BlackCard Loan

I went thru Money Mutual to find a source for a check loan in April 2010. I was approved on 4/22/2010 thru Black Card Loan for the amount of $200 with a total pay back amount of $270. I was not able to pay back the amount as intended and the company continued to deduct the interest amount every 2 weeks with the exception of one deferment they allowed.

To date, I have paid a total of $480 in interest alone. I accept my responsibility in the fact that I took out the loan in agreement I would pay it pack. However, my complaint is that I asked several times for an alternative to pay pack the amount I owed without having to be penalized with the interest fees. They were not willing to do this until my last request to them on September 10, 2010. They referred me to their collection department. I made a verbal arrangement with the collection dept. on September 14, 2010 to pay back $200 in 4 installments of $50. They also verbally agreed to stop deducting the interest amount of $61.25 from my checking account starting on the same day (September 14,2010). So when all is said and done I will have given this company $680 for a $200 loan.

This makes me sick to my stomach. What really put the icing on the cake is this: Black Card Loan got in one last dig and deducted the amount of my interest ($61.25) electronically from my checking account on September 15,2010. I have sent three emails to both agencies attempting to get the funds returned along with the over draft fees I received from may bank. Needless to say, I have not received a response from either one and seriously doubt I will.

This is a payday loan company which I used while in a tough financial situation. I borrowed $400 from them with the understanding that they would deduct $140 from my checking account each payday, unless I notify them to take the entire loan amount, plus the service fee. BlackCard Loans took the $140 service fee out of my account twice in one week. I contacted them and spoke with someone named Joseph. He gave me a fax number and asked that I fax a copy of my statement to him in order to be refunded one of the $140 fees as it was a mistake made by the company.

Well as it turns out, the fax number was a fake. Before the next payment due date, I contacted them via automated service and told them to just take the entire lump some of $540 just to get them out of my life and out of my checking account. They cheated me out of $140 for a service fee that is due every two weeks. Instead, they took out two payments of $140 in one week and gave me a fake fax number to fax my bank statement to prove that they owed me the money.