Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #17991980
Complaint Overview
Complaint ID: 17991980
Company: Sofi Technologies, 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: New York
ZIP Code: 117XX
Date Received: 2025-11-28T12:00:00-05:00
Date Sent to Company: 2025-11-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX, the lender attempted to disburse funds for my personal loan via ACH transfer to my linked XXXX bank account. On XX/XX/XXXX, I contacted the lender via chat because I did not recognize the routing and account numbers shown as funded, and no funds appeared in my account. The agent explained it was a Substitute Account Number ( SAN ) used by XXXX for security, and assured me the funds would deposit within 48 business hours. By XX/XX/XXXX, the funds still had not appeared. On XX/XX/XXXX ( today ), I chatted again, and the agent informed me the funds were returned to the lender on XX/XX/XXXX, due to a bank validation discrepancy. Despite never receiving the funds, interest began accruing from XX/XX/XXXX, amounting to approximately {$50.00} so far. The agent stated I would still be responsible for this interest, as it was calculated from the send date and included in the fixed monthly payments due starting XX/XX/XXXX. To re-issue the funds, the lender required a voided check or bank verification letter with specific details ( full name, bank name, account number, routing number, account type, signed by a bank representative, dated within 60 days ). I do not have physical checks, so I provided alternatives : a bank statement, a direct deposit authorization form, and a digital voided check obtained from my bank. The lender rejected the digital voided check and insisted on the original requirements, refusing quicker options like re-linking the account or phone verification with the bank. I escalated to a manager, demanding waiver of the accrued interest since the loan was never disbursed, and full cancellation of the loan with no fees, interest, or credit impact, as the lender breached the agreement by failing to provide the funds. The manageXXXX apologized but stated they could not cancel due to the signed agreement and could not guarantee a waiver. They escalated to a resolution specialist, who would contact me within 72 business hours, and documented my request to be removed from marketing lists. Throughout the chats, I emphasized the unfairness of charging interest on undisbursed funds, but the lender has not waived it or canceled the loan.
Frequently Asked Questions
What is Complaint #17991980 about?
Complaint #17991980 was filed against Sofi Technologies, 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 2025-11-28T12:00:00-05:00.
How did Sofi Technologies, 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 Sofi Technologies, INC.?
Yes, visit the Sofi Technologies, INC. company profile at readthecomplaint.com/company/sofi-technologies-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.