Comments on: Bad Payday Loan Companies - Don’t Let This Happen To You! http://www.paydayloanmaxx.com/blog/bad-payday-loan-companies Extra Money, Extra Fast Thu, 11 Mar 2010 13:56:37 +0000 http://wordpress.org/?v=2.6.2 By: Charlie http://www.paydayloanmaxx.com/blog/bad-payday-loan-companies#comment-353 Charlie Wed, 28 Jan 2009 20:41:47 +0000 http://www.paydayloanmaxx.com/blog/?p=75#comment-353 I run a small company with 4 store locations and a small internet operation out of Illinois for clients in the state of Illinois. My focus is generally on the Internet and I have some suggestions for anyone who is looking to or going to deal with any short term lending companies. 1.) Be sure on a multiple payment loan that your payments are principal and interest. (This way the loan will be paid in full as outlined in the contract) 2.) Ask questions!!! (While I work with all of my operators to know and explain how the loans work sometimes things are missed, it happens, it is your job to know what you are agreeing to before clicking 'I agree' or signing on the line.) 3.) Make sure the company is licensed to do business in your state. (This is so you are protected under your states laws and they are set up to protect you, most websites will display a copy of a license or a link pointing you to where you can verify this) 4.) Do not go to a company that is based off shore, or that has a line in the contract stating; ‘this contract is assumed to have taken place in Spain’ (or some other country, Spain is just a random example). These loan company’s will not normally follow US laws. 5.) Be responsible, do not borrow more than you need. (It is always an unwise decision to borrow from one company to pay another’s payment. However, it is not always a bad idea to borrow from company A to pay off company B completely if the rate or terms are better for you). 6.) Know the rates and ask questions about them before submitting an application. (Many short term lenders are able to see when you have applied with other short term company’s and may jack the rate up or deny the loan if they see you have submitted a large number of applications recently (This goes for internet or store front company’s). 7.) If for what ever reason you cannot make the payment or are going to be falling behind, contact that lender immediately. (I know that many lenders may not help or care, but in the case of my company we are almost always willing to help or work something out.) 8.) Changing your bank account, not answering calls and not attempting to work with a lender that is trying to get this taken care of is almost always a bad decision. (A good number of companies have started negative reporting to credit agencies and this can hurt your future attempts to do anything from open a new bank account to buying a house or car for 7 years.) 9.) Do not lie on an credit application, not only is it against Federal laws but it also does not help you or the lender get you taken care of. (I have so many people lie to my over the phone and to my face where I catch them in their lie, and even though they could have been a good client and I could have helped them I am unable to at that point) 10.) MOST IMPORTANT!!! Pay the loan off as soon as possible. (Know if you need to call to get the loan paid off or what you need to do, but stay on top of it and get it paid off! These are high interest loans because they are short term and the processing costs can only be cut by so much.) Please keep your eyes open and borrow responsibly, we are here to serve you the borrower. And as a side note be calm and collected when you call, kindness, honesty and respect go a long way with people who are working to help you. Charlie www.fiatfinancial.com I run a small company with 4 store locations and a small internet operation out of Illinois for clients in the state of Illinois. My focus is generally on the Internet and I have some suggestions for anyone who is looking to or going to deal with any short term lending companies.

1.) Be sure on a multiple payment loan that your payments are principal and interest. (This way the loan will be paid in full as outlined in the contract)

2.) Ask questions!!! (While I work with all of my operators to know and explain how the loans work sometimes things are missed, it happens, it is your job to know what you are agreeing to before clicking ‘I agree’ or signing on the line.)

3.) Make sure the company is licensed to do business in your state. (This is so you are protected under your states laws and they are set up to protect you, most websites will display a copy of a license or a link pointing you to where you can verify this)

4.) Do not go to a company that is based off shore, or that has a line in the contract stating; ‘this contract is assumed to have taken place in Spain’ (or some other country, Spain is just a random example). These loan company’s will not normally follow US laws.

5.) Be responsible, do not borrow more than you need. (It is always an unwise decision to borrow from one company to pay another’s payment. However, it is not always a bad idea to borrow from company A to pay off company B completely if the rate or terms are better for you).

6.) Know the rates and ask questions about them before submitting an application. (Many short term lenders are able to see when you have applied with other short term company’s and may jack the rate up or deny the loan if they see you have submitted a large number of applications recently (This goes for internet or store front company’s).

7.) If for what ever reason you cannot make the payment or are going to be falling behind, contact that lender immediately. (I know that many lenders may not help or care, but in the case of my company we are almost always willing to help or work something out.)

8.) Changing your bank account, not answering calls and not attempting to work with a lender that is trying to get this taken care of is almost always a bad decision. (A good number of companies have started negative reporting to credit agencies and this can hurt your future attempts to do anything from open a new bank account to buying a house or car for 7 years.)

9.) Do not lie on an credit application, not only is it against Federal laws but it also does not help you or the lender get you taken care of. (I have so many people lie to my over the phone and to my face where I catch them in their lie, and even though they could have been a good client and I could have helped them I am unable to at that point)

10.) MOST IMPORTANT!!! Pay the loan off as soon as possible. (Know if you need to call to get the loan paid off or what you need to do, but stay on top of it and get it paid off! These are high interest loans because they are short term and the processing costs can only be cut by so much.)

Please keep your eyes open and borrow responsibly, we are here to serve you the borrower. And as a side note be calm and collected when you call, kindness, honesty and respect go a long way with people who are working to help you.

Charlie
http://www.fiatfinancial.com

]]> By: rbatch http://www.paydayloanmaxx.com/blog/bad-payday-loan-companies#comment-130 rbatch Sun, 14 Dec 2008 23:06:43 +0000 http://www.paydayloanmaxx.com/blog/?p=75#comment-130 Vincent, thank you very much for your very detailed experience. We're sorry you had a bad experience with online payday lending. Everyone needs to be very careful when dealing with any online transactions, payday or otherwise. Also, we had to remove the 800# you left. We have a policy of not leaving phone numbers in blog comments. We advise everyone to look on ripoffreport.com, it is very helpful and can definitely assist you in avoiding a bad payday lender. Vincent, thank you very much for your very detailed experience. We’re sorry you had a bad experience with online payday lending. Everyone needs to be very careful when dealing with any online transactions, payday or otherwise. Also, we had to remove the 800# you left. We have a policy of not leaving phone numbers in blog comments.

We advise everyone to look on ripoffreport.com, it is very helpful and can definitely assist you in avoiding a bad payday lender.

]]> By: vincent wieselquist http://www.paydayloanmaxx.com/blog/bad-payday-loan-companies#comment-125 vincent wieselquist Sat, 13 Dec 2008 17:30:44 +0000 http://www.paydayloanmaxx.com/blog/?p=75#comment-125 My comment is if you need a payday loan,go to a place like amscot.your local payday neighborhood loan company.WHERE YOU KNOW WHERE IT IS,AND YOU DEAL WITH THEM IN PERSON.I myself have dealt with these on line payday loan companies.I regret it deeply.It started out this way.We were maxed out in our credit cards.we had to pay rent and electricity.I did a search "help with rent"I found a company called "cashangels"kind of funny if you think about it.well anyway,I went to these people for a loan thinking they would take it out next payday.like amscot.so I had to submit my bankrouting number and my checking account number. they approved for 200.00 but I had to pay 260.00 next payday.I thought" a little high but i need the money".2 weeks later only 60.00 was taken out.I thought "HMmmmm"why only 60.maybe they will take out the rest the following week.well i called to inquire about this and they said i have to call to have the whole thing taken out.so to make a long story short. Someting else came up. I took another loan out and pretty soon.I had 5 loans with 60.00 debited my account for each loan. (300.00) which lead to more loans.to cover the financing fees.I was flat broke every 2 weeks it was horrible. I finally had to close my checking account and reopen a new one.just so i wouldn,t be broke.and then the nastiness came woooooh.I was getting calls on my cell at work.I was getting e-mail notices.they even called my mom telling her that it was urgent to speak to ME. my plan of action is this.I am going to get an excellant tax refund I am going to use some of that money to go to an agency that specializes in payday loan debt.I will include the phone number in this letter.if anyone needs it.DO NOT DO WHAT I DID. LEARN FROM MY MISTAKE.If anyone needs a payday loan the best place is amscot or a place like ace cash express.what they do is this.they approve you up to 500.00 but you have to write and give them a check for the amount you borrow.on your next payday,you HAVE to pay the loan in full with a 10 percent interest fee.YOU CANNOT EXTEND .you just pay it back and get another if you need one.if you do not pay them they send in the check that you wrote to them at the beggining.amscot is good because they do not extend the loan after payday you have to pay them back.this forces us to better budget our money.it is aalso good because even though you wrote a check to them ,they do not have your routing number or account number.but an online payday loan does.with amscot you pay back the loan IN PERSON or you can choose to have them send in the check you wrote to your bank. It is not done electronically.these online pay day loans it is not so much the amount.It is more of there practice that hurts people.they wouldn,t be bad if they altered their practices.they make it very easy for us to get into a trap.where amscot has more payday loan restrictions. I am giving you all a number to a paday loan debt settlement company.these online payday loans are sinister because they do not have a definitive physical address.they only way to get in touch with them is by e-mail or phone.and naturally the phone numbers are 800 numbers.so you cannot trace them. here is that number 1-800-###-#### My comment is if you need a payday loan,go to a place like amscot.your local payday neighborhood loan company.WHERE YOU KNOW WHERE IT IS,AND YOU DEAL WITH THEM IN PERSON.I myself have dealt with these on line payday loan companies.I regret it deeply.It started out this way.We were maxed out in our credit cards.we had to pay rent and electricity.I did a search “help with rent”I found a company called “cashangels”kind of funny if you think about it.well anyway,I went to these people for a loan thinking they would take it out next payday.like amscot.so I had to submit my bankrouting number and my checking account number. they approved for 200.00 but I had to pay 260.00 next payday.I thought” a little high but i need the money”.2 weeks later only 60.00 was taken out.I thought “HMmmmm”why only 60.maybe they will take out the rest the following week.well i called to inquire about this and they said i have to call to have the whole thing taken out.so to make a long story short. Someting else came up. I took another loan out and pretty soon.I had 5 loans with 60.00 debited my account for each loan. (300.00) which lead to more loans.to cover the financing fees.I was flat broke every 2 weeks it was horrible. I finally had to close my checking account and reopen a new one.just so i wouldn,t be broke.and then the nastiness came woooooh.I was getting calls on my cell at work.I was getting e-mail notices.they even called my mom telling her that it was urgent to speak to ME. my plan of action is this.I am going to get an excellant tax refund I am going to use some of that money to go to an agency that specializes in payday loan debt.I will include the phone number in this letter.if anyone needs it.DO NOT DO WHAT I DID. LEARN FROM MY MISTAKE.If anyone needs a payday loan the best place is amscot or a place like ace cash express.what they do is this.they approve you up to 500.00 but you have to write and give them a check for the amount you borrow.on your next payday,you HAVE to pay the loan in full with a 10 percent interest fee.YOU CANNOT EXTEND .you just pay it back and get another if you need one.if you do not pay them they send in the check that you wrote to them at the beggining.amscot is good because they do not extend the loan after payday you have to pay them back.this forces us to better budget our money.it is aalso good because even though you wrote a check to them ,they do not have your routing number or account number.but an online payday loan does.with amscot you pay back the loan IN PERSON or you can choose to have them send in the check you wrote to your bank. It is not done electronically.these online pay day loans it is not so much the amount.It is more of there practice that hurts people.they wouldn,t be bad if they altered their practices.they make it very easy for us to get into a trap.where amscot has more payday loan restrictions. I am giving you all a number to a paday loan debt settlement company.these online payday loans are sinister because they do not have a definitive physical address.they only way to get in touch with them is by e-mail or phone.and naturally the phone numbers are 800 numbers.so you cannot trace them. here is that number 1-800-###-####

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