Payday Loans are a Ripoff, Beware 100DayLoans

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Hi this is kendra your legal leg up as one of the new features in my site i’m going to be introducing what i call scam alerts these are alerts about businesses that whether or not they’re actually illegal i often skate up close to the line and take advantage of people who are you know suffering or are vulnerable in these economic tough economic times this is the

First of those scam alerts and today we’re going to talk about a company called 100 day loans which is a particularly obnoxious front for payday loans notice the techniques the company uses the slick marketing techniques the company uses to lure people to their financial self-destruction before i get into the scam analysis i want to tell you where a site like

This leads to it leads to a payday loan payday loans are very high interest loans sometimes as high as 500 percent or more which are short-term loans which are designed for people who have very serious need obviously for cash back when i was still practicing law i represented somebody who had taken out a loan for uh 500 and a couple of unforeseen circumstances

Occurred that stopped her from paying that loan back and about a year later they sued her for twelve thousand dollars so these things can add up amazingly quickly and they will destroy you very quickly my first contact with 100 day loans i received an unsolicited email from 100 day loans it was in other words spam with a byline that said from loan approval

And a subject line saying need cash quick get up to one thousand dollars now all credit okay that sort of information probably tells you all that you need to know but there was much more when i opened up the email i was greeted by the smiling photo of a woman wearing a low cut top holding a lot of cash below that was a very a lot of very small print mainly

Talking about how fast and easy it is to get these loans and how you can extend the time for repayment if necessary the woman in the photo doesn’t have a worry in the world she isn’t worried about interest rates of 500 but you should be i clicked on the apply now button for my instant approval and was taken to an application site where i was told that i had

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Been approved for the loan at the top of the page was a timer which said i had a little less than 10 minutes left on my approval the application for the loan was about three pages long and halfway down the page was a box of terms and conditions these terms and conditions included about two pages of very small print of course most people having only 10 minutes to

Complete the application would never read the small print i did and it contained some remarkable things as i read through the terms and conditions my 10 minutes expired and guess what i got a pop-up box telling me that my time had been had expired and asking if i needed more time to complete the process when i clicked ok i got 10 more minutes on the same timer

What a surprise i won’t go through the terms and conditions attached to the loans they were not intended to be read and many of them seem to be between 100 day loans and someone else i thought it might be part of an affiliate arrangement or a franchise agreement let’s just say that if anything bad happens it’s your problem one particularly interesting part of the

Terms and conditions is known in legalese as a non-disparagement clause what that means is you can’t say bad things about the company in plain english they’re saying that you agree not to say anything bad about them anything that might cause other people not to use their service although of course they welcome any constructive criticism there’s a small paragraph

Saying that if you breach this agreement you’ll be on the hook for their attorney’s fees for suing you i looked everywhere on the site all the terms and conditions i could find the frequently asked questions area everywhere for some mention of interest rates i found only one in the description of what the company does they find the fastest easiest loans at the

Lowest available rates they say supposedly checking bank rates as well as payday loan shops how the scam works 100 day loans appears to be a front for loan sharks they say they do not actually lend anybody money themselves instead they match loan seekers to loan suppliers as i said above they claim to check with banks as well as loan sharks but i’m skeptical of

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This claim the application is too short and the processing time too brief for me to think that they really make even that pretense notice the instant approval and the ticking clock at the top with less than 10 minutes to go their ideal customer is probably well into frantically filling out the application for the loan by the time the site offers 10 more minutes

And incidentally it will renew the approval for another 10 minutes every 10 minutes until doomsday i would guess although i only tried it for 12 hours obviously the site appeals to someone who wants or needs cash fast the photo suggests it could be used for gambling debts binge shopping presents for girlfriends or the like our happy shopper above gets up to a

Thousand dollars through an approval process which can take up to 90 minutes to complete but will after all that anxious waiting so put the money into your account ready to go in the morning a ticket that the 100 days of freedom are the last you’ll ever have the amount of time you have to pay off the loan fail to make that payment and you’ll get another 100 days

To pay two or three times as much notice that the site has no reference to interest rates or the unpleasantness of paying the money back questions like that apparently aren’t frequently asked or perhaps their answers would be too negative no doubt the site owners would justify the complete lack of disclosure in two ways since they don’t actually make the loans

Themselves they don’t have to make the disclosures the company actually lending the money will supposedly do that and since they’re shopping the application around in a tireless search for the best rates they can’t know in advance what the rates will be even as they also don’t know how much you’ll finally receive for your loan sure those things might be literally

True in a way but talking about interest rates and and details like paying off the money remove fun and add time to this quick slide into hell they don’t want you thinking about paying the money back or you wouldn’t borrow it in the first place it’s too negative to think about paying it back why do i call this a scam notice that i don’t claim the loan charts

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Behind this program or breaking the law and i haven’t verified whether any of the statements they make are true or not and the hard fact is that people sometimes do need money fast you know fast money badly enough to go to places like this so what’s my beef it’s the words easy and freedom borrowing a thousand dollars from loan sharks is suicidal and the companies

That encourage you to do it minimizing the consequences and speeding you into it with as few second thoughts as possible are profoundly immoral in my view the ticking clock with the 10 minute intervals is designed to mislead a potential customer into fearing that the approval for the loan he or she needs so badly will be withdrawn and it is blatantly intended

To prevent an examination of the terms and conditions of the agreements you’ll be entering by signing up and the terms are so grossly unfair as to be unenforceable most likely but they are designed to bully and intimidate any unhappy customers and the other marketing methods virtually assure that there’ll be a lot of these protect what’s yours and don’t let

The debt collectors rip you off my site and materials can help go to get my litigation manual in forms or get the videos and defend yourself you’ll be glad that you did you may not consider this video or anything i say in this or any video is legal advice i cannot give you legal advice but as a former lawyer i do know the legal process and

Debt law very well so use what i say as a source of information and apply your own judgment to your case to get more help on fighting debt collectors and their lawsuits go to get my litigation manual and forms if you appreciate this video please take a second and like it subscribe and friend me as these things will help others find my videos and

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Transcribed from video
Payday Loans are a Ripoff, Beware 100DayLoans By Fightdebt