Nov 20, 2012 3:38 PM by Melissa Canone
The Better Business Bureau of Acadiana is alerting local consumers to an internet payday loan company called Qxlonline.com.
This company has an "F" rating with the BBB.
Factors that lowered their rating include 37 complaints filed against business, 29 serious complaints filed against business and the BBB does not have sufficient background information on this business.
Their BBB Business Review can be found by clicking here.
Many of the complaints resulted from an online pay day loan received for around $200.
The BBB has received customer complaints from across the country for several reasons, including allegations of unauthorized debits from consumer bank accounts.
Consumers also report threatening phone calls and debiting up to 6 times the amount of the original loan from the bank account and even threatening collection calls concerning loans for which they applied but never received.
In the cases where consumers did not take out loans with the company, they were unsure how QXLonline obtained their information.
According to complaints on file, calls to the company have gone unanswered regarding the clarification of payment amounts.
The BBB is also unclear as to where the company is located.
Mail to a P.O. Box listed in Petersburg, Virginia was returned to the BBB and consumers have reported that the company is actually located in Pakistan.
The BBB offers the following tips to avoid being taken by online payday loan scams:
Be very wary of providing bank account numbers through online forms.
Read and understand any agreements, policies or terms and conditions you can find on the website.
Find contact information for the company and verify they have a physical location.
Be wary of paying upfront fees for loans.
If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next paycheck and still have enough funds to make it to the next payday.
Under the Truth in Lending Act, the cost of the payday loans - like other types of credit - must be disclosed. Among other information, a consumer must receive, in writing, the finance charge and the annual percentage rate.
If you need credit, shop carefully. Consider a small loan from your credit union or a small loan company, an advance on pay from your employer, or a loan from family or friends. Use payday loans only as a last resort.
The BBB of Acadiana works for a trustworthy marketplace by maintaining standards for truthful advertising, investigating and exposing fraud against consumers and businesses. Please contact the BBB at www.acadiana.bbb.org or (337) 981-3497 24 hours a day for information on businesses throughout North America.
The BBB of Acadiana services the parishes of Acadia, Evangeline, Iberia, Lafayette, St. Martin, St. Landry and Vermilion.
Acadiana residents can now have BBB information in the palm of their hand with the official BBB Search app, a convenient, mobile BBB solution available for the iPhone, iPad and iPod Touch. The app can be found at: