Payday loan, title loan, or personal loan -- Getting the loan -- Complaint #4676579
Complaint Overview
Complaint ID: 4676579
Company: Mahomes Capital
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Getting the loan
State: Florida
ZIP Code: 33613
Date Received: 2021-08-30T12:00:00-05:00
Date Sent to Company: 2021-10-24T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/2021, I received an unsolicited piece of mail from Mahomes Capital ( https : //www.mahomescapital.com/ ) telling me " You have been pre-approved for a debt consolidation loan for up to {$32000.00} at 3.06 % interest rate. '' No where on this financial offer does it say that it is subject to further credit review. Upon calling the company, they told me to apply and see what comes back. I explained that it clearly states I am pre-approved for 3.06 %. He said it depends on your credit score and other factors. I told him no where on here does it say that it is subject to further credit review. Additionally, It shows my current debt obligations and average interest rate with my current total of minimum monthly payments. Next to that, it shows the terms of the new loan under the word " New '' that shows a consolidation loan for {$32000.00} with an interest rate of 3.06 % and a new minimum payment of {$120.00}. Additionally on the front of the envelope, it says in bullet point : - One low FIXED monthly payment - 3.06 % interest rate - FREE Consultation - NO upfront fees Again it does NOT say interest rates AS LOW AS 3.06 %. It clearly states the interest rate IS 3.06 %. Nothing in this solicitation would lead a reasonable person to believe they would receive an interest rate other than 3.06 %. No where does it say this is just a teaser and that the rate is subject to further credit review to determine the actual terms of the loan. This solicitation is highly deceptive and when I advised the gentleman I was speaking to that this was the case and that I don't believe it would pass the smell test of the CFPB, he said he's been doing this a long time and he knows what it says. He kept interrupting me and talking over me and would not let me read the exact verbiage to him. He said he would not continue the conversation and hung up on me. I work in the XXXX XXXX and this solicitation is purposefully deceptive and it is absolutely a bait and switch.
Frequently Asked Questions
What is Complaint #4676579 about?
Complaint #4676579 was filed against Mahomes Capital regarding Payday loan, title loan, or personal loan specifically about Getting the loan. It was received by the CFPB on 2021-08-30T12:00:00-05:00.
How did Mahomes Capital 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 Mahomes Capital?
Yes, visit the Mahomes Capital company profile at readthecomplaint.com/company/mahomes-capital 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.