Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #11048280
Complaint Overview
Complaint ID: 11048280
Company: Monterey Financial Services LLC
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: Texas
ZIP Code: 75078
Date Received: 2024-12-05T12:00:00-05:00
Date Sent to Company: 2024-12-05T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
On the XXXX XX/XX/2024 I entered into a contract with XXXX XXXX XXXX XXXX XXXX XXXX XXXX for a XXXX XXXX XXXX. On the XXXX XXXX XXXX transferred the contract to Monterey Financial Services ( MFS ). The first two months ( XXXX XXXX the credit card payments were fine. Then for the next two months ( XXXX ) I was charged a " Cash Transaction '' fee for my monthly payment. MFS was aware that interest bearing accounts are not to be paid with an interest bearing card. However, banks had not enforced this process until XX/XX/2024. This is the reason I am being charged " Cash Transactions '' for my monthly payments to MFS. It was negligent on MFS part not to inform XXXX of this fact. Had XXXX informed me that only " cash '' payments i.e. debit or checking accounts were the only acceptable forms of payment I would not have bought the service. MFS has offered to credit the two months of " Cash Transaction '' fees but want another form of payment for the loan. I did not sign a contract for cash payments.
Frequently Asked Questions
What is Complaint #11048280 about?
Complaint #11048280 was filed against Monterey Financial Services LLC 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 2024-12-05T12:00:00-05:00.
How did Monterey Financial Services LLC 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 Monterey Financial Services LLC?
Yes, visit the Monterey Financial Services LLC company profile at readthecomplaint.com/company/monterey-financial-services-llc 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.