What a rip off?
I have a guy who works for me and he was short on cash. He went on line and borrrowed 400.00 bucks. Now they are debiting his checking acct for the next 4 months at 90.00 a month. How can the banking industry allow this kind of s** to happen.?? He can't even get hold of them to pay them off all at once. They are draining his checking acct for as much as they stupid law will allow.
Answers:
Um well it his his fault because he's the moron who didnt read and you are getting pissed about it> That's sad because I guarantee the fine print is there and it was his fault for not reading it. LIke oh borrow from a cheque advance place and pay back sure u pay back more but what you dont think is that now next cheque u are in a loop hole.
Sorry buddy but its his fault and it is his problem.
SECONDLY you say 4 months at 90 bucks..
he pays back 360 so WHAT a deal..according to your information.
Close the account and open a new one.
Tell him to contact the Better Business Bureau.
( http://www.bbb.org ). They are investigating a couple of companies that run this scam. Have him check with the Rip Off Report as well ( http://www.ripoffreport.com ).
his ot yours?
He borrows $400 and is only paying back $360? Sounds like a good deal to me.
Where is this site? I want to borrow $400 and pay back $360, too.
Wait - he received 400 and now they are automatically withdrawing 90/mo for 4 months? That is less than he borrowed but even so, if the auto-withdraw was part of the terms of the loan, then why is he upset?
yea whats so wrong ?
He got a deal..
What youa re talking about however is called 'loan sharking'. There are rules and laws they have to follow and limits to what they can charge, how do you find out what they are? dont know
Borrowing $400 and paying back $360 sounds like a pretty good deal to me.
He borrowed $400. They are taking it in amounts of $90 for the next four months.that equal $360...what's the problem, how can I borrow $400 and pay back $360?
This guy borrowed money online. There had to have been terms in the loan. He had to provide his checking account. He gave all this information freely.
The numbers you gave don't add up. He's paying $360 on a $400 loan? This sounds like a pretty sweet deal for your friend.
Yeah, he had to have READ THE TERMS OF SAID LOAN DIDN'T he? besides 4*90=360 it's a bargain, unless there's a term you didn't mention.
Tell him to contact his bank and let them know that he didn't authorize them to deduct money monthly. Then, have him send the company a money order for the remaining amount. They have to take the payoff. If they refuse he can take them to court.
$90 a month for 4 months is only a pay back of $360. Great deal.
My guess is that this information was indicated on their website, someplace where it would be easily overlooked.
There are pros and cons of working on-line. The thing is, if he agreed to the amount being credited to his checking account, then likely he agreed to the debits too.
There are check cashing companies doing the same thing in most cities and towns. It isn't good for the person borrowing - but then, they usually make bad judgment calls that get them caught up in the situations where they need to make use of these loans in the first place.
I bet that somewhere in his on line application he agreed to this. (You know, just like when you download a "free" screensaver and sign up for a bunch of nasty adware by agreeing to the boilerplate terms.)
The banking industry has nothing to do with internet rip offs. Borrowing money on line is just plain stupid...just like your friend who thinks that paying back $360 when he borrowed $400 is a rip off. HUH???
Always read carefully before signing anything.
Besides your obvious misstatement about how much money he has to repay, you stated exactly what is happening. They are draining him for as much money as the law allows. When you are desperate for money, you are going to pay a premium for it. I'm sure that if he tries to get out of paying, they have a penalty in the contract.
Yes, this is a rip-off. Yes Congress should do something about it. The best thing your friend can do is stay away from those places at all cost.
lol 2 the guy who wants the site 2 get 400.00 anyway just open a new account oh and close the old one
The answers post by the user, for information only, FreeLawAnswer.com does not guarantee the right.
Answer question:
More Law Questions and Answers: