500 Fast Cash they are very sneaky in theri business practices. they expect a 200% finance fee for a small loan and continued charging my account after their loan was paid off Internet Internet
500 fast cash is a payday advance money lending internet site. After paying them off, they comtinue withdrawing money from my account, expecting an almost 200% finance charge on a $300.00 loan. according to them their small print contrat claims their company will refinance yor loan every month by default resulting in astronomical refinance fees that most people wouldn't be aware of. I never got any correspondence from this company since the beginning and they took it upon themselves to keep refinancing my loan without my permission and using my checking account to do so. I feel their business practices are very elusive and sneaky. i've borrowed from other companies in a similar way and the regular method is to settle the matter within two weeks of the loan (hence why it's called a payday loan) and not extend it UNLESS the borrower specifies to do so. After all it's my money and I feel i should give the consent to extend any loans i have out. This company needs to brought to someone's attentions for their scam operation they are running and robbing people blind. I need to contact a lawyer because they can't get away with this
Michelle
miami, Florida
U.S.A.
2 Updates & Rebuttals
Harold
Oromocto,New Brunswick,
Canada
shady
#3Consumer Comment
Mon, December 17, 2007
to the former employee, yes they have only done what was in the contract but i bet 4 refinancing fees that if you talked to any of the ppl in the office, they wouldn't be volunteering any of this info for the patrons.
it may be legal but it sure isn't ethical(what would be the point of refinancing a loan that is paid off?) doesn't the company keep track of their accounts?
Chris
Kansas City,Missouri,
U.S.A.
some information
#3UPDATE EX-employee responds
Tue, August 07, 2007
I'm not siding with the company but the contract has everything on there and it isn't small print. regardless, you need to make sure you read all of it next time. it says your account will automatically go through 4 renewals unless you send them a fax to authorize the full amount of loan to come out of your checking. you did agree for them to renew your loan when you signed up. that's how it works. they only did what you said they could do