- Report: #142255
Complaint Review: Mypaydayloan.com - Internet
-
Author Confirmed
Why?
Mypaydayloan.com
mypaydayloan.com Internet, U.S.A.
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Mypaydayloan.com Loan Shark online, told me to pay my loan in payments then told me the payments werent good, needed lump sum also. Internet
I got a loan from mypaydayloan.com with no credit check which was great because I have no credit. My loan was only for $400 and the interest rate was 25% so I was supposed to pay them $500 back which was bad enough but since I have no credit I accepted that. They told me that when I got the loan I could pay it back in payments of $100 every 2 weeks.
I made all my payments and called them to make sure it was over and they told me that I made all them payments just to hold the $400 dollar loan longer. Now why would I pay $200 a month to hold only $400? They never said anything about this in their terms online or on the phone any of the times I spoke with them. I told my uncle about it and he tells me it is called a loan shark and it is illegal. I sent the company an email telling them that I would be reporting them and the next day they call me and tell me they apologize and they will be closing out my loan.
Christina
lake jackson, Texas
U.S.A.
I made all my payments and called them to make sure it was over and they told me that I made all them payments just to hold the $400 dollar loan longer. Now why would I pay $200 a month to hold only $400? They never said anything about this in their terms online or on the phone any of the times I spoke with them. I told my uncle about it and he tells me it is called a loan shark and it is illegal. I sent the company an email telling them that I would be reporting them and the next day they call me and tell me they apologize and they will be closing out my loan.
Christina
lake jackson, Texas
U.S.A.
2 Updates & Rebuttals
Mypaydayloan.com
San Jose,Central America,
Costa Rica
Rebuttal for Report # 142255
#2REBUTTAL Owner of company
Tue, June 03, 2008
MPD gives all of their customers 3 options to choose from when making a payment, which are stated in both the Customer Guidelines and also the payment reminder email. The options are as follows: 1) Elect to pay the total amount due (Fees will be waived if you are a Free Loan customer) 2) Elect to pay the minimum amount and extend the loan with a NEW CONTRACT* 3) Elect to pay more than the minimum amount and extend the advance with a NEW CONTRACT* (Payment will initially be applied to the fees and the remainder of the payment will be applied to the principal!) *A NEW CONTRACT MEANS: You are entering into a new loan period, which obligates you to pay the finance charge associated with your new principal balance at the end of the next pay period. Based on the options given, the payment will only be applied towards the principal balance if option 1 or 3 is selected. If option 2 is selected, the finance fees are the only portion being paid. After a customer has made their payment selection, a copy of their new Check Advance Agreement is displayed which shows the new principal balance, new amount due, and next due date. If the customer elected to pay the minimum only, the Agreement will show that their balance did not change and therefore the original amount borrowed plus the finance fees are still owed.
Fightin' The Good Fight
Arlington,Texas,
U.S.A.
Make sure you pay, the collections are awful
#3Consumer Suggestion
Fri, March 31, 2006
I have been harrassed by their collections department relentlessly. I have been forced to file complaints with the AG and several other agencies. They will send you letters that clearly say "collections" on them, and if they leave a message on your machine, they give full disclosure. You will hear from Janelle, Kelly, Sarah, or Jake. Pay them and make them go away, and try not to get sucked into the payday loans in the future. They really ARE loan sharks!
