Grace Period, Inc.

Review: I needed a payday loan but decided to go with Grace Period.I heard once you start a payday loan you can't get out.The advertisements I seen relating to borrow for free would not keep me in that cycle.I went online & completed an application. went to the office on October 9th & was given a loan for $250. Even though its borrow for free I was told they have a $100 fee but if I stayed in the program for a year I would get that back.$100 was alot for $250 but if I could get it back,I figured what the heck.The gentleman explained they went to a bank for the loan who would open an account.They would withdraw $50 from my account to pay back the loan.Grace period would credit $3 and in a year the $100 would be paid back,thus being a free loan.On Oct 15th, grace period starting debiting my account.In January I was again having financial difficulties. They had withdrew $350 from my account so I thought my loan was paid back.I went into the office on Jan 9th & was told they could loan me $100 with no intiation fee and my debit would be $55 a month.When I asked why the increase on the bi-wkly debit,I was not given an answer but it never went up so I let it go.Anyway,in May I decided I was tired of the debit. I understood the money was going into a savings account but I had my own. I asked for the account to be closed. When I went to the office they tried to give me another loan.I advised that is not what I wanted & signed a paper to have the account closed.After a couple weeks I called & was told I still owed them.I borrowed a total of $350 & after 7 months of $100 a mth I still owed & I was confused.The rep on the phone stated they were charging me a weekly fee.Most of what he said was a blur & it didn't make sense.He told me I should have viewed a video that explained this.I advised I never watched a video.The guy explained every paper I was signing & only advised of the $100 fee that they were crediting me back. As of today,10 months later,they are still debiting my back account & I don't know why.Desired Settlement: I would like to know what I signed that says I agreed to pay back $1000 on a $350 loan.If my contract does not state that,I would like to be refunded the excess money withdrawn from my bank account.I borrowed $250 in Oct + $100 initiation fee & $100 in January,with no additional fee.I don't care about them crediting me back the fee.I should have a positive balance in the account that was established on my behalf,that my $50 bi-weekly debits have been going to,& I would like those funds.

Business

Response:

I am pleased to say that Ms. [redacted] was contacted and now has a clear understanding of how the program operates in its entirety and has also decided to stay in the program. We consider this matter closed. If you have any further questions or concerns regarding Ms. [redacted], please feel free to contact my assistant [redacted], at [redacted], or by email at tenesha@,graceperiod.org, and she will bring it to my immediate attention.

Sincerely,

[redacted]

Review: I took a loan out from Grace Period.org serviced by [redacted] Federal Union. A few months ago, I received an email from Grace Period stating that they were no longer doing business with [redacted] Federal Credit Union and that I needed to contact them directly to pay off my loan. I did that and sent the credit union a check about $182.00, which would have paid off the loan. It was never cashed. Grace Period has continued with withdraw $$80 from my checking account for the last two pay periods. Before that, they withdrew $30. I never authorized any of it. I have emailed, I have called and left messages - no response. I want my money back or I want this loan paid off. I can't afford to keep having money taken from my checking account.

I borrowed $500 in April, and on July 21, my balance was $475!!! I borrowed another $250 on that day and to this date I have paid $1,535.00 - not including the $182 that I sent to the credit union.Desired Settlement: I want my money back.

Business

Response:

Thank you for bringing Ms. [redacted]’s concerns to our attention.We have spoken to Ms. [redacted] and explained the many options available to her at this time. I believeshe now better understands Grace Period’s relationship with the credit union. She informed me thatshe will reissue the check that she had previously sent to the credit union to finalize her account withthem.At this time Ms. [redacted] has elected not to modify the current arrangement she has with Grace Period.We will continue assisting her in creating access to emergency funds.Thank you for your time.[redacted]

Review: I took a loan out with this company back in December/January for less than $400. As of right now I've paid them $700. When I called to inquire as to why I had to pay so much, my phone calls were not returned. It wasn't until I left both an email and voicemail message telling them that I'd report them to the Revdex.com that I actually got a phone call and email. The gentleman who left me the voicemail message was hard to understand and didn't leave me an extension so I could actually call him back and talk with him directly. The email that I received explained the break down of my loan which was never actually explained to me when I made the loan. Below you'll see the email I received from the company. As a company that claims to be a "Christian" company I'm highly disappointed that they would be so sneaky and not actually explain things when talking to me on the phone. By the time I'm done paying this loan off I will have paid almost $1000 for a loan that was less than $400. I will never use this company again!Here's the email I got: Ms. [redacted], Attached is your balance sheet. $119.17 is the remaining balance owed as of today. Below is a description of how Grace Period is designed to help you save. Each member initially has 13 days to payoff the loan in full without any dues, fees or interest being added. This is may only occur once per member. After the 13th day, you were enrolled into our $90 for 90 contract. In addition to the $350 loan was added: $125 initiation fee, $25 account fee, and $19.17 interest. This all totals $519.17. Each week $15 dues are applied until the loan is paid off or the loan balance is $15 or less. Of your $70 transfers, $30 goes towards dues and $40 goes towards the principle on the loan (based on a biweekly transfer). Once the loan is paid off, the $15 weekly dues cease. Once $90 is saved you are reimbursed $5 a week in addition to your transfer for as long as you are an active saver. This will occur until all dues are reimbursed in full. If you save 3 times longer than you borrowed, the loan will be free with the reimbursements. Once the $90 for 90 contract is fulfilled, your $125 initiation fee will be returned to your emergency fund which is built with the transfers you make after the loan is paid off. To fulfill the $90 for 90 contract you must pay off the loan and then save at least $90. 90 consecutive days or 13 consecutive weeks after $90 is saved (and you continue to save at least $50 biweekly) your initiation fee will be reimbursed to your emergency fund and your contract will be fulfilled. I hope this information has helped you better understand our club and its benefits. Thank you for choosing Grace Period [redacted]Desired Settlement: I would like them to at least stop taking money from my account and it would be nice if they would at least refund some of their "extra" fees, like the initiation fee and account fees.

Business

Response:

We have contacted Ms. [redacted] by phone. She expressed upset that it was difficult to reach someone at

Review: Grace Period claims to have completed all disbursements of funds to entitled club members as of June 12, 2015; yet though, as a member, I am owed an outstanding amount that was repeatedly withdrawn from my checking account by them (which I was told I would receive in one of the scheduled payouts their organization posted online), I did not receive any payments to date. Grace Period has shut down operations without benefit of forwarding information for addressing this issue, therefore I fear I will have to incur the cost of hiring an attorney to pursue legal remedy of this action, which is financially harmful to my household and other business affairs.Desired Settlement: Desired Outcome

I desire to be in contact with a Grace Period representative that is able to facilitate a full refund of my savings. My checking account history will provide detail of the amount owed back to me.