CMG Group LLC - Is it a legitimate payday loan company?
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CMG Group LLC is an internet payday loan company. Consumers complain that this company is not licensed to do business and it often engages in various illegal activities. Some of the consumers have shared their dissatisfaction with this company in the DebtCC forums.
Does CMG Group follow illegal business practices?
There are a lot of people who complain that this company does business illegally. Given below are some of the reasons why they think that CMG Group LLC follows unfair and illegal business practices:
- They deposit money without any approval: The payday loan company is accused of depositing the loan funds into consumers' bank accounts without their approval. When you take money from an online loan company, you are supposed to sign electronically to agree to the terms of the loan. But a consumer complains that the company deposited a loan amount of $200, even though he did not sign on any loan agreement. Find more.
- They withdraw money without intimation: One of the common complaints against this company is that they withdraw money from consumers' bank accounts without intimating them. One such person says that the company took out two payments of $60, but he was never informed when and how much money they would take from his account. Get the details on this.
- Absence of paperwork and clear loan terms: CMG Group payday loans company does not always provide proper documentation stating the terms of the loan clearly. A customer says he got a loan from this company after being disqualified initially. But he never got any paperwork from the company. He neither knew the terms of the loan nor had any contact information about this company so he could cancel the loan. Know more.
- Violation of agreement: A customer alleges that CMG Group LLC did not follow the terms of the loan agreement. He says the company was supposed to withdraw money on a certain day as per the agreement. But they kept taking money from his account at various time until the account was temporarily closed. Find more on this.
- They credit excessive money: A consumer says that the company credited as much as $2340 from her bank account for a loan of just $300! She had to close her account finally to stop losing her hard-earned money. Check it out.
What action can you take against the payday loan company?
If you are not satisfied with the CMG Group LLC payday loans company and you think it is following illegal business practices, you can take the following measures:
- Check if the company is licensed: You should first check if the company is licensed in your state. Many of the payday loan companies do not have license to do business. If you find out that the company is not licensed in your state, you are liable to repay only the principal amount and no interest at all.
- Reverse unauthorized debit: If CMG Group LLC debits loan funds into your account without your approval, you should contact your bank to reverse the debit and have the money sent back to the loan company.
- Close your bank account: If the payday loan company is taking money out of your bank account, close it as soon as possible. If it is not possible for you to close the bank account, contact your bank manager and tell him that you do not authorize any payment to this payday loan company from your account. Also ask him to block any withdrawal attempts on your account by this company.
- Report any violation to FTC: File a complaint against them with the FTC if they violate the Federal and state laws. You can also report their illegal business practices to the state Attorney General's office or to the Better Business Bureau.
In case you want to contact CMG Group payday loans company, you can use the following details:
CMG Group LLC Address: 2 E Gregory Blvd Ste 200, Kansas City, MO-64114-1118
CMG Group LLC phone number: 866-516-9300
Sub: CMG Group LLC - Is it a legitimate payday loan company?
Fri, 22/06/2012 09:57