Payday loan, title loan, or personal loan -- Problem when making payments -- Complaint #4518678
Complaint Overview
Complaint ID: 4518678
Company: Synchrony Financial
Product: Payday loan, title loan, or personal loan
Sub-Product: Personal line of credit
Issue: Problem when making payments
State: Florida
ZIP Code: 32216
Date Received: 2021-07-06T12:00:00-05:00
Date Sent to Company: 2021-07-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I opened a line of credit through PayPal Credit which is contracted through Synchrony Bank. The contract provides customers deferred forgivable interest meaning that if the account is paid in full prior to the deferral period expiration then all of the interest is waived. I have had repeated issues with this bank essentially making it impossible to set up a specific amount through AutoPay that would ensure that the account is automatically paid off during this period. First, I changed the AutoPay amount to a higher amount to ensure that it would be paid off, but I was told that it would not take effect prior to the next scheduled withdrawal ( even though the withdrawal had not yet happened ) because a statement had already been issued. This was annoying because many other credit servicers do not do this, but I let it go and again budgeted accordingly to attempt to ensure that the automatic drafts would pay off the account before the expiration of the deferral period. However, the situation became significantly escalated when I realized that a statement was never issued for the month of XXXX. I inquired about it to see why it never issued and was told that sometimes this happens. Then I asked on XX/XX/2021 whether the Autopay amount that I had set up would still draft, and was told that no, it would not. I have repeatedly tried to set up a specific amount that would be automatically drafted so that the account would be paid off prior to the deferral expiration. However, it seems like this company keeps using random loopholes to ensure that an early payoff will not happen. Luckily I am on top of it, but many other customers of this bank may not be. This would cause them to suddenly have a bunch of interest accrue to their account without expecting that this would happen and cause significant issues with their budgets. I believe what Synchrony is doing is unethical, and possibly illegal. Therefore, I am submitting this complaint so CFPB can look into this.
Frequently Asked Questions
What is Complaint #4518678 about?
Complaint #4518678 was filed against Synchrony Financial regarding Payday loan, title loan, or personal loan specifically about Problem when making payments. It was received by the CFPB on 2021-07-06T12:00:00-05:00.
How did Synchrony Financial 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, or personal loan) and describe your issue in detail.
Can I see other complaints against Synchrony Financial?
Yes, visit the Synchrony Financial company profile at readthecomplaint.com/company/synchrony-financial 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.