Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #10056803
Complaint Overview
Complaint ID: 10056803
Company: Regional Management Corporation
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Personal line of credit
Issue: Charged fees or interest you didn't expect
State: Virginia
ZIP Code: 239XX
Date Received: 2024-09-05T12:00:00-05:00
Date Sent to Company: 2024-09-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I originally took out a loan with Regional Finance, a second-hand loan company. The original loan amount was XXXX and later on I added XXXX, which totaled my loan to be around XXXX. I started paying on this loan around 2019, and it was supposed to be for 60 months at a 33 % rate. I made several payments on this loan, more than what I borrowed from this company. I know the interest rate was high, however, I never knew it would cost me twice as much. I then contacted the company to explain my concerns, but never got a direct answer. The only answer that was given was, " We are short-staffed and whoever did your loan did something wrong ''. I was told that after 12 months I could refinance the loan for a lower interest rate, well I did and that was false. Needless to say, I continued paying on the loan, but recently I fell on hard times and tried to refinance once again for a lower interest rate, along with wanting the company to explain to me why the loan balance was not decreasing. The company replied, " You have paid more on this loan than you borrowed '' SO the company tried to refinance once again, and this time they did, however for a new loan in the amount of XXXX. I am trying to figure out, how did they get that figure.
Frequently Asked Questions
What is Complaint #10056803 about?
Complaint #10056803 was filed against Regional Management Corporation regarding Payday loan, title loan, personal loan, or advance loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2024-09-05T12:00:00-05:00.
How did Regional Management Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Regional Management Corporation?
Yes, visit the Regional Management Corporation company profile at readthecomplaint.com/company/regional-management-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.