PORTLAND -- Bryan Hitchcock is furious after he discovered an online lender took nearly $100 out of his bank account without loaning him a dime.
I was in a little bit of shock, said Hitchcock, here I basically had money stolen from me when I was in need of money so now I'm in need of more money.
Hitchcock said he turned to the online lender instead of a local payday loan lender because they advertised they could give him a larger loan. After filling out an application, PaydayLoanYes.com e-mailed him back asking for more banking information.
Hitchcock said that s when he got nervous and searched google where he said he found 150 negative complaints and not one positive.
Hitchcock said he never sent the banking information Payday Loan Yes asked for, but a week later, he discovered the company had taken $99.95 out of his bank account, telling the bank that
the authorization was on file.
Hitchcock said he never signed anything or agreed to have any money withdrawn from his account.
KGW investigators contacted the Oregon Division of Corporate Securities and the agency confirmed they have an open investigation into the company with 11 complaints against Payday Loan Yes.com. An agency spokesperson said in Oregon you can t charge to apply for a loan.
The Illinois Attorney General issued its largest fine ever against a payday loan company fining Payday Loan Yes.com nearly a quarter of a million dollars back in 2007 for working in that state without a license.
Melanie Melanie Mesaros with the Oregon Division of Corporate Securities said the company was not licensed to make loans in Oregon.
For more information on the Illinois action or to file a complaint in Oregon, click on Oregon's Department of Consumer &Business Services Web site and then go to the consumer page.
Category: Payday loans