a borrower will generally have to write a personal check for the amount he or she wants to borrow plus a fee charged by the lender.

The fee might vary, but as a rule of thumb it is a percentage of the face value of the amount borrowed. Once the consumer makes out the post-dated check, the lender will provide the cash amount of the money borrowed and wait until the consumer's next payday to deposit the check. In the case where the consumer wants to extend the loan for another two weeks, there is usually an option to roll-over the check by paying an extension fee. This scenario becomes a very expensive transaction, as the consumer winds up paying an increasingly higher finance charge and high interest APR.

The Federal Trade Commission advises that under the Truth in Lending Act, all costs of payday loans must be disclosed to the consumer in writing. This includes the finance charge, which must be a dollar amount, and the annual percentage rate (APR), that being the cost of credit on a yearly basis.

Additional legislation that gives Illinois consumers more protection from becoming victims of never ending debt comes from The Payday Loan Reform Act that went into effect on December 8, 2005. Per the Illinois Attorney General's Office, the new law states that:

* A lender may not charge any more that $15.50 per $100.00 loaned on any payday loan over the term of the loan;
* A payday loan must be written for a period of 13 days or more;
* A lender cannot make a payday loan to a consumer if the loan would result in the consumer being in debt to one or more payday lenders for more than 45 consecutive days;
* After a consumer pays off the balance of all payday loans he or she took out in a 45 consecutive day period, the lender must wait 7 calendar days before issuing that consumer a new payday loan;
* A lender cannot make a payday loan to a consumer who has an outstanding balance on two loans;
* A lender cannot make a payday loan to a consumer who exceeds $1,000 or 25% of the consumer's gross monthly income, whichever is less;
* A consumer has the right to redeem a check for two days without paying a fee;
* After being in payday loan debt for 35 days, a consumer is entitled to enter into a retirement plan composed of at least 56 days to repay the loan in installments with no additional finance charges, interest, fees, or other charges of any kind. Any payday loan outstanding on the 35th consecutive day is repayable under the terms of a repayment plan - not just a loan that is due or past due;
* A payday lender cannot impose any charge on the consumer for requesting or using a repayment plan;
* Members of the military have special protections, including a ban on wage garnishment and deferral of collection activity for personnel deployed to a combat area.

Consumers are encouraged to explore other alternatives to payday loans. It's important to compare offers with the lowest APR and finance charges, and consider credit unions, small loan companies, advance pay from an employer, or local community-based organizations that make small business loans to individuals.

Here are some related links...

BBB Warns College-Bound Students and Parents to Beware of Financial Aid Schemes
Congressional Activities Affecting You and Your Credit Card Use
High Cost Payday Lenders Advertise Everywhere
Improving Your Credit Score

I do not have the info that you requested, however I do have some suggestions that might help you in your current situation. Some of the suggestions may require you to do a little research.

Find out if this company is licensed to do business in your state. Find out what the legal maximum interest rate is in your state. Most of these Internet Pay Day Loan (PDL) companies are illegal and charge exorbitant interest rates. The collection company that called you is probably owned and operated by the same PDL where you got your loan. Do not discuss anything over the phone with them, get everything in writing.

Here is a sample email that I have used after obtaining the info above. Or you can write to the address on your loan contract in letter form. If you do not know their email address, look on their contract or go to their web site and click on the 'contact me here link'  or 'help' and you should find contact info other than a phone number. All PDL loan documents should have the name of the company and their contact info.

text body: This email/letter is to inform you that I have found out that you are not licensed to conduct business in ____________. I have also found out that the maximum interest rate is __________%. Therefore the maximum amount that you are legally allowed to charge me for a $XXX loan is $XX per anumm, not per pay period.

FYI -- Since this contract was signed by me using an electronic signature and since my computer is located in (your state) and since you were aware of this having my address on file then you also know that the contract is subject to the laws governing the state of (state where you live)

With this correspondence I am revoking any and all ACH transaction authorizations that I might have agreed to. ( might not be applicable in your case) I have already paid $XX towards the maximum legal allowable interest + $XXX towards the principal. Therefore I only owe you $XXX. (or in your case maybe nothing)

I will be happy to discuss any other mutual repayment options. ( might not be applicable)

Or you can send me an address where I can send you a check for the balance of the loan. (might not be applicable)
All correspondence shall be done either through the mail or email. I will not discuss anything on the phone so do not call me.

This is my legal notice to _______________ that I disagree with any and all provisions of your illegal contract. (Only if you find out that 1) they are not licensed to do business in the state where you live or 2) that the interest rate was higher than the legal max interest rate in your state.)

Unless you can produce proof that you are licensed to do business in (your state) any and all provisions of the electronically signed contract that you have with me are of none effect because it is illegal.

I also would not worry about the collection agency that called you because they usually do not report this info, because they are trying, in most cases, to collect an illegal debt.

There are also many blogs on the internet that have info on how to deal with PDL loan companies. I wish that I could give you the names, but I forgot.

I wish you the best of luck and I hope that the info that I gave you was of some help. It worked for me, I cleared myself of over $2000 PDL debt using this very same email.

When they called me, I simply hung up. Yes they did harass me for about a month or two, but after that they left me alone.

I would get these email but I delete them. These are a total rip off.