BBB Business Review
This Business is not BBB Accredited
Customer Complaints Summary
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||20|
|Total Closed Complaints||82|
Additional Complaint Information
The BBB has received numerous complaints from consumers who applied for short-term payday loans from IdealGelt.com. Several complainants stated that in exchange for these loans, they were required to give IdealGelt.com access to their bank accounts in order to allow the company to withdraw payments owed plus interest on the loans. Complainants further stated that IdealGelt.com did not fully disclose the terms and conditions of its loans which, complainant's alleged, carried high interest rates and the fees. BBB noted that in some cases, interest and fees paid to IdealGelt.com were double or triple the original loan amount.
On November 2, 2012 the company was contacted by BBB regarding its pattern of complaints. The inquiry also addressed the company's apparent lack of licensing, required in many states of businesses offering payday loans. BBB requested proof of licensing from applicable states for IdealGelt.com. The BBB did not receive a response from the company until April 4, 2013. In the response, IdealGelt.com's manager, Ms. Christy Finazzo only provided information as to where future complaints received by BBB should be sent. The response did not address complaint patterns or licensing issues. Furthermore, BBB's investigation revealed Ms. Finazzo was also named in a 2010 Pennsylvania Department of Banking Consent and Agreement Order against Eastside Lenders, a company which also provided internet based payday loans. For more information on Eastside Lenders please visit the website of BBB serving Delaware Serving New Castle, Kent and Sussex Counties at http://www.bbb.org/delaware/Business-Reviews/loans/east-side-lenders-in-newark-de-7003583/complaints/.
Before applying for a payday loan, make sure you understand all terms and conditions of the loan. BBB noted that, in many cases, borrowers stated they were not aware of the terms and conditions of the loan. Be aware that if you release your banking information to an online payday lender, your bank account could be drafted at anytime. BBB also advises consumers to verify that the lender they plan to do business with is properly licensed to offer such loans within their state. Numerous complaints and a recent Cease and Desist Order issued by the Pennsylvania Department of Banking suggest IdealGelt.com is not licensed to offer short term loans in many states. the inquiry also addressed the company's apparent lack of licensing required in many states for businesses offering payday loans.
Please be advised that IdealGelt.com is not a member of the BBB. However, the BBB will process complaints on both member and non-member companies.
Complaint Breakdown by Resolution About Complaint Details
View Complaints Summary by Resolution Pie Chart on Idealgelt.com Complaint Resolution Pie Chart: Complaints