Please keep in mind that I have paid them $1,984.00 for an $800 loan.
This what I wrote to THEM using one of the templates from the forum:
Dear Multiloan Source:
It has come to my attention that payday lenders must be licensed by the state of Illinois in order to offer loans to its residents. Since your company has no license in my state, the loan contract I have with you is not valid. To date, I received a deposit of $800 on 2/28/2013, and have had 11 bi-weekly withdrawals for a total of $1,984.00 debited from my account. This results in an overpayment of $1,184.00.
At this time I am requesting a return email acknowledging that my loan has been paid in full. Also, I would like a refund of the $1,184.00 overpayment. A refund check of $1,184.00 should be mailed to me at the address you have on file.
I am also revoking authorization for ACH withdrawals and any wage assignment I may have signed. I have given a copy of these revocations to both my bank and my employer. Any future attempts to collect funds in this manner will be blocked.
Please respond to this email with acknowledgment that my account has been satisfied in full. Details of when I can expect the refund check, as discussed above, should also be included in the email. I demand that any contact be made through US Postal mail or email only. I will need everything in writing to keep accurate records of all communication as per instruction from the Illinois State Attorney General's Office.
We received your complaint and would like to take a moment to respond. It is our goal to provide our customers with excellent customer service while providing short term financial aid.
We are an International lender established in Belize and are 100% online. We are therefore exempt from any State or County usury laws which may have been referenced. We do follow all U.S. federal laws and regulations including but not limited to TILA, EFTA, FDCPA, FCRA, GLBA, ECOA and MLA. We are also a proud member of OLA (Online Lender's Alliance) and comply with all best practices.
As this is a short term, unsecured loan, there is normally a finance charge associated with borrowing the money for a certain timeframe (typically between two to four weeks). If a customer chooses to renew the loan beyond the original timeframe, it makes sense that additional finance charges will also occur. We offer renewal (and early repayment) options to help improve the quality of our customer service.
However, to ensure the loan is not open ended and will in time pay off, we require a payment equal to 10% of the amount borrowed beginning on the 5th renewal. At first customers experience a slight increase in payment amounts before they decrease (usually within 3 renewals). Please keep in mind the purpose is to repay the loan, not to overcharge.
The fact remains that you borrowed $800.00 from us and electronically agreed to this loan's terms and conditions. We lent you the money in good faith and hold a reasonable expectation that you will in good conscience repay the loan principal and any finance fees.
We understand why confusion exists with respect to lending laws and jurisdiction and want to make sure our customers understand their loans and are happy with our service. However if the intention is that of refusal to pay, we want to remind them than in most places, someone who refuses to give back what they borrowed is often seen as committing theft and even fraud if repayment was never intended in the first place. We sincerely hope that is not the case, and look forward to a continued relationship with all of our customers. We do have an excellent loyalty program for our returning customers, offering loans up to $1,000 and under improved loan terms.