Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #13497858
Complaint Overview
Complaint ID: 13497858
Company: Essential Lending INC
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: South Carolina
ZIP Code: 29461
Date Received: 2025-05-13T12:00:00-05:00
Date Sent to Company: 2025-05-13T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I was offered a written settlement by Essential Lending ( also known as Wise Loan ) to resolve my account for {$560.00} if paid by XX/XX/XXXX. This offer was confirmed both via email and on their online payment portal, which clearly stated that this one-time payment will close your account. I first submitted an offer according to their website on XX/XX/XXXX for {$300.00} to settle the account as submitting an offer to close the account was listed as an option. I followed-up on XX/XX/XXXX about the status of the offer and never received a response. I continued to receive messages to settle my account for 75 % off until XX/XX/XXXX. I then submitted the full settlement payment of {$560.00} on time, within the stated terms, and have documentation ( screenshots, payment confirmation ) showing the offer and compliance with it. The company later refused to honor the terms, citing an earlier expiration date that was never disclosed in the offer or online. This misleading and conflicting information suggests deceptive or unfair practices. In addition, the loan itself was structured with an extremely high and possibly unlawful interest rate with a 299 % interest rate, which made it difficult to keep up with payments despite efforts to do so. The terms were predatory in nature, and I believe this loan may violate state lending laws and/or federal consumer protection standards. Additionally, loan documents and payment information is unavailable in both their online portal or their collections portal.
Frequently Asked Questions
What is Complaint #13497858 about?
Complaint #13497858 was filed against Essential Lending INC 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 2025-05-13T12:00:00-05:00.
How did Essential Lending INC 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 Essential Lending INC?
Yes, visit the Essential Lending INC company profile at readthecomplaint.com/company/essential-lending-inc 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.