Rapid Cash And Money Tree ripoff too much interest. Must pay back loan as well as interest. End up paying much much more than how much you actually borrow. Almost impossible to catch up and completly pay it all off. Rapid Cash: MoneyTree: Las Vegas Nevada

In the earliear article I screwed up the terminology -- please substitue "CFSA" for "CSFM" ..

Thank You.

I don't wish to writ a long, rambling, story of background material on this experience. Suffice it to say that at least 2 of the Rapid Cash locations in Las Vegas, NV DO NOT make any attempt to inform clients of CSFM or EPP payment schedules.

My Daughter was in financial trouble with collection agencies due to excessive medical bills (in excess of $50,000). She put up her auto Title for a total of 3 title loans. Due to her medical condition her work (and income) is sporadic, at best. When she became 37 days late they repossessed her car. The notice of intent to reposes came 5 days after the actual repossession.

Her mother and I got involved. My wife went down to Rapid Cash with my daughter to clear up the whole mess. Rapid Cash personnel would not allow my wife in the room with my daughter until late in the conversation. At this time Rapid Cash came up with the solution to role all three loans into 1 loan of $1600. No payment would be due for 30 days and then the minimum -- interest only -- payment would be $330 (on a $1600 principle secured by a $7000 car).

At this time my wife inquired about paying the loan off completely within the next few days. She was never told anything about CSFM or EPP. What she was told was that it did not matter if you pay it off in a few days or in 30 days -- you would still have to pay the $330 'Fee" plus the interest.

I went down today and paid it off -- $2007 for a $1600 loan for 3 1/2 days. I was PISSED. This entire industry is dishonest and we need to clean up Nevada by having the legislature amend NRS to make the entire industry illegal in Nevada.

When I rented on occasion we had to be up to 7 days late with the rent. It didn't happen often but when it did I called the landlord in advance and informed them of the problem. I never once was asked to pay a 'late fee' or had any problem - only a "thank you for calling me in advance". So there is no need for this industry to pay rent if you are going to be late by a few days.

I also have about $5000 in medical bills my wife and I owe. I call the providers office every month or 2 and make as much of a payment as I can. Never once has the payment been denied or has the provider demanded more than I could pay. So there is no need for this industry to pay medical bills. If you doc won't take payments -- get a new doc.

this whole industry preys upon people that have fallen on some difficult financial times and make those times even worse. Instead of helping them dig out of a hole they hand them a HUGE shovel.

You can bet the Nevada Department of Business and Finance will be getting a letter along with the Nevada Attorney General's office. At this point in time I am mounting a campaign to have this industry booted out of the state. If it cannot be done using the State Legislature it can be done by initiative - it just takes longer.

Bye Bye Dollar Loan Center, Rapid Cash, Pay Day Loan Center and the rest ... Arizona recently gave your industry a kick in the knee -- Nevada is going to give you a kick in the butt out of the state.

OK, you can complain and underline the word LOAN as many times as you want, but you are conveniently leaving out many facts!

First, every one of these companies call them "short term loans" and they are called payday loans because you really are borrowing the money until your next payday.

Second, when you called or walked in to ask how these loans work, you were fully educated. You went on to sign the applications and legal contracts, with everything in plain writing on them! You did it at Rapid Cash and then at Money Tree!!! YOU MADE THE CHOICE to borrow the money and not pay your loans off on your next payday! Let alone TWO loans!!

These companies, though expensive, are in the business to make money. It's not their fault that you cannot budget or get a credit card! I'll bet you were all smiles and thanked them on the way out to spend the money! And, I bet if you had thought of this business you'd see it in a different way!

While I understand your frustration, again, it was your choice. The loans are really meant for emergency car repairs, medical bills, etc. Not for you to have extra cash now that you've paid your bills. Not to go gamble at the casino with...which believe me is more common than you may know!

You are upset about the fees. Yes, the owners make a lot of money. But their investors also lose a lot of money when the checks bounce and the customers who THEY HELPED now say on collection calls, "I have 7 loans out" or "I have my car and mortgage and you guys are last on my list".

Or.... even though you legally state on your application that you won't, you borrow the money and file bankruptcy! That's a loser's way out!! It's your debt! Why should these companies and the public suffer for YOUR inability to budget!

REMEMBER, we were first when you needed the money! Now are are last priority!

There are State guidelines all Companies must follow. If in doubt, each office SHOULD have the number for CFSA or the State to call and talk to... or report to!

Now... a hint! If you are so drowning, notify your lender(S) that you need to default and want to go on the EPP (Extended Pay Plan). It will allow you to to pay no more interest and get your loans paid in full. But remember, if you are given this opportunity, you will signed a new contract and it's a second chance. DO NOT blow it a second time! They are doing you a SECOND FAVOR!!

So, when you are complaining, you are doing it because you chose to either ignore the way the program works or you really had no way to pay it back in the first place. Again, your fault.

And, no, I would NEVER do a payday loan, title loan, or signature loan! Too expensive and with a title loan, are you really willing to have your car repo'd?????

OK, you can complain and underline the word LOAN as many times as you want, but you are conveniently leaving out many facts!

First, every one of these companies call them "short term loans" and they are called payday loans because you really are borrowing the money until your next payday.

Second, when you called or walked in to ask how these loans work, you were fully educated. You went on to sign the applications and legal contracts, with everything in plain writing on them! You did it at Rapid Cash and then at Money Tree!!! YOU MADE THE CHOICE to borrow the money and not pay your loans off on your next payday! Let alone TWO loans!!

These companies, though expensive, are in the business to make money. It's not their fault that you cannot budget or get a credit card! I'll bet you were all smiles and thanked them on the way out to spend the money! And, I bet if you had thought of this business you'd see it in a different way!

While I understand your frustration, again, it was your choice. The loans are really meant for emergency car repairs, medical bills, etc. Not for you to have extra cash now that you've paid your bills. Not to go gamble at the casino with...which believe me is more common than you may know!

You are upset about the fees. Yes, the owners make a lot of money. But their investors also lose a lot of money when the checks bounce and the customers who THEY HELPED now say on collection calls, "I have 7 loans out" or "I have my car and mortgage and you guys are last on my list".

Or.... even though you legally state on your application that you won't, you borrow the money and file bankruptcy! That's a loser's way out!! It's your debt! Why should these companies and the public suffer for YOUR inability to budget!

REMEMBER, we were first when you needed the money! Now are are last priority!

There are State guidelines all Companies must follow. If in doubt, each office SHOULD have the number for CFSA or the State to call and talk to... or report to!

Now... a hint! If you are so drowning, notify your lender(S) that you need to default and want to go on the EPP (Extended Pay Plan). It will allow you to to pay no more interest and get your loans paid in full. But remember, if you are given this opportunity, you will signed a new contract and it's a second chance. DO NOT blow it a second time! They are doing you a SECOND FAVOR!!

So, when you are complaining, you are doing it because you chose to either ignore the way the program works or you really had no way to pay it back in the first place. Again, your fault.

And, no, I would NEVER do a payday loan, title loan, or signature loan! Too expensive and with a title loan, are you really willing to have your car repo'd?????

OK, you can complain and underline the word LOAN as many times as you want, but you are conveniently leaving out many facts!

First, every one of these companies call them "short term loans" and they are called payday loans because you really are borrowing the money until your next payday.

Second, when you called or walked in to ask how these loans work, you were fully educated. You went on to sign the applications and legal contracts, with everything in plain writing on them! You did it at Rapid Cash and then at Money Tree!!! YOU MADE THE CHOICE to borrow the money and not pay your loans off on your next payday! Let alone TWO loans!!

These companies, though expensive, are in the business to make money. It's not their fault that you cannot budget or get a credit card! I'll bet you were all smiles and thanked them on the way out to spend the money! And, I bet if you had thought of this business you'd see it in a different way!

While I understand your frustration, again, it was your choice. The loans are really meant for emergency car repairs, medical bills, etc. Not for you to have extra cash now that you've paid your bills. Not to go gamble at the casino with...which believe me is more common than you may know!

You are upset about the fees. Yes, the owners make a lot of money. But their investors also lose a lot of money when the checks bounce and the customers who THEY HELPED now say on collection calls, "I have 7 loans out" or "I have my car and mortgage and you guys are last on my list".

Or.... even though you legally state on your application that you won't, you borrow the money and file bankruptcy! That's a loser's way out!! It's your debt! Why should these companies and the public suffer for YOUR inability to budget!

REMEMBER, we were first when you needed the money! Now are are last priority!

There are State guidelines all Companies must follow. If in doubt, each office SHOULD have the number for CFSA or the State to call and talk to... or report to!

Now... a hint! If you are so drowning, notify your lender(S) that you need to default and want to go on the EPP (Extended Pay Plan). It will allow you to to pay no more interest and get your loans paid in full. But remember, if you are given this opportunity, you will signed a new contract and it's a second chance. DO NOT blow it a second time! They are doing you a SECOND FAVOR!!

So, when you are complaining, you are doing it because you chose to either ignore the way the program works or you really had no way to pay it back in the first place. Again, your fault.

And, no, I would NEVER do a payday loan, title loan, or signature loan! Too expensive and with a title loan, are you really willing to have your car repo'd?????

As an ex-employee of Rapid Cash I have to say that withholding the option of the payment plan to customers is NOT TRUE. In fact we were reminded often to watch for customers who seem to have trouble paying off the loan and offer the option of the payment plan. For example, if they came in and only paid interest three consecutive times, or every payday would payoff and re-loan on the spot, we would ask if they knew of the program and if they wanted to sign up.(If I remember correctly, I think the guidelines for the payment plan were somewhere in the original loan document customer signed.) Management stressed that a happy customer is better business, and relied on positive word of mouth. Even paying customers ten dollars if you referred a new customer. They would rather have successful payment plans than have to deal with collections. As one mentioned above, and clearly states on Rapid Cash signs, the words 'short-term' and 'payday' are obvious indicators this is a 'quick-fix', not a long term solution. That explains why you could only borrow a reasonable amount of your current paychecks and not based on an annual or even monthly income. This is all up front, people should not be upset at the business for offering you a service, be upset at yourself for not budgeting your money better. ESPECIALLY the people who have loans out all over town at the same time!! Anyway, that's too bad if you were not told of payment plan at your branch. But like I said in Vancouver, Washington we were always told to let customer know their options.

CANNOT REPAY A PAYDAY LOAN? THERE IS HELP FOR YOU!!!

Never, ever use a Rapid Cash!!!! They will withhold information from you. For example, if you cannot payback your loan, you have a RIGHT to enter into CFSA extended payment agreement. (You can do this once a year.) As long as you go in before the loan is due, you can sign for a CFSA extended payment agreement. They HAVE TO BY LAW "freeze" the loan and allow you to repay it in AT LEAST four equal payments without it acruing any INTEREST. And you don't have to make the first payment until your next payday!

So if you are in trouble financially, you don't get trapped just paying off the finance charge and not paying any of the principal. THEY WON'T TELL YOU ABOUT THIS OPTION! They'll just let your loan default and then send you harrassing letters from their lawyers (which happened to me). If you get in trouble, go in BEFORE YOUR LOAN IS DUE and demand a CFSA Extended Payment Agreement. ANY payday loan center who is a part of the CFSA has to offer this option.

As of July 31, 2007 all CFSA members are required to offer customers who are unable to repay their payday advance on the agreed upon due date the option of entering into an Extended Payment Plan (EPP). This new Best Practice gives customers more time to repay their loans with no additional fee or interest, and helps customers avoid a cycle-of-debt by providing a cost-free safety valve.

My husband and I got in over our heads with payday loans. As the user above stated, they are NOT meant to be a long-term solution - best for cash "in a pinch." The interest rate is huge, but you know what it is up front.

If you find yourself in over your head, cancel the check(s) you wrote to Money Tree. After a week or two, they'll send you a letter announcing that you are in default, then they'll call you (or you can call them). Having dealt specifically with MoneyTree, I can tell you that they were VERY nice and reasonable. They tacked a $25 NSF fee to my loan and asked me how I'd like to repay.

I explained to them that I could only afford $100/month on a total balance due of around $900. They happily agreed to my due date and stated I could go into any MT location to make my payment. After finishing out this payment plan I didn't have to worry about the loan any more. It might not be fair in terms of the letter of the contract, but we definitely could not afford to pay the high interest rate any longer.

One of the PROBLEMS with MT is that they only allow payments towards the principle in $50 increments, and they make you pay two weeks of interest regardless of how long you have the loan. There are other, better loan agencies out there that will not do this - check them out.

One thing to consider is that this bounced check will show up on TeleCheck, but it hasn't appeared on my credit report. I'd rather have the TeleCheck thing than still be paying $150 every two weeks for this loan.

I am a former employee of Moneytree, but not the location she speaks of, a location in Reno, NV.

People need to realize that payday loan stores are governed under Nevada state law, and that law says a store may only loan 25% or less of the indiviuals gross monthly income. In the eyes of the law, she is financially able to pay this loan back. If she wishes to renew the loan by paying the interest, she is able to pay down against the principle of the loan, but she chose not to.

There is nothing illegal or fraudulent involved in payday loan transactions done by Moneytree. In fact, to ensure the customers are somewhat financially stable, after 4 renewals, the loan must be payed in full. They can then do a new loan up to their personal loan limit.

Customers of the payday loan industry do not realize that these loans are intended to be a solution to a temporary cash flow problem, but not a fix to long term financial difficulties.

Moneytree has some of the lowest fees in the industry, customers just get angry at their own situations when they are really self inflicted by sneaking around to every payday loan place in town trying to make ends meet and do not realize they just need to cut spending and get better paying jobs.