discussion on pay day loans scams - Debt Consolidation Care

CollectorMatt · Posted: Fri Dec 09, 2005 5:44 pm Post subject: discussion on pay day loans scams

ok, here's a question from a person who usually just has answers....it's as follows:

how are pay day loans scams? if i understand it correctly, you ask for a loan, for say $300.00, that company then asks that you pay back a fee in addition to that, usually after you next paycheck (or 2 paychecks away). then you pay it back. if you can't pay it back at that time, you can pay another fee to extend the loan. right? how do people have so many issues with these companies? am i missing something here?

roxette · Posted: Fri Dec 09, 2005 5:53 pm Post subject:

Some companies do not mention the interest fees in their agreement contract. They say that the payday loan was done on the internet. Hence they are not supposed to give you in writing...

Then they make unauthorized debits from the checking accounts. Agreeing to what should be paid is not a problem by people. The problem starts when people visit a payday loan site and their personal information is collected. From this information, unauthorized debits are being made without even taking the loan at some cases.

ben · Posted: Fri Dec 09, 2005 5:57 pm Post subject:

Hi

I will like to join here too. Some of the people going through this problem are well aware of the interest charges and they plan the payments accordingly. But suddenly one company calls and say that they owe an amount that is out of this world. And they just want to give you papers on this calculation.

CollectorMatt · Posted: Fri Dec 09, 2005 6:01 pm Post subject:

seems odd. i'm assuming it is more safe to go into an actual pay day loan store-front and do the transaction there?

roxette · Posted: Fri Dec 09, 2005 6:06 pm Post subject:

I am not sure if you have heard about the International Cash Today. They have their head office in UK and have a call center somewhere in Reno, NV. They won't give any info about the accounts and they tend to make regular debits without authorization. Read this thread posted by their employee as well as many other threads are available in this segment.

http://www.debtconsolidationcare.com/forums/cash-today.html

CollectorMatt · Posted: Fri Dec 09, 2005 6:13 pm Post subject:

wow, what a scam. i have friends who took out pay day loans at a local check mate. luckily check mate was very friendly and professional. no issues with them.

Clay · Posted: Sat Dec 10, 2005 4:56 am Post subject:

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