This complaint was posted on NAS on 12th May, 2022 and is a permanent record located here: https://www.nameandshame.com/credited-5YP3A/loan-scam-please-watch-out-id5yemb .
Loan Scam. Please watch out
I recently had received a quick loan from CreditEd. It is a total scam. I don’t want anyone else to get fooled by this company. The loan was for $200. The agreement was to pay back $289. They were insisting to me on the phone it’s $288, but I printed out the original authorization form that I had to esign which clearly says $289. I don’t know why they had to make it $288 instead of $289, but must be some kind of legal reason. When I called to pay of the balance of what I owed, we came to a problem. I borrowed $200, with the agreement of paying back $289 or $288 for arguments sake. They received 3 payments of $88, which equals up to $264. I believe I owe $25 at this point. They say I still owe $288, being that I am paying for a subscription, not a loan. Obviously we went back and forth, to no resolution. After some time, the supervisor said it is a loan, but only when I said that I wasn’t willing to pay anymore. He accused me of not paying back the loan. That’s when I said to him that I thought he just told me it was not a loan but a subscription service? I tried to cancel the subscription, and they would not allow me to do so unless I paid $288. I asked if there is a cancellation fee for the subscription, they said no. I said why do I have to pay $288? They said it was for the loan, I said, I thought it is a subscription not a loan? They said it is a subscription not a loan. The rest of the conversation went the same way. I asked how much the subscription fee is and they couldn’t give me an answer. This company is totally fraudulent and I hope no one else falls prey to this kind of scam. The company name is CreditEd. The address the supervisor whose name was Dan Romis gave me is 130 West Pleasant Ave. Maywood, NJ 07607. The phone number is 1-800-556-3183. That is the only number that they will provide, being that the department they say you need to talk to with these issues are only available through a transfer from the initial number which is a sales department.