Photo Video
Ian Waldie, Getty Images
Hide Caption

BBB warns about online lender Fast Loan Fast, Fast Loan 4 Me, Loan 4 U Today

Don't Waste Your Money

a a a a
Share this story

If you need money fast, and don't have any stashed away, you might turn to payday lenders.

Now the newest thing is online lenders.

But as one woman learned, just looking into these lenders can cost you money.

Website Offers Fast Cash

When Kathy Youtsler needed cash, she went online and quickly found a website offering loans of up to $2,000.

"I was looking to get a loan," Youtsler said, "and they were one of the websites I came to. It was called FastLoan4Me.com ."

So she applied online.

An email sent to her said she was preapproved, and that she just needed to give her bank information.

"They wanted my routing number, my checking number, which I gave to them. They said it was a a private (secure) site. And that's the last I heard from them," Youtsler said.

She says the loan never appeared. But within days, the company took $30 from her bank account.

"I found an electronic check went through my checking account and they had deducted $30," Youtsler said.

A week later, she says, they took money again.

"This past Friday I had another $30 come out from them," she said. 

The worst part: she had authorized it by giving the site her account number.

BBB Tries to Reach Company

The Better Business Bureau gives an "F" rating to Fast Loan 4 Me , and what it says are its sister sites, "Fast Loan Fast" and "Loan 4 U Today." All list the same phone number, which connects to an automated voice recording.

The BBB has received more than 700 complaints about the three companies.

All list a post office box in Nevada as their address, but neither we nor the BBB were able to reach anyone there, either by calling or emailing. Our email was bounced back, while the BBB says its snail mail letters were returned unopened.

It turns out the fine print states it's not a lender: It simply puts you in touch with lenders, for a $30 weekly fee.

Youtsler, who's now changing her bank account number, wishes she had known that. "It's Fast Loans 4 Me," she said, "but I think it's really fast loans for them!"

Never Give Bank Account or SSN Numbers

The BBB cautions that unfamiliar websites are just about the worst place to get a loan.
    
Never give bank account info to a lender you don't know, or who does not have a local storefront you can visit, so you don't waste your money.
______________________

Don't Waste Your Money is a registered trademark of the EW Scripps Co.

"Like" John Matarese on Facebook

Follow John on Twitter (@DWYM)
 

Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Print this article

Comments

Hmm... It looks like you’re not a WCPO Insider. or Subscribe now to contribute!

More DWYM
Last minute deals on Easter candy, clothing
Last minute deals on Easter candy, clothing

John Matarese has some great last minute Easter deals.

Angie's List: Doing your home warranty homework
Angie's List: Doing your home warranty homework

Don't sign up for a home warranty until you do your homework.

Secrets to avoid the soaring price of beef
Secrets to avoid the soaring price of beef

John Matarese has ways of avoiding soaring steak prices

When it's safe to shred old documents
When it's safe to shred old documents

John Matarese shows what's safe to shred, and which papers you should save forever.

Cars that can last 200,000 miles
Cars that can last 200,000 miles

John Matarese reports on cars that run for years and years.

Scammers using Netflix to steal from millions
Scammers using Netflix to steal from millions

A dangerous new phishing scam is targeting the sensitive information of millions of Netflix users.

More products shrinking for 2014
More products shrinking for 2014

John Matarese shows the latest products getting smaller at the store

Cobalt, Saturn owners anxious for repair
Cobalt, Saturn owners anxious for repair

John Matarese reports on the wait for ignition switch repairs

Swifty gas station closings mean end of an era
Swifty gas station closings mean end of an era

John Matarese reports on the end of full-service gasoline.

iPhone 6 plans leaked: Bigger, thinner
iPhone 6 plans leaked: Bigger, thinner

John Matarese has a preview of Apple's upcoming new iPhone.