Here it is 522008 and I am still getting charged by this company as well as an additional company called SGQ, Ltd. Unfortunately, back in June 2007, my wife and I separated. As to ensure that she could maintain the home and take care of our 5 children, I inquired on a loan from this company. I received a loan for 400 and was advised finance fee would be 90 on a biweekly basis. I did not receive any other information from this company. I do not have phone number or address. I have now paid 1,260 for a loan of 400. 3x the amount. I attempted to contact them via email through 'Loanpointusa.com' which is how I was notified of the deposit. No response!
What can be done to prevent these companies from sucking us dry. Unfortunately I was never in a situation that I could pay the loan off in full at one time as they wanted 400 for the principal and another 90 for the finance fee. Thus every other week they have been withdrawing 90 from my account. I have notified my bank and they state I must file a formal complaint but that is no guarantee. It is sad that these companies take advantage of people in this manner...I have dealt with other companies which I will not name which give you paydown information after 4 re-finances. This company offered nothing and would not even contact me back. In Ohio they are working on a Bill in Senate to control these types of companies and prevent this type of action. Anyone have any ideas? I could close my bank account and open a new one but I see here that somehow they are finding out this information as well....Thanks,