Ezmoney Payday Loans

Review: When we took out a loan from them in May were signed an agreement that payments would be made monthly. We not only kept our agreement, we paid parts of the loan off early due to the fact that the payments we were making were only covering the interest and barely nothing on the principle. When I went to the business on July 3rd I was informed that they changed the payment schedule to every pay period. No written information, no agreement was made. Since they changed the the agreement I think we are not longer obligated under the old agreement and the loan is not null and void!Desired Settlement: I think since they change the parameters of the agreement they made the loan agreement null and void and therefore the loan is no longer valid.

Business

Response:

When [redacted] obtained his loan agreement in May, the auto title loan agreement clearly stated that the loan payment was due within 30 days. From the time period of May to July, the auto title product changed, our loan agreements and fee charts were adjusted to reflect that the new payment period would be due adjusted to the customer's pay date which is generally bi-weekly. This change in the payment period was completed to make sure it was easier for customers to make their payments. The loan agreement which was signed by [redacted] on July 1, 2013 reflected the new payment date of July 11.2013 which is Mr. [redacted]'s pay date. I am attaching the agreements that were signed by [redacted]. Thus, EZMONEY believes that [redacted] had the loan documents and was advised of the payment schedule change [redacted] continues to be obligated as his signature is present on the loan and no agreements will be considered null or void.

Consumer

Response: