Go ahead - search the Internet for a loan. You will find literally thousands of Web sites that guarantee to put money in your pocket, no questions asked, regardless of your credit history – and you’ll have it within days (hey, some say hours!). STOP!
Whether the loan requires an advance fee or falls under what regulators call a “pay-day” style, the bottom-line is it’s a predatory lending tactic and in Maryland, a real no-no. The “lender” is banking on the fact you are a high risk for a loan and you want to dodge the “credit check” bullet. He knows know his offers of quick, easy, and immediate money sound appealing. He also knows that tomorrow’s bills are staring at you today and you simply don’t know where to turn. These companies prey on your vulnerability.
According to BBB files, 200cash.com has left at least 199 customers high and dry in the past 12 months. Yes, it’s a sign of the times; it’s also the sign of a rip off. 200cash.com has NOT responded to a single written complaint BBB has presented on behalf of consumers. As a result, the company has earned an F rating. Simply stated, their business practices are bad, really bad.
Let’s look a little deeper into why consumers are so unnerved. When you apply for your loan, you’re charged $19.00 (aka – an advance fee). According to consumer reports, BBB has no record that a loan has ever been granted. Maybe you don’t think $19 is all that much to worry about, but if you’re not living paycheck to paycheck, but pennies to pennies, that fee can and HAS triggered bank overdrafts (NSF) and sent victims’ bank accounts into a domino pattern for returned check fees amounting to hundreds of dollars.
Oh, and what about their Web site anyway? If a company never makes good on a promise to deliver a product (or a loan) how can you be sure their site is secure – because they say so? Do you realize you just forked over all your personal information – more than your mom knows about you and enough to trash whatever is left of your credit?
If you’re the adventurous type, check out 200cash.com’s home page. Maybe you’ll see where they tell you about the $19.00 fee. It’s there but it’s like an Eastern egg hunt, you’ve got to be look hard to find it. If you do, you’re going to need the Hubble telescope to read
the fine print. Unfortunately, if the print is small or hidden, it doesn’t absolve us of our responsibility to learn all terms and conditions of every transaction we make. Ask questions and if you can’t reach a company representative by phone, email, mail, and
independently confirm they have a real address, not just a post office box, then you should walk away. Remember, if it looks too good to be true, well, it probably is and please, just walk away!
We’re all in this economic uncertainty together. But here are some things we can be certain: trust your common sense, trust your ability to research a company BEFORE you give them any personal information, sign contracts or make payments, and trust the objective opinion determined by BBB. If a company does not respect a customer’s complaint enough to answer – or even dispute – the allegations, than that company has truly earned a failing grade.
And remember, according to Maryland Attorney General’s office, all businesses offering loans in Maryland must be licensed with the Maryland Division of Financial Regulation - even if they do it online.
Call the Division at (410) 230-6097 to see if the company is licensed and if there are any complaints against it AND go to
bbb.org and check out a company before you even consider an online loan application.
Our best advice holds true year round (not just the holidays) – shop locally. If you need a short-term loan, go to your local financial institutions and talk to them face-to-face. If you are in debt over your head, search
bbb.org, insert your zip code, and search for
Credit Counseling services in Maryland who can give you guidance, direction, and solutions.
We are all in this together and BBB is doing our share to help you be informed and savvy – let us know how we’re doing and send your thoughts. Best, Angie
