Ameriloan will not answer any BBB complaints, ore respond. This is a fictions name, used by a person who has started a home based business. Go out an read the website www.paydayloans.com There is a company called Trihouse Enterprises located in Nevada, who sells information to people on how to start an internet payday loan business. This is why you have a 800# to call and fax # and no physical number. It just like a person becoming starting a business, and they are assigned a team of people who work for you which is hired by Trihouse Enterprise, once you become one of their clients. These internet payday loans are nothing more than advance fee loan scam disguised as an internet payday loan The hidden truth is in the mathematics, and the terminology. Have you ever paid attention to one of the agreements? For example for a loan of $300.00 It tells that it will cost you $90.00. The agreement may even tell you the average APR is 762% for a 14day loan. Then look at the repayment options, pay in full, pay the finance charges only for pay periods 1-4. You do not have to respond they will be automatically renewed. Then on pay periods 5-8 you will be required to pay the finance charge and the principle. The loan balance is automatically refinanced and the finance charge is reduced by $25.00 each time. The borrower even changes the contract agreement to reflect the current amount account balance, and current date, and uses the same the same electronic signature which they obtained from you when you originally signed the loan. The agreement says there is no prepayment penalty, but you will not be refunded for the finance charges which you paid. This is the hidden truth. These lenders are copying the mortgage payment options. The finance charges, interest and principle for borrowing a $300.00 loan for the next 1-3 years but has just repaid within 7-60days, based on your pay date. They told you the cost of credit for the year is $90.00 on a $300.00 loan. Well if you pay the loan in full on your next pay date, technically you have just repaid the lender the finance charges for borrowing a loan of $300.00 which should have been repaid over a period of 12 months. Annual percentage rate means the cost of credit annually, not daily. Next, the repayment options. During payperiods 1-4 the lender is automatically rolling over the loan, calling it an extension, or renewal. It does not matter that is a disguise. The lender either is a broker or has a mortgage broker working with them. This is copy cat payment option of an mortgage payment plan called interest only. Then during pay periods 4-8 you are having the loan paid down with interest and the principle, and the loan just keeps refinancing the balance until it is paid in full. This is a copying the payment mortgage option for an adjustable rate mortgage. Next, you have the loans with the 4 cash extensions, or renewals where the borrower pays the finance charges first. Then they are required to pay the finance charge plus interest at the end of the loan, this is copying a balloon rate mortgage. These are the same options which have caused homeowners to go into foreclosure or file bankruptcy. Now here is the catch the lender has just made you repay them $870.00 on a $300.00 loan. this is equivalent to an apr of 223%. Congratulations to the lender he has just made a profit, and made us repay him for a $300.00 loan for the next 2 years and 7 months, and we have repaid it based on their payment plan early within 60 days. The trick is he never told you, and because they did not ask you to pay the money before the loan was issued, no one is catching it. Because they are issuing the loan, and hiding your advance finance charges, and interest and principle in their repayment plan. Now, I have filed a complaint to the Ftc, the IRS, the State attorney general and the Office of financial regulations of florida where I live. I received a call from an investigator who has been looking at these online internet payday lenders. Do you know what the scary part is? The lenders are under fictions names, and several of them were all all traced to one person. A man, who lives on an indian reservation. There is a federal law which states that he cannot be sued or prosecuted because of the Native American law. But regulators are seeking out a way to prosecute him based on state laws. Has this information every been released to anyone? No, it has not. I even I had my bank records pulled and the funds drafted from my account were sent to a canadian personal account. Which I am assuming is a mortgage broker. These are people setting up internet home based businesses. Some are using a local broker or Canadian broker. The agreement is unenforceable because it violates the state usury laws, and some state has strict laws which requires they have to be licensed with your state as a consumer reporting service organization. But you cannot fight them by contacting them or filing a complaint to the bbb, or just your state attorney general. Please if you have documentation, such has bank statements, see if your bank can pull routing numbers for your internet payday lenders, keep copies of your agreements, and to support your complaint. Next verify what your state's usury law limit is . And if you are a victim of one of these lenders, Ameriloan, United Cash loans, Cash advance network, paycheck today, Magnum Cash advance, Cash Net USA, Geneva Roth, Ez payday cash, and Zip Cash. Find out if they are registered in your state, if not then File a complaint to the Office of Financial regulations in your state. All of these lenders are using the mortgage payment options to cover up to charge you in advance fees, interest and finance charges for a loan for the next couple of years within a short period time. Don't let them do this. Send letters to the credit bureau indicating the file is under dispute. If you have paid them any money at all, above the principle file your complaint immediately. Send them a letter to letter revoking authorization to draft any more funds from your account, and make sure you email it to them for tracking purposes. You can fax it too, but I would do both. I have had several lenders tell me we never received your fax. Next, contact your financial institution and tell them what is going on. It will be totally up to you about if you decide to close your account, and set up a new one, or stop payment on the ach deductions. If you stop payment on the ach deductions. That will not work. it is only valid for 60 days for one. Next, it will only stop payment on the dollar amount. This means every thing you attempt to pay for totaling that amount will not go through. Third, the payday lender can change digits to reflect multiple drafts equivalent to the total of $90.00, and they will clear your account or put in the negative. Third if you decide to close your account, you need to find out what your financial institution's policy is. I was told my office of bureau of investigations, that some victims have closed their account, and the lender submitted an deposit of .15, and this automatically opened the account back up. You need to find out if this is the case on your end. If, that happens then this would not be something they office of financial regulations in your state would be able to handle. This would be the responsibility between your bank and your banks regulator to handle. Third, be prepared to take the stress of the heat of the collectors calling you. I cannot tell you how quick someone will take the case. I can tell you that I started complaining in May08, I am just now starting to receive a responses back from the status of the case and what is being done. But, in the mean time I am receiving all these calls. and the cease and desist letters which I have sent via fax an email are not working. So, now I just forwarded every communication, and log the time and representative calling me from every place and forward it to agent handling the case. There are no guarantees on the outcome of the case of you getting your money back. But, from what I have been told Ameriloan is one of the companies who have settled in the past, and those people's account were closed. But, there are cases where the account has been reported as closed. But the lender starts up a later and tries to pursue you. So, I am hoping that by me telling my regulator of the scam being hidden by the lenders copying the mortgage options. Which are the same options which have caused consumers to loose there homes, these lenders will not be able to pursue you later. Because a home owner could not repay a mortgage this way, what would make you think that a payday loan can repaid this way. My state attorney of General did nothing. He said that it is not a public interest. But, I was glad to know the Office of Economic Crimes was interested investigating these people. But you must go through the Office of financial regulations in your state. Now, take action!