If one does get a loan and is unable to make full restitutition in accordance with the original agreement,the lender (specifically ThinkCash/First Bank of Delaware) becomes an obnoxious, unrelentingcollection agency. Even if the borrower is making payments, they continue to make daily phone calls,send daily emails and harassment is their way of doing business. This is the opinion of a borrower.

I have heard from others who are treated similarly by other online lenders.

This happened to me:

On Tuesday, 1/04/2011, I received a call on my home phone (landline) from a male identifying himself as Chris Harris. He asked for me but I said I was not available. He got 'uppity' and wanted to know who I was.

I identified myself as a sister. He then went on to say this was a legal matter, criminal matter that required immediate attention. I asked if there was a lawsuit and he said YES. He then said he was sending 2 officers to the address (of my sister)! I asked why & he said to serve the lawsuit. I told him I didn't think that was appropriate in California. He hesitated & said that the 'company' was located in Texas. He said he was with the law firm of Alkins & Wilson (I checked & there is no such listing in Texas) and he must speak with my sister right away. I asked for more details: he said there was a debt of $1250 to American Cash Net (I found sites under several similar names). The loan was processed on 8/20/2010 and was direct deposited to a checking account 7-8 days later. He would not give an address but the phone number is: 512-729-0221 (this is a landline in Lockhart, Texas).

It is frightening because he also had the name of a friend of mine he said was used as a reference. He had my Social Security number. He had the name of my bank. How the h*ll did he get such information??

The Consumer Protection Act contains provisions regarding the actions of persons attempting to collect a debt.

Mr. Harris broke the laws:

He spoke to a person who was not the alleged debtor (he was told the person he was speaking to was a sister)

He threatened to 'send 2 officers' to the debtor's home (reason unclear)

He said he was calling from a law firm (doubtful) about a criminal matter

He refused to give an address

__________________________

Laws exist to protect the US Consumer, but apparently all we get is FTC advice about how to protect ourselves.

How about taking action? How about an investigation? How about shutting down these predatory businesses?

Look at Complaints.com, where consumers can voice their complaints for all to see. It is a sounding board and there are hundreds of complaints about online lenders, payday loan practices, debt scams, etc.

TO THE FTC AND ALL U.S ATTORNEYS GENERAL:

There are enough complaints and enough information for you to conduct an investigation and to shut down these scammers. I can even suggest a first step; call 512-729-0221.

For online loans, just look up PayDay loans to start your search. That should get you in excess of 50 sites to try out.

AND, I want to know how my personal information gets around when these places promise privacy?

It is outrageous & it needs to be stopped.

Here we go again. On Thursday 1/06/2011, I received another call from Chris Harris. This time he told me he was an attorney. He now works for ACL law firm at:

4001 Fannin St. Ste. 3001

Houston TX

512-729-0221

His client is American Cash Net and the amount owing is $780 (down from the $1250 of 1/04/2011). The date of transaction is the same. He was absolutely willing to tell all even though he was specifically advised that he was not speaking to the alleged debtor. He said that if he does not get a phone call or fax today, the debtor might go to jail. "This is a crime"

I forwarded the information from the 1/04/2011 incident to Senators Barbara Boxer & Dianne Feinstein, Representative Susan Davis, the California Attorney General, NAAG & FTC.

I previously posted on Complaints.com (where I will also post this) and am hoping that somebody will do something about this. I would like to see an investigation and I want to know how these scammers managed to get their hands on personal information. Any such investigation needs to extend to the online loan industry as they seem to be at the root of this scam creation/concoction. FDIC should have some oversight since these places are lending money to people. I wonder if the banking industry is behind this, it would be a great match with their proven greed.

If anyone else has experienced problems with the online loan industry or with anyone calling to a collect on a loan you never had, PLEASE report it EVERYWHERE, especially to your State AG & the FTC.

These scammers are targeting a selection of internet users by criteria, maybe age, credit status, etc.

Just go to Bing and type in: Online loans. There are 126,000,000 sites!!!!!!!!!!!!!!!

PLEASE find somebody to get the ball rolling and at least investigate this entire industry.

They are beyond despiccable.

Thank you