Better Business Bureau alerts consumers about a “Questionable loan company”

 

Complainants claim that they were not familiar with EZ Loan Protection, do not remember signing up for any sort of loan protection, and end up with $30 or more taken from their bank accounts. Several consumers also said that they have never taken out a payday loan in their life.

 

“Due to the high number of complaints, it’s evident that EZ Loan Protection is not being clear or conspicuous with consumers,” said Steve J. Bernas, president & CEO of the Better Business Bureau serving Chicago and northern Illinois. “It’s imperative that consumers research any company before providing any financial information.”

 

Consumers are unclear as to how the company obtained their bank account information.  Some state a representative from the company called and offered the product, but even after declining, they were still charged.  Other consumers state that they were on a website and there was a pop-up ad, which they closed – but were still charged.  Still other consumers are baffled by how the company got their information as they rarely do business through the Internet.

 

Matt Sweetland from LaSalle, IL states, “I’ve never even had a payday loan and have no idea how they got my information. It started out with me getting a confirming e-mail as if I had placed an order but I never did. They took $29, $244 and then $266 from my account. I kept trying to reach them to get it to stop. One guy promised me a refund but said it would take six to eight weeks. I told them since they had taken the money out instantly then they could put it back instantly. They did nothing but my bank helped me to stop the withdrawals so only the first one actually went through.”

 

The BBB offers the following tips for consumers to protect themselves fraudulent companies:

• Verify the company’s contact information (name, address, phone numbers) before you give out any personal information.
• Check the company’s Business Reviews for free at www.bbb.org
• Read the terms and conditions carefully, and if you don’t understand them, ask. If you are unable to get a suitable response, don’t do business with the company.
• Use a credit card for your purchase instead of a debit card.  Debit cards take money out of your checking account, immediately.
• If a pop-up appears after purchasing an item, read the box carefully to see how you can close it out without agreeing to a purchase. 

For more information on finding businesses and consumer tips you can trust, visit www.bbb.org