MoneyMutual
Reviews and Complaints

This company is a scam and needs to be reviewed legally. I was recently a victim of this company and I could not believe the excessiveness of the fees charged and applied on the loan that i borrowed. You are correct in saying they are consuming and feeding off of you when your are already in a financial bind. I am still in disbelief.

thanks for your advise...before going to "MoneyMutualNow" I decided to read your comments...glad I didn't before I entered my personal info, as well as my routing number...I decided to trash the Reservation # and all..

I received the same thing.

Montel knows what's up. The man made a show of Delving into deep causes in people's circumstances. He is not that stupid, we know of his intellect, nor is he that naive. But He does know that this company many of you have experienced the rip off effect with, is a money maker. If he checked these posts, just for its ratings, he have a clue something was wrong in Denmark. He of all people should know that one's Reputation is the best investment, one can make in oneself. Personally, I am tired of being deluged with that smiling face in my mailbox every two weeks. I have over 30 pieces of that junk mail in my trashcan. Byl Butler

I have received an envelope that says I can get money as fast as tomorrow. Now being a suspicious person i decided to dig items up first. Found out too many people getting scammed here. No Thank you. Montel you should check things out before putting your trusted name into it.

I was in dire need of cash for a sick pet and live on social security. Once I put in my information I filled in the info including my routing number and found a company that would loan me money, but all kinds of things pop up as well. The lowest amount the lender would loan me was 650.00 with 5 payments of 278.37. In the end I would wind up paying off the loan plus 790.00 in interest. I was desperate and agreed to the terms. Little did I know that 2 other websites got my routing number and I would hit my account with a charge for 99.95 from Money on the Go and Capital Advance Capitol Payday for 30.00. I called both companies and complained that I had never signed nor talked to any representative and wanted to be reimbursed. Money on the Go finally reimbursed me, Capital Advance Capitol Payday still has not refunded my money. So be very careful with you bank routing number. I was just desparate and really knew better, but didnt know what else to do.

Really? They told you that you could get a loan of $7500.00 and you only pay back $5940.00. Are you stupid? Don't answer that! We all already know the answer. Money Mutual mat be a rip off and shame on Montel Williams for becoming the poster boy. But, Really? My nine year old can do that math. To the others that responded, especially passionate34! You are paying $1100.00 for a $300.00 loan. That is actually more than a collection company can charge you, bank fines, interest all combined. Shame on you to for doing that. This is the problem with America. Its not the people, they get into a bind and they need help so they will do anything to solve thier problem. Very understandable. I am sorry for you that your in that situation. But, The real problem is that our state and federal governments do not regulate these companies that by design are not there to help the individual but profit off the weak and galactically stupid. So, my recommendation is that all of you that have been riped by Montels Money Mutual speak up as a group. Bombard Montel and the company with letters, complaints, emails, talk to your local congressman. Let your voice lead the way to reforming and outlawing these "BS" companies.

I agree Money Mutual is a rip off. I borrow a loan for $300.00, and know am paying over $1100.00 for a $300.00 loan .

If you take the $165.00 per month and multiply it by 36 months that equals $5900.00 on a $7500.00 loan. Even if you account for your $600.00 that had given up front that only equals $6, 500.00. This places you benefiting around $1, 000.00 on a loan, since loans are done at the benefit of the lender by interest rates this would have told me up front that this was a scam. Good luck on getting your money back.

if your looking to get a loan go to mycashnow.com i was approved for 1000 and they didnt take anything up front the cash was in my account the next day..this is the only site i trust..check it out for yourself!

I too barrowed $ 300, and paid it back over a year ago. To this day I get telephone calls on my cell and work phone from Chinese people claiming they are from a law firm, or are a detective etc. claiming I owe them money, which I don't! Its very frustrating.. I think that Money Mutual sells the SSN# to other people that try to scam you for more money. I was even told that I will go to jail, in a cold hole, etc.. wait until Monday and you will be arrested etc etc. I've contacted my attorney and district attorney about this scam. Needless to say don't ever ever barrow money from a pay day advance company because your information is not safe.

I didn't think Montel Williams will support such a scam and believe me it is a Scam.

I worked for a bank for 3 years and saw the repercussions of these type of "companies" (and I use that word lightly) ALL the TIME.
First and foremost, almost ALL of these sites sell your information. They will hide it in their fine print (somewhere they count on you NOT to look) that they may share your "information" with other companies you might be interested in, or something to that effect. What the fine print does not say is that they are selling your BANK ACCOUNT INFORMATION...and that sounds likely what happened with that $39.99. It may not have been Money Mutual (hard to say without seeing your account or statement) that took that money, but more a company they are affiliated with charging you for their own "product" or "service" that does not exist.
It's sad but it happens all the time.

Other companies will not give you the full payback terms. I don't remember the name of the company but there was a story where a customer of ours had gotten a loan with this company, and had made all the payments of what ever it was, something like $120 a month. She calculated that she had paid her account in full with interest and was very surprised to see a new debit of the same amount on her account the next month. She called the company and it turned out that they were charging her the $120 to RENEW her loan. In order for the payment to actually count as a payment ON THE LOAN, she would have had to call them and let them know prior to each payment. That is the worst kind of scam I can think of. I don't think there is a reputable online loan "company" out there. The only ones that are trust worthy are the ones you walk into yourself and get a loan for $500, they keep a check for $565.46 and next month you come in pay for the check and all is good. If you don't come in and pick it up, they deposit the check and you either have the check clear your account or it comes in overdraws it and you accumulate all kinds of fees, but that would be 100% on you. They are legitimate, even if they do charge outrageous interest.

I hope I have been helpful to anyone who might be considering taking out an online loan. If I haven't turned you away from getting one, I hope I have opened your eyes to what you need to do:

1: Read every last word of their boring fine print and look for anything that says anything about sharing. If it's there, move to the next "company" and start again.

2: Get all the terms of repayment explained in DETAIL BEFORE the loan is set in motion.

3: Watch your account like a hawk, online DAILY is best so you can SEE what comes in for at least 6 months after your loan is deposited to make sure you didn't miss anything and things are not coming out of your account without your expressed permission.

Lori

i wish i had read this before i started with money mutal am retired and i told them i get paid the last day of the month and theykeep trying to charge it a wk early causing me overdraft fees then they wanted my bank statement's i tod them that was private info and did not want them to know who i idid business with and asked them to change the date due and they refuse so i told them i went to bank and did fresh start and cancel bounce protect as they were causing me to much in fees and if they put thru before lat day of month they would be rejected now im worry they will put thru everyday for a wk and cause me more fees if they do they csn take me to court i wont repay the rest they have already got the amt out of my account of the loan they are loan sharks what ever u borrow u pay double if not more back wish i never click on them

The payday loan industry is crooked and illegal in many states. I am right now indebted to one such company, and just spent a long time on line learning that in my state-Illinois-everything that they have done-from the amount of the loan itself, to the amount of interest they charged, to the fact that they extended the loans without allowing me to pay it off in installments ... is illegal. I am about to call the Attorney General's office to find out what I can do to avoid paying them another $468 (the terms of the original loan were $520 over 30 days with interest of $153.00; I have since then-4 months ago-paid $200 in principal AND $700 IN INTEREST.

I was duped, there is no doubt about it. I was also immensely stupid to think I could beat these people at their own game. But some of what the person who wrote the above complaint said just doesn't make sense, so I really don't understand why he feels that he was wronged.

For instance-if your email box is overflowing with spam-use your spam filter! Every single E-mail program has one..once you mark something as "junk", all mail from that sender will be sent directly to a spam folder and you'll never see it again. Or another tactic is to just get a new email address. G-mail, hotmail, windows live, and a dozen other web mail providers allow you to have any # of email addresses, AND you can forward them all to one account. No one should be able to flood your inbox-all you need to do to prevent it is make a few simple changes. As for your cell phone bills, I have had the same problem and all I needed to do was call my provider and get a new #. If you are being harassed by someone calling and texting you, the phone company is obligated to provide one OR remove the disputed charges. Most of them won't even ask you why you want the # changed, they just do it for you. And as to the pre-paid credit cards-no one forced you to send those people money! All you need to do is read the agreement they send you to know that the only "credit" you are going to get from them is the few pennies that are left over after you send them a check for about $500 in fees, deposits and interest. Why did you send them any money at all, for heaven's sake?

My point is that we are all desperate sometimes, and desperation can make us do stupid things. But, so can greed! No one gives you something for nothing, and if an offer sounds too good to be true you can rest assured that it is. These pre-paid credit cards are a bid to get your money in exchange for more money, and that never, ever works!
Like the lady said-read what your signing, and be smart...I wish I had been. It is so much easier to avoid a bad deal than to get out of one.

I worked for a bank for 3 years and saw the repercussions of these type of "companies" (and I use that word lightly) ALL the TIME.
First and foremost, almost ALL of these sites sell your information. They will hide it in their fine print (somewhere they count on you NOT to look) that they may share your "information" with other companies you might be interested in, or something to that effect. What the fine print does not say is that they are selling your BANK ACCOUNT INFORMATION too...and that sounds likely what happened with all the spam you received and the charges in your account. Those charges may not have been Money Mutual that even took that money, but more a company they are affiliated with charging you for their own "product" or "service" that does not exist.
It's sad but it happens all the time.

Other companies will not give you the full payback terms. I don't remember the name of the company but there was a story where a customer of ours had gotten a loan with this company, and had made all the payments of what ever it was, something like $120 a month. She calculated that she had paid her account in full with interest and was very surprised to see a new debit of the same amount on her account the next month. She called the company and it turned out that they were charging her the $120 to RENEW her loan. In order for the payment to actually count as a payment ON THE LOAN, she would have had to call them and let them know prior to each payment. That is the worst kind of scam I can think of. I don't think there is a reputable online loan "company" out there. The only ones that are trust worthy are the ones you walk into yourself and get a loan for $500, they keep a check for $565.46 and next month you come in pay for the check and all is good. If you don't come in and pick it up, they deposit the check and you either have the check clear your account or it comes in overdraws it and you accumulate all kinds of fees, but that would be 100% on you. They are legitimate, even if they do charge outrageous interest.

I hope I have been helpful to anyone who might be considering taking out an online loan. If I haven't turned you away from getting one, I hope I have opened your eyes to what you need to do:

1: Read every last word of their boring fine print and look for anything that says anything about sharing. If it's there, move to the next "company" and start again.

2: Get all the terms of repayment explained in DETAIL BEFORE the loan is set in motion.

3: Watch your account like a hawk, online DAILY is best so you can SEE what comes in for at least 6 months after your loan is deposited to make sure you didn't miss anything and things are not coming out of your account without your expressed permission.