Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #10142381
Complaint Overview
Complaint ID: 10142381
Company: Banco Popular De Puerto Rico
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Payday loan
Issue: Charged fees or interest you didn't expect
State: Puerto Rico
ZIP Code: 00971
Date Received: 2024-09-16T12:00:00-05:00
Date Sent to Company: 2024-09-16T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
First of all, I have a credit rating of XXXX ( which means I always pay on time and responsibly ). In XX/XX/XXXXXXXX XXXX I took a loan of {$35000.00} to be payable in seven years from Banco Popular de Puerto Rico ( # XXXX ) to be debited automatically from my account. They started doing so, and when Hurricaine Maria hit the island, the bank, without asking me stopped debiting my account in a moratorium of three months. At the moment, I could have been able to continue to pay the loan. .They NEVER informed ME directly by any means whatsoever, that they would charge interest during the moratorium and they NEVER issued me a loan account statement in which the payments and interests were reflected. Otherwise, I would have paid immediately avoiding the interests which continue to accrue. The last payment from this loan was to be in XX/XX/XXXXXXXX XXXX It is at this moment that the bank notifies me that I have accumulated {$1900.00} in interest from the moratorium which I still have to pay. I submitted Claim # XXXX stating that I had never received any direct notification of their intent to charge interest for the moratorium, and that I considered my loan repaid in full. In additon, I formally requested they stop the automatic direct debit. They responded that they informed the clients through the media, letters, social media, branches etc but they have not produced any such direct notification to ME Banco Popular de Puerto Rico FAILED to adequately informed me about their intent to charge interest during their moratorium. I fulfilled the payment of my loan in XX/XX/XXXX. However, the bank is charging me interest for the amount they claim is unpaid, are threatening me with affecting my credit score, and in spite of my expressed directive to NOT withdraw direct payment from my account, they have started to do so.
Frequently Asked Questions
What is Complaint #10142381 about?
Complaint #10142381 was filed against Banco Popular De Puerto Rico 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 2024-09-16T12:00:00-05:00.
How did Banco Popular De Puerto Rico 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 Banco Popular De Puerto Rico?
Yes, visit the Banco Popular De Puerto Rico company profile at readthecomplaint.com/company/banco-popular-de-puerto-rico 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.