NetLoan USA Has “F” Rating With The Better Business Bureau
The Better Business Bureau of Acadiana wants to alert local consumers that NetLoan USA has an "F" rating with their group based on consumer complaints.
The BBB says NetLoan USA is a payday loan provider that has a record of getting advanced funds for loans that are never made.
Customers are asked to pay between $199 and $499 dollars to process their loan, and that they will receive their money with 24 hours. The time passes, and the customer gets nothing. When they call to complain or get a rebate, they are told their funds were used for processing fees and their loan was denied do bad credit. BBB says NetLoan USA then want more money, between $300 and $700 as loan insurance if they want to proceed.
The BBB has given them an "F" rating for the following:
- 18 complaints against the business
- Failure to respond to 18 complaints filed against the business
One local customer complained to the BBB of Acadiana that he was told in order to secure a $5,000 loan he would need to pay $184 right away and that same amount each month until the loan was paid.
He sent the intial $184, then another $244 to secure the loan, as the company told him he had to.
The customoer was then told he had to send them $400 so they could send the loan through MoneyGram. He sent them what he had which was $295 on a prepaid credit card.
The company then told the man he had been denied the loan, and that they wanted $143 for what they said he owed them for insurance and penalties.
The BBB has this advice on how to avoid a predatory lender or scam:
- Always check with the BBB before doing business. They suggest that he make sure the lender is registered with the Louisiana Office of Financial Institutions at (888) 525-9414.
- Don't do business with people who want you to only use Green Dot MoneyPak cards, prepaid credit cards or wire transfers.
- Understand and read before signing or doing business with someone.
- Shop very carefully if you need a loan.
- If you think you must use a payday loan company, borrow only what you need, and check on any company, even if it local.
To get more help you can look at bbb.org or call (337) 981-3497.