Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #5059709
Complaint Overview
Complaint ID: 5059709
Company: Marlette Funding, LLC
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: New York
ZIP Code: 11706
Date Received: 2021-12-31T12:00:00-05:00
Date Sent to Company: 2021-12-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XXXX Applied for loan via online website. Loan was approved with the following terms : Amount financed- {$4500.00} Term- 36 months APR- XXXX XXXX was to be automatically debited from my account each month. So at the end of the 36 month term I would have paid a few dollars shy of {$6000.00}. This would be about at extra {$1700.00} ( since the origination fees brought my actual deposit amount down to {$4200.00} ). ( I have attached screenshots of all the above terms ). XXXX AFTER I received my approval and the money was deposited. I was given the opportunity to look at my account ( this option is not available before the money is deposited ) It is then that I see there will a DAILY accrual interest rate of {$2.00}. Which would meant at the end of the loan I would have paid an extra {$2600.00}. I was never made privy to this. XXXX I called a XXXX rep who transferred me to the verification office. I have documented a verification rep saying I dont even see a daily accrual as per of your terms so she transferred me back to someone who works in approvals who proceeded to incorrectly explain how math works. When I told him to crunch the numbers and see for himself, he at first said my loan is 23.4 % ( incorrect ) I asked him was the interest rate increased in the 48 hours from loan origination to deposit, because that was not on any of the documentation I have. He then admitted I was correct as far as the APR but had no answer as to why it was higher. He transferred me to another rep, I explained the situation to her and she said to hold so she could consult her superior, she came back on the line and I asked what would be done, she then immediately disconnected the call.
Frequently Asked Questions
What is Complaint #5059709 about?
Complaint #5059709 was filed against Marlette Funding, LLC regarding Payday loan, title loan, or personal loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2021-12-31T12:00:00-05:00.
How did Marlette Funding, LLC 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 Marlette Funding, LLC?
Yes, visit the Marlette Funding, LLC company profile at readthecomplaint.com/company/marlette-funding-llc 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.