#2Author of original report
Sat, April 16, 2016
Allow me to be clear and set the record straight...
I did borrow money from mobile loans.
I did borrow it with the intention to pay it back.
I did pay it back plus a substantial amount of interest.
Mobile loans at the time this occurred was NOT licensed to do business in the State of NJ. They weren't licensed to do business in many states for that matter at the time of this occurring.
This wasn't an oversight on mobiloans part they were made aware by the State of NJ many times before per the State who took this file and handled it for me.
I can not speak as to the laws in other states but in NJ if you are driving your car without car insurance as it is state law you must have it to operate a vehicle on the roads, and you are in a car accident. Regardless of how the accident occurred or who was the negligable driver, the driver without the car insurance is automatically at fault.
The reason: You weren't supposed to be on the road to begin with without the legal requirement of maintaining car insurance being met. THIS IS THE SAME THING!
MY thought is why wouldn't mobile loans get the licensure needed so they could operate in NJ... I don't have this answer but my guess is they couldn't. I can't speak to that fact or as to if they have obtained it since my incident but my guess is the State of NJ probably knew the type of enterprise operating mobile loans.
To those that feel I can't read the fine print keep you comments to yourself - it was a few years ago so frankly I flushed most of the experience once the state of nj resolved it for me, but the long and short of it is what I read on the website did not equate to what I ended up paying. There was a disconnect deliberately created to keep people from realizing what the cost of the loan actually was.
In this county and probably most of the world there was a standard created. It is called an interest rate - it was created for a reason. They teach us in school how to calculate interest on loans etc. We as a society are conditioned to interest rates, how to calculate them, and have a sense of how much borrowed money will cost us.
Mobiloans took that from us with their implementation of the "service fee" the use.
If the interest rates were appropriate they would have called it an interest rate since everyone knows what that is. They instead covered up essentially illegal interest charges buy calling is a service fee. How convenient...
Since you like to pay high interest on your loans go for it. Since you and the others that basically call me a liar and feel mobileloans is a stand up enterprise do business with them. I'd have to think you'd be stupid to do that since obviuously if you are taking out a small loan like that you probably have some cash flow problems to begin with.
Afterall, Wealthy people borrow from themselves first unless it is cheaper to borrow someone elses money and pay it on time. They typicallay have assets, savings, investments, etc.
So Give Mobiloans your hard earned money... Or did Mobiloans hire you to file this rebuttle with my money they should have returned to me?
Yes Mobile loans was sent a letter from the State of NJ to Refund me everything over the principal balance borrowed that I paid them as they were conducting business in a state they were not legally allowed to be conducting business in at the time. WHERE IS MY MONEY MOBILELOANS?
Technically - mobile loans owes me back all the interest I paid on it. Of course, They have yet to refund me anything. I don't expect them to... What they owe me is too little for me to have an attorney get it back for me. Unless of course there is a bigger problem than I realize here and a class action lawsuit is in order but who knows since they operate on indian grounds, they are essentially their own country sitting on US soil conducting business and making money by pillaging the American people who don't realize they don't operate by our laws. Maybe another reason why they didn't have licenses to operate in so many states at the time.
TheRemixOnline
North Carolina,#3Consumer Comment
Thu, April 14, 2016
While I must say, everyone is entitled to their opinion I must defend Mobiloans not because of their practices but because they go above and beyond to clear up all the issues you've stated on their website alone. Yes, it's a very shady practice BUT in the institutions defense, they've even stated that this is not a long term loan solution, it's recommended as a payday loan and could even be stretched as a short term loan (a few months). This is to deter customers from using this service as a long term loan. Mobiloans charges a fee for withdrawals (based on the dollar amount withdrawn) and if a fixed finance charge if customers opt not to repay in full. Mobiloans is a pay day loan service who makes their money solely on collecting fees. Without this structure, there would be no loan. Don't confuse this service with a traditional bank or credit union that offers many other profitable services and solutions which allow savings and lower rates to be passed along to customers. If you've noticed, all financial institutions that offer one service rip off customers - not because they are evil but because they need to stay in business. These types of institutions need your business as much as you need their money Requesting a supervisor and filing a complaint on something you signed up for, agreeded to and withdrew money from isn't going to erase the balance. I became unemployed and knowingly got myself into this situation and it is a tough one to get out of, I completely understand your frustrations but I don't think Mobiloans deserved this one.
25 smith drive
18058,#4General Comment
Mon, June 17, 2013
I took a loan mobiloan and had no problem at all with them. I took 1000.00 dollars and paid back 1100.00 to weeks later. They tell you what your fee is and you pay it back in full. Don'T TAKE A LOAN IF YOU CAN'T PAY IT BACK IN FULL.
Victimized
Turnersville,#5Author of original report
Sun, June 02, 2013
FYI, Anyone doing business with Mobiloans in the state of NJ Please call 609.292.3420 it is the State of NJ Division of Banking and Insurance. Please speak with someone in the department of consumer finance.
Mobiloans was issued a directive from the State of NJ on 04/11/13 to CEASE and DESIST from providing loans to residents in NJ. As of 5/22/13 Mobiloans had not responded to the State's request. They had 30 days to do so and did not.
Since Mobiloans is not licensed in the State of NJ to do business. Anyone having paid back their principal balance borrowed has in effect satisfied their loan. MOBILOANS is not entitled to a PENNY MORE than what you borrowed since they ARE NOT LICENSED IN THE STATE OF NJ.
To date they have not refunded my overage and are continuing to try and collect despite receiving the cease and desist order. It is my firm belief that this company just does what they want because simply noone has stopped them YET.
MY advice to anyone out there having problems with Mobiloans is to contact your state department of banking and and file a complaint with them. If that gets you nowhere you can also file at a federal level at www.consumerfinance.gov. or call 855-411-2372. This is my next step since mobiloans won't close my account and refund to me the fees that I paid and I would welcome others to do the same so we can get this problem stopped.