Debt collection -- False statements or representation -- Complaint #13816944
Complaint Overview
Complaint ID: 13816944
Company: Essential Lending INC
Product: Debt collection
Sub-Product: Payday loan debt
Issue: False statements or representation
Sub-Issue: Attempted to collect wrong amount
State: Texas
ZIP Code: 78757
Date Received: 2025-05-30T12:00:00-05:00
Date Sent to Company: 2025-06-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I took out a loan with Wiseloan for {$400.00} in XXXX of 2022 because I needed to cover a hefty electric bill that was due before I got paid from work. I was told if I paid the full amount of {$400.00} back before the interest start date, I could pay the amount without interest and complete the loan repayment without any additional costs. I called them back 2 weeks after receiving the loan to repay the {$400.00} without interest and they told me on the phone I owed an amount much larger than the original borrowed amount. It was over {$500.00}. I told them this was ridiculous, explained what was stated in the previous call about repaying before interest. The person on the phone told me the interest already accrued and I'd have to pay the larger amount they had already told me. I was so mad I hung up on them. I later called back and requested to speak to a higher up to complain and further discuss this issue and see what my options were. I never could get through transfer without being disconnected. I did not repay the original {$400.00} and received a notice stating I now owed them the original {$400.00} plus 6 months interest for the entire loan amounting to {$1000.00}. I ignored the notice and decided I would later contact them to negotiate the debt in collections for payoff for a lower amount. I did not received anything else from them, I was later unable to log into my account, so I figured they would later send something in the mail. It is now 3 years later and suddenly a collection account in the amount of {$1200.00} is showing up on my credit report from XXXX XXXX, from the original creditor Wiseloan. This is ridiculous. They did not work with me, did not give me any options, and just tacked on {$600.00} worth of insane interest and never contacted me again before selling this debt to some other company that may or may not have added the extra {$230.00} in interest onto the original loan and debt. This is a shady company that has not only not kept up their promises and original signed contract with me, but they also waited years to ruin my credit out of nowhere over owing them less than {$500.00}.
Frequently Asked Questions
What is Complaint #13816944 about?
Complaint #13816944 was filed against Essential Lending INC regarding Debt collection specifically about False statements or representation. It was received by the CFPB on 2025-05-30T12:00:00-05:00.
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 (Debt collection) 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.