This horrible company should not be in business. The employees are not trained, they don't have a clue regarding anything they are doing and most seem to be on some power trip. I lost my vehicle because of some idiot named Walter. This company will lie and cheat to cover up their mistakes so make sure you document everything and can supply proof because if you don't you won't win, even if you're the honest one.
I filed a complaint with the Attorney General's Office, who forwarded it to the Department of Business Oversight, the department who license this God awful company.
In response, City Loan tried to say I never call the office or I "went silent", but I got copies of all my phone records, the dates, time common reasons for personal loan rejection length of each call. Liars. Then City Loan tried to say that this "Walter" was my account manager - he wasn't.
Choose your repayment day. You can select what day of the week you want to repay. This gives you complete control over your loan repayment schedule. Spread the cost. As youre repaying a set weekly amount, there are no surprises. You know exactly whats going out of your account and when, enabling you to keep control of your finances. Calculate your repayment options.
Update, January 21, 2015: Lisa McGreevy, CEO of the Online Lenders Alliance, emailed HuffPost an extensive response to this article. She reiterated the stance of the OLA representative in the story, common reasons for personal loan rejection state laws about online lending are unclear and that most online lenders don't operate in states "where jurisdiction is in question.
" Among her other points: "The article relies heavily on a Pew Charitable Trust study regarding online and storefront lending that is based on research conducted in 2011, which preceded changes by many online lenders in response to industry guidance from the FTC. In short, the study does not reflect how legitimate online lenders conduct business today. We do, however, agree with a number of the conclusions in the Pew report, including the need for more fraud protection and strong, clear federal guidelines for small-dollar loans.
"OLA and its members abide by a strict set of industry best practices that Pew referenced positively in its study. OLA companies use sophisticated underwriting analytics to ensure customers are willing and able to repay.
For more information about your lender's specific procedures as they apply to late payments, please review your loan agreement or contact your lender directly. Origination, documentation and other additional fees may apply to your online personal loan deal. Late payment, non-payment fees and other penalties may apply to both short term and online personal loan deals in case of missed payments.
Please review your loan agreement carefully for information about the financial implications before you provide your electronic signature. The costs associated with loans of up to 500 can range from 15 to 40 of the entire loan amount, and the charges associated with loans of more than 500 can be even more. Your lender may also charge you late common reasons for personal loan rejection as well as fees for non-sufficient funds. As an example, your lender may charge you a 20 nonsufficient funds fee as well as 15 of the loan balance as a late fee.
Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.
Non-payment may involve debt collection practices as it is set by applicable law. The majority of the lenders in our network do not intend to sell your debt to outside collection agencies.