Cashco Financial

Cashco told me that they do a soft credit check when applying for payday loans. Since they said it would have no effect on my credit score I said ok, little did I know they do a hard credit check. I was not impressed due to the fact that my score dropped because of this. I had three or four small payday loans with them always paid on time if not early. Four months down the road, I get a email from credit karma saying Cashco did another credit check on me. WTF, this time it effected my score by 30 points! I did not authorize this check and the manager said they due random credit checks every four months. What a joke, Ive been around the block with loans, credit cards, mortgages and payday loans and have never seen this before. Not impressed.

Initial Business Response / [redacted] (1000, 5, 2016/03/08) */ With response to the complaint by [redacted] regarding our collections practice: The file and all communication both to the client and from the client have been reviewed in detail All standard collections protocol has been followed, and most certainly was not in any way harassingOver the course of days, text messages were in fact sent - but always from our SMS system generated within our software - these texts were not sent from multiple cell phone numbers as claimed by the clientOf the texts that were sent, only one was responded to by the client on January 30thMultiple phone calls were also attempted, but not one single phone call was returnedThe only method of communication this client chose to respond to was via emailIn every single case, the recovery specialist thanked the client for her responses and acknowledged receipt of the email from the clientI have reviewed the content and frequency of every email both sent by the client and the recovery specialist and determined that over the course of days there were emails in total sent and received, and the majority of them were back and forth communication - our recovery specialist confirming dates for EFTs to be set or letting the client know the amount and dates of the EFTs that were set at the client request, and the client responding in the affirmativeAll of the standardized collections emails that were sent follow standards outlined in the Debt Collection Act At no time did the client request any type of payment plan, which we would have been more than willing to accommodate All EFTs that were set for the client account were requested and agreed to by the client including confirmation by our recovery specialist about pay dates that conflicted with the Family Day holiday so that the EFT could be set for the correct date Lastly, as for the client complaint that the recovery specialist "sent the account to collections without attempting to work with her" this is certainly not the caseAll attempts were made to work with the client over the course of daysAll client files are moved to our collections and legal team at days - this is an automated process that is completely out of the hands of our recovery specialists Thank you for your time

Issue is being addressed with the client

Initial Business Response /* (1000, 5, 2016/03/08) */
With response to the complaint by [redacted] regarding our collections practice:
The file and all communication both to the client and from the client have been reviewed in detail.
All standard collections protocol has been followed, and most...

certainly was not in any way harassing. Over the course of 60 days, 19 text messages were in fact sent - but always from our SMS system generated within our software - these texts were not sent from multiple cell phone numbers as claimed by the client. Of the 19 texts that were sent, only one was responded to by the client on January 30th. Multiple phone calls were also attempted, but not one single phone call was returned. The only method of communication this client chose to respond to was via email. In every single case, the recovery specialist thanked the client for her responses and acknowledged receipt of the email from the client. I have reviewed the content and frequency of every email both sent by the client and the recovery specialist and determined that over the course of 60 days there were 40 emails in total sent and received, and the majority of them were back and forth communication - our recovery specialist confirming dates for EFTs to be set or letting the client know the amount and dates of the EFTs that were set at the client request, and the client responding in the affirmative. All of the standardized collections emails that were sent follow standards outlined in the Debt Collection Act.
At no time did the client request any type of payment plan, which we would have been more than willing to accommodate.
All EFTs that were set for the client account were requested and agreed to by the client including confirmation by our recovery specialist about pay dates that conflicted with the Family Day holiday so that the EFT could be set for the correct date.
Lastly, as for the client complaint that the recovery specialist "sent the account to collections without attempting to work with her" this is certainly not the case. All attempts were made to work with the client over the course of 60 days. All client files are moved to our collections and legal team at 61 days - this is an automated process that is completely out of the hands of our recovery specialists.
Thank you for your time.

Initial Business Response /* (1000, 5, 2016/03/02) */
[redacted] has been a valued client of Cashco Financial for several years now, he has been our client since 2013. At Cashco we started the Term Loan product in 2013, and during that time we had our application into [redacted] to set up...

client reporting.
During this time [redacted] had received a few loans with us, and we still hadn't started reporting as of yet. As of January 2016 we are now currently reporting however it's only reporting [redacted]'s current loan. [redacted] had called and when we explained this to him he was upset; Cassandra, the branch manager, had informed him that we will escalate the situation and see what we could do to get his previous loans reporting. She had brought it to the head of our department Kevin, he had put a call through to [redacted] and set up a conference call today March 2nd to discuss our options for [redacted].
[redacted] will be uploading [redacted]'s previous loans, the file has already been sent for processing and his bureau will be updated within a few days. [redacted] will inform me when it's completed so we are able to let [redacted] know ASAP. [redacted] I will be writing a letter to his bank to explain he has been a valued client with Cashco and will give him a good reference.
I have spoke to [redacted] today, to let him know about [redacted] and that we will write a letter to his bank and he was very thankful we are able to solve the situation.

Initial Business Response /* (1000, 8, 2016/05/04) */
When a clients account is debited we do not receive the monies for 7 days. We are unable to provide a receipt until we receive the money. This particular situation has been resolved, monies received, client has re borrowed.

To whom it may concern.The regulations that govern our industry are changing. As a result, we are migrating from the Payday product to an installment product which allows the client to take money at a much cheaper APR then the payday loan. These products are vastly different from one another...

in that the payday is designed as a single payment product and the installment loan that we offer is paid back over a specified term through blended payments. Our Payday loans are currently being offered only to those that do not qualify for the installment loan product to help them bridge the gap until another product becomes available for them. Payday has always been our primary product but as we transition away from them, our new term loan product will be the primary product we utilize with the payday loan eventually being phased out.Our installment loans actually start at $500 so I am not sure why your loan was for as much as it was. I have reviewed your account though and see that the full balance is still outstanding and was not paid back on your payday however if you feel you were wronged, we would like to make it right. Come in and pay back the $1500 in full on or before Oct 28th and we will waive all fees except the $22.50 you would have paid on a $150 payday loan.