Payday loan, title loan, or personal loan -- Problem when making payments -- Complaint #5035325
Complaint Overview
Complaint ID: 5035325
Company: Pentagon Federal Credit Union
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Problem when making payments
State: California
ZIP Code: 94590
Date Received: 2021-12-22T12:00:00-05:00
Date Sent to Company: 2021-12-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
PenFed makes in incredibly easy to make online payments. The problem is that these are interest payments. I would like to make principle only payments, which lowers principle quicker and reduces overall interest charges over the life the loan. PenFed intentionally obfuscates the process of making a principle only payment. They require a phone call and have an intentionally complex and long phone menu that takes a minimum of five minutes to reach a human that can assist. I have been informed there is no direct line or quicker way to a human. A rep had a suggested I try calling a credit/debit card support line to get a human quicker, which worked, except the rep I received was completely unhelpful and could only requeue me. There is no reason at all to make this process so obtrusive, except for the fact that PenFed is attempting to maximize the interest collected ( at my expense ) over the life of the loan. The payments I am attempting to make are between accounts at the same credit union, so there should be no reason I can't do this operation online.
Frequently Asked Questions
What is Complaint #5035325 about?
Complaint #5035325 was filed against Pentagon Federal Credit Union regarding Payday loan, title loan, or personal loan specifically about Problem when making payments. It was received by the CFPB on 2021-12-22T12:00:00-05:00.
How did Pentagon Federal Credit Union 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 Pentagon Federal Credit Union?
Yes, visit the Pentagon Federal Credit Union company profile at readthecomplaint.com/company/pentagon-federal-credit-union 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.